Illinois Tops In Earning That Mean Green

By Chuck Sudo in News on May 20, 2011 1:23PM

The website Money-Rates.com recently did an analysis of all 50 states to determine the best states to make a living, based on the following factors - average state wages, state cost of living, state unemployment rate and state tax rate. Surprisingly, the website ranked Illinois as the best state in the country to make a living. Go ahead and re-read that; we had to.

Here's what the folks at Money rates had to say about the Land of Lincoln.

At $41,986.51, Illinois had the best adjusted-average income. The unemployment rate in Illinois is not especially low, but the state benefits from relatively high average wages, a low state tax rate, and a below-average cost of living. As an added plus, you can make good use of your money once you earn it in Illinois. Four of the best banks in America, based on a MoneyRates.com analysis of factors like customer service, checking account fees, and savings and money market rates, have operations in Illinois.

We've mentioned before that, even with the January increase in the state income tax, Illinois' tax rate is still lower than many other states. The state unemployment rate has been steadily declining. The current rate of 8.7 percent marks the 15th straight month that unemployment has decreased in the state.