Choosing where to live is complicated. When you choose a state to live, it must be the Best State for your needs. If a state has inward moves i.e. positive migration, there must be enough positive factors to create that movement. United Van Lines recently released its 2008 “migration study.” It has done so for 32 years. The “People’s Choice Award for Best and Worst States” are
Best States (Most Inward Moves)
1. Washington DC
3. North Carolina
6. South Dakota
7. South Carolina
Worst States (Most Exits from State)
50. North Dakota
49. New Jersey
47. Rhode Island
43. New York
According to United, New York and Illinois have seen more exits for 32 straight years!!! I wonder if the political folks are wondering why companies and people keep moving away. Northern States dominate Net Exits. Nevada has had 23 consecutive years of inward moves and Oregon has had 21 years. Florida, California and Texas were considered balanced states.
For more info go to United’s website: http://www.unitedvanlines.com/mover/united-newsroom/press-releases/2008/2008-united-van-lines-migration-study.htm
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Where you live influences your income, your job opportunities and the kinds of industries you might work. The state you live may also affect your credit score. Credit report has a great report on average state credit scores. If your state is not listed click on the link to their site.
Best States for Credit Scores (highest)
1. South Dakota 710
2. Minnesota 707
3. North Dakota 706
3. Vermont 706
5. New Hampshire 703
5. Massachusetts 703
Worst States for Credit Scores (lowest)
51. Texas 651
50. Nevada 655
49. Arizona 659
48. New Mexico 663
48. Louisiana 663
The national average is about 680. Your score can cost you if it is low. Watch your credit and pick your state wisely. Lenders factor in the losses in a market when making loans.
New Hampshire was declared the safest state in the 2008 edition of
Crime State Rankings by CQ Press.
Nevada was declared the most dangerous.
Best States (Lowest crime)
Worst States (Highest Crime)
New Hampshire was declared for the first time after 10 consecutive years of North Dakota being awarded the most safe. Nevada has been the most dangerous for the last 5 years. Safety is an important long term consideration to home values and migration patterns. Retirees should consider crime stats when picking a best place to retire.
CQ publishes an an extensive analysis. You can find out more at www.cqpress.com/reference.
The Small Business and Entrepreneurship Council in December released its 13th annual “Small Business Survival Index for 2008: Ranking the Policy Environment for Entrepreneurship across the Nation.”
The Best and Worst Sates for Entrepreneurs are:
1. South Dakota 51. Washington DC
2. Nevada 50. New Jersey
3. Wyoming 49. California
4. Florida 48. Maine
5. Washington 47. Rhode Island
The study covers a broad area of policy matters from tax to regulation and is full of great info. It can be found on the home page of the Council at:
If you are thinking of starting a business or want to work in a state that fosters small business check it out.
MSN has a great list of state tax burdens. The worst states are Connecticut (38.3%), followed by New York (37.1%), New Jersey (35.6%) and Nevada (35.2%). Oklahoma residents pay the least (27.8%), followed by those in Alabama (28.0%) and Alaska (28.1%).
Here is the link: articles.moneycentral.msn.com/Taxes/Advice/TheBestAndWorstStatesForTaxes.aspx
No income tax states are great for people who are working. Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income. To see how other states compare, check out the Federation of Tax Administrators’ listing of individual income tax rates for 2008. Wyoming and South Dakota are also two of the best states for employment so you can find probably find a job and keep more of what you earn. See our blog note: blog.bestandworststates.com/2009/01/03/wyoming-best-and-michigan-worst-state-for-employment-december-2008.aspx