Jun
09

Guess Which State Ranks Best to Make a Living?

June 09, 2011

Lately people have been telling me that it’s just too hard to live in Chicago, with its high cost of living, high unemployment, high gas and food prices, high taxes.

Wonder if those people will thank me or get annoyed when I share this story with them:

Illinois has been ranked as the No. 1 state in the country to make a living, according to MoneyRates.com.

The study looked at four factors involved in making a living:

city of Chicago*Average state wages

*State unemployment rate

*State tax rate

*State cost of living

According to the data:

“At $41,986.51, Illinois had the best adjusted-average income in the nation. The unemployment rate in Illinois is not especially low, but the state benefits from relatively high average wages, a low state tax rate, and a below-average cost of living.

“As an added plus, you can make good use of your money once you earn it in Illinois. Four of the best banks in America, based on a MoneyRates.com analysis of factors like customer service, checking account fees, and savings and money market rates, have operations in Illinois.”

Rounding out the top 10:

2. Washington

3. Texas

4. Virginia

5. Delaware

6. Massachusetts

7. Georgia

8. Tennessee

9. Colorado

10. Minnesota

The worst states to make a living? Tropical Hawaii was No. 1, followed by Maine, Montana, California, Vermont, Oregon, Rhode Island, Mississippi, West Virginia and South Carolina.

Want to see how much each city of Chicago employee makes? Check out our story at Chicagoland Real Estate Forum.

Categories: Awards, Economy

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Tracey

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