The best and worst states to make a living in 2016

Not all states are created equal when it comes to making a living. While your income might be greater in places like New York or California, high tax rates and cost of living can greatly affect your lifestyle.

The personal finance site MoneyRates used several data sources, including the US Bureau of Labor Statistics, to determine the best and worst states for making a living in 2016. The ranking is based on five factors: average wages, state tax rates, cost of living, unemployment rates, and incidents of workplace injuries.

Check out the best and worst states below:

Skye Gould/Tech Insider

With no state income tax and low cost of living, Wyoming took the number one spot this year, beating out last year's winner, Texas. 

Skye Gould/Tech Insider

For the sixth year in a row Hawaii was named the worst state to make a living for its 68.6 percent higher cost of living than the national average.

Skye Gould/Tech Insider

NOW WATCH: Here's what would happen if everyone on Earth jumped at the same time