Virginia ranks No. 1 on MoneyRates.com’s new list of Best States to Make a Living, up from fourth place last year.
MoneyRates.com assembles its list based on average income, cost of living, state income tax rates and unemployment rates.
“This year, Virginia enjoyed a best of both worlds scenario in which its average income rose while its cost of living fell slightly,” MoneyRates.com said. “The state also saw its unemployment rate drop to 6.2 percent, which is well below the national average.”
Also ranking in the top five are Washington, Texas, Illinois and Colorado. At the top of its Worst States to Make a Living list are Hawaii, Maine, Vermont, Mississippi and Montana.
Maryland, which ranked No. 29 on last year’s list, moved up to No. 23 this year.
You can see the entire state-by-state rankings here.