ST. LOUIS – Inflation has made it tougher to stretch dollars further than in years past, especially for people earning the minimum wage.

For those who live in the St. Louis area, new research shows you likely have it better off on the bare minimum than most of the nation. A new report ranked St. Louis as the fifth-best city for which minimum wage goes the furthest.

SmartAsset, a consumer-focused financial information and advice website, released its 2023 “Cities where minimum wage goes furthest” list earlier this week. Research teams ranked the 79 largest U.S. cities based on how much minimum wage is worth after adjusting cost-of-living factors.

The following insight was offered on St. Louis’ ranking:

“Under a state law that took effect in 2017, municipalities in Missouri cannot institute a minimum wage that’s higher than the state minimum. As a result, minimum wage workers in St. Louis earn $12 per hour. However, St. Louis has one of the lowest cost-of-living indexes in our study at 12.3% below the national average. When adjusting for the city’s cost of living, the hourly minimum wage in St. Louis is worth $13.68.

Researchers named Denver, Colorado as the best place for minimum-wage workers, while Honolulu, Hawaii, and Plano, Texas finished tied for last in the rankings.

SmartAsset collected state and city minimum wage information from minimumwage.com and government websites.