Sunday, April 17, 2011

The Top 10 Worst Sates to Earn a Living


I came across a very interesting article on moneyrates.com by Richard Barrington titled “The Ten Worst States for Making a Living”; one that I think is particularly important for soon-to-graduate college students entering the job market like myself. This study considers a state’s average wage, cost of living, tax rate, and unemployment rate to determine the worst places to earn a living. I think it’s worth mentioning the top four states.

One is Hawaii— this state ranked first. I wasn’t too surprised about this since it is an island and needs to have most of its goods flown in, increasing living costs. However, the amount by which it leads the group was a different story— the adjusted average income is about 7000 less than its closest competitor! This, in addition to a high tax rate and low adjusted- income, make living in Hawaii more about enjoyment and pleasure than making money.

At first, I was pretty surprised to learn that Maine and Montana were ranked second and third (even before California). However, things became clear when I found out how low the adjusted income in these states is— $29,159.19 and $29,495.73. These rankings can mainly be attributed to low wages.

California’s ranking (4th) didn’t surprise me. After all, it’s a know fact that it’s expensive to live here— everything from homes to everyday necessities cost more. For example, California has some of the highest gas prices in the country.

Job hunters (and anyone planning on moving) must consider how affordable certain areas are before making major decisions. Richard Barrington’s study makes the importance of conducting research clear. A lack of information can potentially cause a new family or employee financial hardship.  

Here’s the full list compiled by “the real estate bloggers”:

   

1 comment:

  1. I'm surprised that California has such low income averages. With a market as large as Los Angeles', you would expect to be doing better off-- at least in respect to other states in the U.S.

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