Your #Career : The Best & Worst States to Make a Living in 2016…The Ranking is Based on 5 Factors: Average Wages, State Tax Rates, Cost of Living, Unemployment Rates, & Incidents of Workplace Injuries.

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Not all states are created equal when it comes to making a living. While your income might be greater in places like New York or California, high tax rates and cost of living can greatly affect your lifestyle.

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The personal finance site MoneyRates used several data sources, including the US Bureau of Labor Statistics, to determine the best and worst states for making a living in 2016. The ranking is based on five factors: average wages, state tax rates, cost of living, unemployment rates, and incidents of workplace injuries.

 

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Check out the best and worst states below:

best and worst states 2016 map

With no state income tax and low cost of living, Wyoming took the number one spot this year, beating out last year’s winner, Texas.

best states 2016 chart

For the sixth year in a row Hawaii was named the worst state to make a living for its 68.6 percent higher cost of living than the national average.

worst states 2016 chart

Read the original article on Tech Insider. Follow Tech Insider on Facebook and Twitter. Copyright 2016.

Businessinsider.com | May 19, 2016 | Skye Gould, Tech Insider