Virginia named top state in which to make a living in 2012

A financial organization has named Virginia the top state for people to make a living. Based on factors such as average income, cost of living, and unemployment, the report argues that the Commonwealth is the best state for employees.

March 20, 2012; 1:22 PM • by Nathan Cushing

MoneyRates.com has ranked Virginia the “Best State to Make a Living” in its annual study. The Commonwealth moved from fourth place in 2011 to the top spot based on the four criteria used by the website: average income, cost of living, unemployment rate, and state income tax.

“Our administration is focused on getting Virginians back to work and our economy back on track,” said Gov. Bob McDonnell, commenting on the state’s rank. “Over the past two years, we have put in place numerous policies to help spur private-sector job creation.”

The report lists Virginia as having an adjusted average income of $43,677, which increased by more than $2,500 over last year’s average. The report also touts the state’s unemployment rate, which is “well below the national average.”

Gov. McDonnell: “Our unemployment rate has fallen to a three-year low at 5.8 percent. Since we took office in 2010, 154,000 more Virginians have the good-paying jobs they need to support their families. This is good news.”

The top states after Virginia are:

• Washington; $43,662
• Texas; $42,816
• Illinois; $41,865
• Colorado; $40,490
• Michigan; $40,421
• Wyoming; $39,745
• Utah; $39,250
• Delaware; $38,802
• Massachusetts; $38,793

Founded in 1999, MoneyRates provides finance and investing information. The company is based in Foster City, California.

stock photo by _J_D_R_

March 20, 2012 1:22 PM 0