Trying to get more bang for your buck and move up in the world? If penny-pinching and deal hunting isn’t providing the lifestyle changes you want, it might be time for a move. You may be able to save more money or live more luxuriously if you relocate to a new state where you can stretch your dollar further.
According to a recent study, there are several states that are better for making a living than the rest of the Lower 48. The study, conducted by MoneyRates.com, measured statistics like wages, cost of living, inflation, work environment and state taxes to determine the best states for financial success.
Moving is a big decision and there are always other factors to consider, but this new data can give you an idea about how easily you might make your living in another state.
Let’s take a look at the ten best states for financial health and opportunities.
Sitting at the top of the list is Washington. Although the cost of living in Washington state is slightly above average, the average income level is among the highest in the country: $50,000 per year.
Oh, and the fact that Washington gets by without a state income tax also means that workers get to enjoy more of their paychecks.
Virginia enjoys some pretty low unemployment figures, which bodes well for its position on our list. It also enjoys a pretty high average income coupled with a relatively low cost of living.
Consistent performance in these areas has led to this state being near the top of the study’s results two years in a row.
In Colorado, you’ll experience a moderate degree of inflation with a pretty high average income. While the state does well in these more quantitative areas, it’s also got a great reputation for positive work environments.
Essentially, you’re a lot more likely to be a happy worker if you’re working in Colorado. The state has been recognized for being third-best for positive work environments.
No state income tax puts Texas near the middle of our list, with other quantitative factors considered in the study weighed down by a more moderate average income.
For the second year in a row, Wyoming graces the MoneyRates.com list with its presence. This beautiful state is second best in the country when it comes to work environments, so you’ll definitely be a happy individual if you go to work in Wyoming.
In addition to this, however, there’s no income tax and a very low unemployment rate.
Minnesota boasts an above-average income and very low unemployment, which makes it a pretty safe bet. It’s also ranked tenth in the nation when for the quality of its work environment.
While Nebraska has a below-average income rate, it’s also got a very low cost of living and one of the lowest unemployment rates in the nation.
Another state with a below-average income figure, but also with a very low cost of living and very low unemployment rate.
Thanks to work environment scores that are consistently above average, Utah has been on the Best Places to Make a Living list two years in a row.
A very low cost of living and low unemployment rate make Kansas a safe bet when it comes to living well. It’s also got work environment rankings that are well above average.
Rounding out the list is Oklahoma, with a great job market and very low cost of living that serve to make up for its below-average income rates.
Picking a place to live can be a pretty complicated process. If you’re considering a big move, it might help to consider these quantifiable statistics about income level versus cost of living. Just remember that numbers aren’t the only thing that matters.
When you’re thinking about moving to a new place, it’s important to consider additional factors like the housing market, quality of schools, local culture and state tax rates. Then research the quality of the work environments in the area, and you’ll be able to have a good idea about how much you’ll actually enjoy living in that particular state.
What about you? Do you have any solid strategies for finding the ideal living situation? Let us know in the comments.
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