MN Ranks 10th Among Cities for Making a Living
An investment information Web site recently ranked Minnesota as the 10th-best state for making a living.
The new study by MoneyRates.com ranked states based on how easy it is to “live in comfort.” The rankings were based on an analysis of what one has left to spend after paying taxes, buying groceries, paying for accommodation, and other basic needs.
The Web site studied unemployment rates, average wages, tax rates, and cost of living in all 50 states. Based on those findings, MoneyRates calculated an adjusted average income for each state.
Minnesota has relatively high average wages and below-average unemployment, according to MoneyRates. The Web site calculated the state's adjusted average income to be $37,721.99.
Topping the list was Illinois, with adjusted average wages of $41,987, followed by Washington ($41,456) and Texas ($41,427). MoneyRates cited high average wages, low cost of living, and state taxes that were either very low or nonexistent as reasons why these states are worker-friendly.
Some of the worst states to make a living in, according to the study, are Hawaii, Maine, Montana, and California. View the entire list here.