10 worst states in America to make a living in 2015

Eric McWhinnie | The Cheat Sheet

We all want to make a good living, but the rat race doesn't provide the same course obstacles in every state. America's status quo now includes a painfully obvious split economy. Some citizens are experiencing a rebound in prosperity, while others are dumbfounded by the use of "recovery" in headlines. Either way, location plays a major part in your personal finances.

The United States is a collection of mini-economies. MoneyRates.com recently analyzed every state to find where workers have the best or worst shot to make a good living, based on employment statistics and living expenses. The financial site evaluated the five key factors listed below.

Average wages: Average annual wage data is from the U.S. Bureau of Labor Statistics.

State tax rates: MoneyRates analyzed the state tax information collected by the research group Tax Foundation.

Cost of living: Data was sourced from the Council for Community and Economic Research's Cost of Living Index.

The unemployment rate: U.S. Bureau of Labor Statistics.

Incidents of workplace illness, injuries, and fatalities: This workplace safety data is from the BLS, which sourced data from employer reports to the U.S. Occupational Safety and Health Administration and the BLS Survey of Occupational Injuries and Illnesses.

After finishing second on the list last year, Texas ranks as the best state in 2015 to make a living. The Lone Star State swapped places with runner-up Washington, while Wyoming finished third. All three top states do not have a state income tax, and offer attractive employment opportunities in addition to favorable cost of living environments. Virginia, Illinois, Michigan, Colorado, Delaware, Ohio, and Utah round out the best 10.

Let's take a closer look at the 10 worst states in America to make a living in 2015.

10. Connecticut

Connecticut ranks as the No. 10 worst state in America to make a living in 2015, despite improving by five spots this year. The average income sounds impressive at $55,060, but Connecticut has a high cost of living and high unemployment. In fact, Hawaii California, Alaska, and New York are the only states with a higher cost of living. Workplace safety is also a concern. The estimated state tax on average income is $2,578.30.

9. Rhode Island

Residents looking to flee Connecticut may want to think twice before considering its neighbor, Rhode Island. The Ocean State ranks as the No. 9 worst state to make a living. That's an improvement from No. 4 last year, but the state still has high unemployment and the average income of $49,570 is not enough to make up for the high cost of living. On the positive, workplace safety is in line with the rest of the nation, and the estimated state tax on average income totals $1,858.88, significantly lower than other states like New York, Massachusetts, Maine, and Connecticut.

8. South Dakota

South Dakota has several positive factors, but still ranks as the No. 8 worst state to make a living. It has no state income tax, low unemployment, and relatively safe work environments. However, low unemployment does not appear to be translating into higher wages. The average income is only $37,300, the second lowest in the nation (Mississippi is the worst at $36,750). Furthermore, the cost of living index comes in at 101.3, the best on this list, but fairly average compared to the rest of the U.S.

7. Montana

Montana suffers much of the same economic pitfalls as South Dakota, and ranks as the No. 7 worst state to make a living. Montana enjoys low unemployment and an average cost of living index, but the average income is $39,880. Unlike South Dakota, Montana also has a state income tax, costing an estimated average of $2,208.72. Making matters worse, Montana's workplace safety ranks as one of the worst in the nation.

6. California

There's a steep price to pay for sunshine and ocean waves all year long. California has one of the biggest economies in the world, but managed to rank as the No. 6 worst state to make a living. The average income of $53,890 does not go far with a cost of living index of 138.2, the second highest in the nation. Furthermore, unemployment is high and workplace safety is poor. The estimated state tax on average income is $2,523, respectable when compared to other high-cost states.

5. Vermont

The Green Mountain State may not actually be a good location for you to earn some green. Vermont ranks as the No. 5 worst state to make a living. It has a low unemployment rate and a reasonable estimated state tax on average income of $1,829.47, but that's not enough to compensate for a high cost of living and an average income of $44,540. Vermont is also tied with Maine for the highest frequency of workplace safety incidents.

4. West Virginia

West Virginia ranks as the No. 4 worst state to make a living. The state suffers from one of the worst unemployment rates in the nation. When residents do find a job, disappointment may accompany their paychecks. The average income is only $37,880, while the cost of living is slightly more than average. On the positive, the estimated state tax on average income comes to $1,479.60, the second lowest on the list.

3. Maine

Maine ranks as the No. 3 worst state to make a living. The biggest negative factor impacting workers is the high amount of workplace safety incidents. Maine is tied for the highest frequency of workplace illness, injuries, and fatalities (5.3 workplace incidents per 100 workers). The cost of living is also above average, while the average income is $42,140. The estimated state tax on average income is $2,709.16.

2. Oregon

Oregon ranks as the No. 2 worst state to make a living, plummeting 11 spots from the prior year. The state's cost of living index is nearly 30% above the national average at 128.5. The average income is $46,850. In addition to high unemployment, Oregon has one of the highest rates of workplace safety incidents in the nation (4.2 workplace incidents per 100 workers). In March 2015, Oregon noted that there was a slight rise in worker fatalities in 2014 from the previous year. The estimated state tax on average income is $3,981.50.

1. Hawaii

Paradise is not cheap. Hawaii ranks as the No. 1 worst state to make a living in 2015. The state's cost of living index is a whopping 170.8, driven by housing costs. The estimated state tax on average income totals $3,073.77. An average income of $46,230 is in line with the rest of the nation, but when you adjust for taxes and the cost of living, workers in Hawaii get the equivalent value of just $0.55 for every $1.00 they make.

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