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MoneyRates.com has pulled together its second annual list of the best and worst states to make a living in the U.S.
The site employs a pretty simple formula to come up with the winners and losers, factoring in average income; general cost of living; state income tax rate; and the uemployment rate.
This year's winner, Virginia, jumped three spots from No. 4, boasting a $2,557 jump in the average adjusted income.
"Virginia enjoyed a best-of-both-worlds scenario in which its average income rose while its cost of living fell slightly," MoneyRates says. "The state also saw its unemployment rate drop to 6.2 percent, which is well below the national average."
Hawaii earned the dubious honor of the worst state to make a buck for the second year running, with residents earning a paltry $22,394 in adjusted income. In this case, it's the island's high cost living that drags it down despite above-average income levels.
South Carolina and Vermont both nabbed spots in the top 10 worst states, which isn't surprising considering they're home to two of the most onerous tax codes in the country.
The top 5 best states:
Virginia ($43,677)
Washington ($43,662)
Texas ($42,816)
Illinois ($41,865)
Colorado ($40,490)
See the full list of the best here.
The top five worst:
Hawaii ($22,394)
Maine ($29,703)
Vermont ($30,433)
Mississippi ($31,178)
Montana ($31,256)
See the rest of the worst here.
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