Although it fell three slots this year, Colorado still ranked in the top 10 among MoneyRates’ Best Places to Make a Living 2015 list.
Coming in at No. 7, Colorado scores well for high wages – a driving factor in its ranking – and low unemployment, which improved significantly in the last year, falling from 6 percent to 4.2 percent.
According to MoneyRates, where people choose to live can have a real impact on whether they can find a job or even advance in their chosen career.
Not every community is created equal when it comes to job opportunities as well as the cost of living, taxes and quality of life. With this in mind, MoneyRates evaluated several factors to determine where workers had the best shot at a healthy paycheck and savings, a decent cost of living and safe workplaces. But MoneyRates also found steep pressures on wages, stunted job growth and higher rates of injury.
MoneyRates based its rankings based on the following factors:
1. Average wages. Average annual wage data is from the U.S. Bureau of Labor Statistics.
2. State tax rates. MoneyRates analyzed the state tax information collected by the research group Tax Foundation.
3. Cost of living. Data was sourced from the Council for Community and Economic Research’s Cost of Living Index.
4. The unemployment rate. U.S. Bureau of Labor Statistics.
5. Incidents of workplace illness, injuries and fatalities. This workplace safety data is from the BLS, which sourced data from employer reports to the U.S. Occupational Safety and Health Administration and the BLS Survey of Occupational Injuries and Illnesses.
Here’s the list of Best States to Make a Living 2015:
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