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Best Rated States for Earning a Living

Illinois or Texas may give workers more bang for their buck

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Define your work and financial goals: Pick up Great Jobs for Everyone 50+ today!

After months or years of job hunting, are you convinced that the state that you live in may be holding you back from better career options? Relocating may help increase your chances of finding a job, but evaluate your situation before you take that leap. You may be unaware of some of the hidden perks that your state has to offer.

See also: Sign up for the Money Newsletter.

Personal finance website MoneyRates.com chose the following factors to analyze when compiling its top 10 list of best states for earning a living:

  • Average wage
  • Unemployment rate
  • State tax rate
  • Cost of living 

 

The factors were calculated to form an adjusted average income for each state — the average income adjusted for your likelihood of finding a job, the amount you would lose to state taxes and how much buying power your income would allow you to have in that state. The average across all states was $35,960.

People crowd around Anish Kapoor's

You can earn a good living in Illinois and visit "Cloud Gate" in Chicago's Millenium Park. — Karsten Moran/Aurora Photos

 

Despite the unemployment rate reaching a two-year low at 8.8 percent, older workers, especially women, face a slight rise in joblessness. It may be advantageous for some job seekers to determine whether they are living in a state that offers a better chance of finding a job, or if they can easily work a move into their retirement plans.

 

See the top 10 best-rated states for earning a living. >>

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