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.
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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.
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.
Here are MoneyRates.com's 10 best states for earning a living, as well as each state's corresponding annual adjusted average income:
||The unemployment rate isn't low, but the state benefits from relatively high average wages, a low state tax rate and a below-average cost of living.|
||$41,456||The cost of living may be above average, but so is the typical income, and with no state income tax, you'll keep more of what you earn.|
||Texas has no income tax, along with a relatively low cost of living and unemployment rate.|
|4. Virginia||$41,120||Virginia has high average wages and a relatively low unemployment rate.|
||Delaware's strength is its high average wages.|
||The high cost of living in Massachusetts is counterbalanced by the highest average wage levels of any state.|
||$38,228||A combination of a low cost of living, solid average wages and great banks help Georgia rank high.|
||$38,038||A very low cost of living helps Tennessee overcome relatively low wage levels. The state's taxes don't apply to wages, so you'll keep more of what you make.|
||$38,020||High average wages and a reasonable state tax burden helped Colorado make the list.|
||$37,722||Minnesota has relatively high average wages and below-average unemployment.|
Didn't see your state? Check out the 10 toughest states for making a living.
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