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Infographic: The Financial States Of America

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Ever wondered if moving to another state would put you in a better financial position?  It just might!  There is a host of financial information available on each state that might help you make a decision on where to live.

Did you know that although the Federal minimum wage is $7.25 per hour a few states offer minimum wages lower than the Federal amount and some have no minimum wages at all? Do you know which states those are?

Do you think that New York or California has the number of millionaires? You’d be wrong! It’s Maryland. Nationally 5.14% of Americans are millionaires. California does have the top position for having the highest number of individuals living below the poverty rate with 22.40% of its residents classified as such.

Nationally, 92.40% of Americans who want to work are employed. North Dakota ranks the highest with an employment rate of 96.80%

Think that you tax rate is outrageous? Welcome to my home state of New York which has the highest tax burden with a rate of 12.80%. This includes what residents pay in state and local taxes. If you live in New York City like I do you can add a city tax to that as well. Living in New York has its perks, but I might need to move to Alaska which has the lowest tax burden at 7% but ranks second for the highest household income.

Would you like to know how your state ranks? Check out the interactive infographic below.


Source: Financial States of America

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9 Comments
  1. I wonder if the Maryland millionaires come from politicians. It’s reasonable right?

    Also, the high ranking military is focused there (hence why we might move there), so that’s another factor to consider.

  2. Jim 5 years ago
    Reply

    Hard to believe Maryland has the highest rate of millionaires, cause they also have a high tax rate. Is it based on the percentage of people? Cool info graphic, enjoyed looking at my home state of Tennessee!

    • Sandy Smith 5 years ago
      Reply

      I think that it might be due to all of the government presence in the area. You know, skimming from the top!

      • Jennifer 5 years ago
        Reply

        Hahaha- not likely. More like the lobbyists who are making bank. For your protection!

  3. Pretty fascinating stuff. For now, I’ll stay in sunny So Cal.

  4. Interesting post! I live in California and have long been attracted to the states that don’t have an income tax, like WA state. However, my house is paid for and if I left I could never afford to come back. So, we’ll just stick it out here. I don’t like the idea of being a remote landlord either. Besides, there’s nothing saying that states can’t change the rules later making it less attractive to live there.

    Happiness is found wherever you are…

    • Sandy Smith 5 years ago
      Reply

      That’s a great attitude to have! I have to say that 30 (God, help me) years from now when I retire (or drop dead, whichever comes first) I want to move to a state with no income tax.

  5. This infographic shows the reality behind the severity of the U.S. debt crisis. It is important to realize how serious this matter will become when things start to spiral out of control.

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