Deciding where to live isn’t a choice to take lightly. For many Americans, the decision involves numerous important factors, making it difficult to prioritize competing concerns, especially if moving to a new state is on the table.
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The cost of living is a notable concern, particularly with the struggling economy and stubborn inflation. Moving out of expensive large cities to a more economical location is a growing trend amongst Americans, according to The New York Times. Such a move can potentially create increased disposable income that can be used to achieve personal goals.
Everyone’s Case Is Unique
The ability to find a good-paying job is another important factor to keep in mind when deciding on a place to live. Before moving to a new state, investigate the landscape of the job market. It may be prudent to research whether it’s growing and if there are prospects that fit your current and long-term career aspirations. Americans can identify the health of job markets across the country via the U.S. Bureau of Labor Statistics. The agency publishes regular updates on job growth and unemployment statistics nationwide.
No state is perfect, but identifying ones that may enable you to have an enjoyable quality of life, along with a healthy job market that allows you to have disposable income, is possible. A recent study from The Law Offices of James Scott Farrin identifies the 10 best states where paychecks stretch the furthest, based on average annual income, annual cost of living, disposable income, unemployment rate and job growth prospects. Here are the top 10 states where paychecks stretch the most.
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Washington
- Average yearly income: $86,558
- Annual cost of living (one person): $44,476
- Unemployment rate: 4.5%
- Disposable income: $42,082
- Job growth: 3.5%
Utah
- Average yearly income: $78,917
- Annual cost of living (one person): $42,797
- Unemployment rate: 3.3%
- Disposable income: $36,120
- Job growth: 3.2%
North Dakota
- Average yearly income: $66,813
- Annual cost of living (one person): $41,032
- Unemployment rate: 2.5%
- Disposable income: $25,781
- Job growth: 2.5%
Alaska
- Average yearly income: $82,512
- Annual cost of living (one person): $50,025
- Unemployment rate: 4.8%
- Disposable income: $32,487
- Job growth: 3.1%
Montana
- Average yearly income: $65,242
- Annual cost of living (one person): $43,020
- Unemployment rate: 2.8%
- Disposable income: $22,222
- Job growth: 2.5%
Minnesota
- Average yearly income: $72,319
- Annual cost of living (one person): $42,743
- Unemployment rate: 3.5
- Disposable income: $29,576
- Job growth: 2.5
Wisconsin
- Average yearly income: $66,106
- Annual cost of living (one person): $40,709
- Unemployment rate: 3.1%
- Disposable income: $25,397
- Job growth: 1.7%
Nebraska
- Average yearly income: $63,813
- Annual cost of living (one person): $41,778
- Unemployment rate: 3.0%
- Disposable income: $22,035
- Job growth: 2.1%
South Dakota
- Average yearly income: $63,862
- Annual cost of living (one person): $46,579
- Unemployment rate: 1.9%
- Disposable income: $17,283
- Job growth: 2.3%
New Jersey
- Average yearly income: $83,102
- Annual cost of living (one person): $50,296
- Unemployment rate: 4.9%
- Disposable income: $32,806
- Job growth: 2.5%
The ability to achieve a fulfilling quality of life is attainable, but where you live can directly influence that. Predicting the future isn’t possible, but with due diligence, you can identify a place to live that provides enriching growth opportunities.
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This article originally appeared on GOBankingRates.com: 10 States Where Your Paycheck Stretches the Furthest
