Based on employment statistics and living expenses, a study suggests Oregon is the 2nd-worst state to prosper financially.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Based on employment statistics and living expenses, a study by MoneyRates.com suggests Oregon is the 2nd-worst state to prosper financially.
The site used average wages, state tax rates, cost of living, unemployment rate and incidents of workplace illness, injuries, and fatalities to make its list.
Only Hawaii is worse than Oregon.
Oregon ranks as the No. 2 worst state to make a living, plummeting 11 spots from the prior year. The state’s cost of living index is nearly 30% above the national average at 128.5. The average income is $46,850. In addition to high unemployment, Oregon has one of the highest rates of workplace safety incidents in the nation (4.2 workplace incidents per 100 workers). In March 2015, Oregon noted that there was a slight rise in worker fatalities in 2014 from the previous year. The estimated state tax on average income is $3,981.50.
Paradise is not cheap. Hawaii ranks as the No. 1 worst state to make a living in 2015. The state’s cost of living index is a whopping 170.8, driven by housing costs. The estimated state tax on average income totals $3,073.77. An average income of $46,230 is in line with the rest of the nation, but when you adjust for taxes and the cost of living, workers in Hawaii get the equivalent value of just $0.55 for every $1.00 they make.
(SOURCE: The Cheat Sheet)
Oregon’s neighbor to the north fared much better, though.
Washington fared well, finishing second only to Texas, based largely on its high wages and lack of a state income tax. None of the top three states in the ranking — Texas, Washington and Wyoming — has a state income tax.