Which States Are Best for Making More Money? — Dollars and Sense
Seems the path to riches may involve a moving truck. According to a new study, some states are more conducive to building wealth than others, and where you live could help you climb the economic ladder.
The Pew Center on the States analyzed a decade of US Census and Social Security data from nearly 65,000 people across the country to determine individuals' earnings growth, their earnings growth relative to others in their state, and state-wide economic mobility compared to national averages.
Researchers found that people living in the Mid-Atlantic and New England states tend to be the most economically mobile, while those in the South are the least mobile. In addition, the one-third of us who live in a state other than the one in which we were born are more likely to be upwardly mobile.
"Where you live matters for your economic mobility prospects," study author Erin Currier said, adding that while the study didn't examine why each state performed as it did, previous research suggests the primary drivers of economic advancement include higher education, savings and assets, and neighborhood prosperity or poverty during childhood.
Five best states for economic mobility:
- New Jersey
- New York
Five worst states for economic mobility:
- South Carolina