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