The Best And Worst States To Make A Living In 2015
Millions of Americans will move from one state to another this year. Most will move due to changes with a preexisting job or to accept a new job opportunity. Others simply desire a locale with a lower cost of living, higher quality of life, or better atmosphere and culture. For everyone moving from one place to another, the most significant factor to immediately consider is discrepancies in housing costs and average income. Some states (and cities) can have median home prices 50 percent or more than other locations. Similarly average incomes in some states are over $10,000 a year lower than in others. Other important considerations include food prices, utility costs, and tax rates. In no particular order, here are some of the best and worst states to make a living in.
Texas is considered one of the best states in America to live in due to its combination of low unemployment, high annual wage, and solid job growth. Of all the states, Texas added the most jobs in 2015. While the oil sector has been harmed by lower global prices, manufacturing and construction are two vital, growing industries in Texas.
Best: New York
New Yorkers enjoy the highest average annual wages in the United States at $63,085. While housing costs and tax rates are not low, especially in the New York City metropolitan area, the state’s largest city continues to attract talent and foster innovation on a global scale.
Wyoming boasts low home prices, low taxes rates, and high average annual wages. The United States’s smallest state in terms of population also has a thriving mineral extraction and tourism-based economy.
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Worst: West Virginia
West Virginia scored low on most healthcare and educational attainment indicators, and the GDP per capita was relatively low at $36,963. The state remains reliant on the coal industry, an industry that is increasingly subject to hostility from environmental groups.
This state boasts quaint scenery and excellent national parks, but demographic change will likely prove to be this state’s main challenge moving forward. Last year, the state had negative population growth, a sure sign that job growth will remain stagnated for the foreseeable future.
While this state has some of the most beautiful beaches in the United States, its economy remains highly dependent on a fickle tourism industry. Cheaper destinations in Latin America and the Caribbean have caused some tourists seeking tropical paradise to look elsewhere. Furthermore, housing prices and cost of living are generally high. By some measures, Honolulu, the state’s capital, has the highest cost of living of any city in the United States.