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.

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.

Check out the best and worst states below:

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With no state-income tax and low cost of living, Wyoming took the No. 1 spot this year, beating out last year's winner, Texas.

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