MONEYRATES.COM
with Richard Barrington, senior financial analyst, CFA
What do you think it takes to make a good living?
A nice income helps, but how valuable that is depends on the cost of living. Of course, the degree of difficulty in getting a job is a factor that varies depending on where you live, as does the tax rate. Then there are workplace issues, such as an unsafe job environment, that may not be worth any amount of extra income.
MoneyRates combined all of the above factors to figure out which states are the best places for making a living - and which are the worst.
Study Highlights
- Wyoming came out on top for 2016 on the strength of its combination of high median wages with low cost of living and no state income tax.
- Hawaii was named the Worst State to Make a Living for the sixth year in a row for its high cost of living, 68.6 percent above the national norm, and one of the highest state tax burdens.
- Delaware dropped out of the top 10 and Minnesota entered the Best States list compared to 2015.
The Top 10 Best States to Make a Living
- Wyoming
- Washignton
- Virginia
- North Dakota
- Texas
- Ohio
- Michigan
- Colorado
- Illinois
- Minnesota
It should be noted that no state ranked near the top across all categories, so the quality of career opportunities may depend on both what you do and what matters most to you.
Generally speaking though, if you are just getting out of school or looking to change jobs, any of the above states might be a good place to consider if where you live currently is not providing good opportunities.
One of the revealing things about a multi-factor study is that there is more than one path to success,” says Barrington.
“For any given individual, choosing where to pursue a career might not be so much a matter of the state’s overall ranking as about which categories the state did well or poorly in. It’s important to recognize that each state has strengths and weaknesses, and decide what is important to you.”
The Top 10 Worst States to Make a Living
- Hawaii
- Oregon
- West Virginia
- Maine
- California
- Vermont
- New York
- Montana
- South Carolina
- Rhode Island
