When it comes to making a living, Texas is your best bet, according to a recent study from MoneyRates.com. The financial website looked at average wages; state tax rates; cost of living; unemployment rates; and incidents of workplace illness, injuries and fatalities to determine the best and worst states to make a living this year.
Texas moved up from the No. 2 spot, trading places with Washington. While the average annual income in Texas is $45,330, only slightly above the national average, MoneyRates.com says "workers in Texas get good value from those wages." That's due to our below-average cost of living and no state income tax.
The Lone Star State also boasts a low unemployment rate of 4.2 percent and a low rate of work-related incidents (only Louisiana had fewer incidents). "Put it all together, and Texas ranks as this year's best state for making a living," says the website.
Texas is followed by Washington (No. 2), Wyoming (No. 3), Virginia (No. 4) and Illinois (No. 5). According to the study, Hawaii is the worst state in which to make a living.