Wednesday, March 20, 2013

Oregon's Personal Income and Cost of Living

Oregon's per capita personal income, the annual sum of all resident income in the state divided by the number of residents, was $36,300 in 2010. That's $3,600 (9.0%) less than the national figure of $39,900. 

However, Oregon also has a lower cost of living. Oregon's prices were 2.5 percent lower than the national average between 2006 and 2010. When Oregon's 2010 PCPI is adjusted to account for the lower prices in the state, it is equivalent to adding $1,100 to the figure. The resulting adjusted PCPI is $37,400 and the gap between Oregon and the U.S. narrows to $2,500 (6.3%). The lower cost of living in Oregon, largely due to lower rents, accounts for 31 percent of the difference between Oregon and U.S. PCPI levels.

For more information about personal income and the cost of living in Oregon, check out the full article written by State Employment Economist Nick Beleiciks.

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