10 Best (And Worst) States to Earn a Living

10 Best (And Worst) States to Earn a Living


statistical information mentioned in this article comes to us courtesy of CBSMoneywatch.com. You’re young, dumb, and full of vim and vigor. There’s a good chance you either live in the same town where you attended college or moved back to your hometown after scoring that diploma. Did you ever think that it might make better sense to move to a state where the grass is greener? Actually, we’re talking about states where the money is greener, because the economic truth is all local economies are not created equal.

Think about it like this. Notice how some presidents, not to imply anything in particular about the current White House occupant, don’t seem to have even a grade school grasp of how to run a country? Well think of each state’s governor as a mini-president. Some are good. Some are not. Some states have a history creating a better economy for workers. Why not go there? Is there really a good reason to stay where you are if unemployment is high and salary is low?

Just in case you get a wild urge to go where the local economy looks better, here are some ideas to ponder. The following conclusions were based upon research that considered unemployment rate, average income, state income tax rate, and cost of living to arrive at what is called an Adjusted Average Income.

5 Best States to Earn a Living

1. Illinois
2. Washington
3. Texas
4. Virginia
5. Delaware

And then there’s the 5 Worst States to Earn a Living

1. Hawaii
2. Maine
3. Montana
4. California
5. Vermont

Sure Hawaii is a tropical paradise but the average income isn’t so good and the cost of living out of this world. Conversely, Illinois might not be high on most people’s bucket list of places to live but, after you consider the numbers – reasonably high wages, low state income taxes, moderate cost of living – it starts to make more sense. Young Wealth is not here to suggest you drop it all and run halfway across the country based on a blog’s advice, but is there really a good reason to not consider another state to live in?

The Young Wealth Team







Flickr / woody1778a