New Report Names New Mexico Worst State For The Wealthy
New Mexico is a state where your dollar can go a long way, but that doesn’t necessarily mean that New Mexico is the best state for the wealthy. If you want to live comfortably, and be in the category of the “wealthiest” in your state, the state you live in makes a big difference. The website GoBankingRates looked at all 50 states to see which states are best for people rolling in the dough, and which states best they just visit. The website looked at:
- jobs and income (median household income and state unemployment rate)
- housing (median home listing price and state property tax rate),
- lifestyle (state sales tax rate, annual child care costs, cost of groceries and school district grades)
- healthcare (average family health insurance premium and percentage of employer contribution to employee health insurance)
- safety (annual violent crime rates and property crime rates)
And the news isn’t good for the wealthy living in New Mexico. Turns out, the best states for the wealthy to live in may surprise you. Wyoming came in at the top spot for the state's no income tax and the second-highest average income rate. Wyoming is also one of the states where the wealthy have the biggest potential to get even richer. South Dakota came in second due to the state's low property tax rates, no state income taxes and low property crime rate. Massachusetts rounded out the top three with the highest ACT scores, which the sites believes could be a sign of good school districts, and the average income is the fourth highest in their report.
The worst state for the wealthy to live in? Apparently our dusty, desert neighbor state New Mexico. According to the website, New Mexico has one of the lowest median household incomes in the nation and the average family health insurance premium is higher in New Mexico than most states. It gets even worse, with New Mexio ranking highest for property crimes, third-highest level of violent crime and the third-lowest grade for schools in the U.S. Here are the numbers where New Mexico came in:
- Median household income: $44,963
- Median home list price: $219,000
- Child care costs: $15,569
- Average family health insurance premiums: $17,349
- Violent crimes per 1,000 people: 6.56
Check out the GoBankingRates website for more information.