Where is the best place to make a living?
In today's tough economy, it's an especially relevant question.
A recent CareerBuilder survey found that 44 percent of workers said they'd be willing to relocate for a job opportunity.
Check out the states >
For the second year in a row, MoneyRates.com sought to answer this question through a state-by-state look at four things:
- Average income
- Cost of living, based on the ACCRA Cost of Living Index
- State income tax rate (based on the bracket for the state's average income)
- Unemployment rate
To determine rankings, this study uses an adjusted average income figure based on these factors.
This figure is intended to provide insight into the earning environment of each state, and determine which places fare best — and worst — when all four variables are taken into account.
The 2012 winners
When compared to the 2011 results, the 2012 rankings reveal a high degree of consistency in the top 10 states. Seven states from last year's top 10 repeated that feat this year.
However, the analysis did yield a new champion: Virginia jumped from fourth place in 2011 to first place this year, while last year's number one, Illinois, swapped places with Virginia, falling to number four.
10. Massachusetts
Adjusted average income: $38,793
Another state that benefits from high incomes but is also experiencing a rapid rise in cost of living, Massachusetts slipped from the sixth position in last year's standings.
9. Delaware
Adjusted average income: $38,802
Ranked fifth last year, Delaware slipped a bit this year, but still hung onto a top 10 position.
Delaware benefits from a high average income, though over the past year the state's cost of living grew faster than the national average.
8. Utah
Adjusted average income: $39,250
Another newcomer to the top 10 this year is Utah, which climbed 13 places from last year.
Utah benefits from having cost of living and unemployment figures that are well below the national averages.
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