It’s the economy stupid, and now it’s time for the best states for economists. I don’t remember taking Economics in high school. I mean, I must’ve–I’m pretty sure it’s required by New York State. Yet, I really, really don’t. Clearly, that’s a bad sign for my understanding of how the economy works.
Except I got really into economists post-high school. Not as much as say, a professional economist, but I DO listen to a lot of economics podcasts. It’s a good time trying to fill in the holes my public school education left behind (or perhaps my memory, seriously DID I take that class?)
All this self-study has left me in awe of economists who are basically try to predict the future based on sociological science and mathematical theory. Sometimes, they get it very wrong. Still, they are often hard-working and bright government officials, academics, writers, reporters, researchers who study and analyze economies. If you are also impressed by them, or if you are an economist, or budding economist, you may be interested in learning about the 12 Best Opportunities for Economics Majors.
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In looking for the best states for economists, we used three parts of our tried and tested criteria. One is how much wage is offered by each state, which we derived from the US Bureau of Labor Statistics, where we also sourced our next information, employment rates for economists. The last point we used is each state’s cost of living rate, which we got from the Missouri Economic and Research Information Center (MERIC).
All three points of value are equally crucial in looking for the state to work in since it is not just how much you earn that always matters. If you earn a great deal, but end up spending a big percentage of your income on your daily living expenses, what good would your wages do you? In the same way, if the state you’re looking at is known for its higher than average wages and low cost of living rates but has employment rates that show job shortage for your occupation, how are you so sure it would still be a good deal?
Using an averaging method, each state’s ranking on each point was averaged–the results we gathered are the ones we used in the article.
Read more to know about the best states for economists.
25. Connecticut
Annual median wage: $90,490
Cost of living: 130.7
Employment: 170
Connecticut’s wages pretty much reflect the average, which makes it an already good deal. However, you should know that their cost of living is one that’s even higher than Maryland’s, quite expensive.
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24. Oregon
Annual median wage: $81,220
Cost of living: 115.4
Employment: 230
Slightly higher employment rates made Oregon rank higher on the list of best states for economists than Connecticut. Their wages are also higher than that of the national average, which explains why the state is appealing to economists and even other professionals as well. Their cost of living rates are still a bit high, but with a few compromises, it is still possible to sustain a comfortable life in Oregon.
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23. Kentucky
Annual median wage: $66,820
Cost of living: 90.8
Employment: 80
Kentucky’s claim to fame is its low cost of living rates. Of course, most people, if not all, would prefer to live and work in a state where basic needs and utilities go cheaper than most places in America. Its low wages might discourage you, as well as its low employment rates, but really, will these low living expenses spend so much of your paycheck? In all practicality, this state still has so much potential not just for economists but also for other jobs, especially when you are raising a family.
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22. Massachusetts
Annual median wage: $80,440
Cost of living: 134.7
Employment: 980
This state’s high employment rates should not surprise you since Massachusetts has always been popular for its many job opportunities available for various occupations. To say that it is a center of education and occupation is just rightfully deserved. The wages they have are very impressive, too. As usual, their cost of living is higher than most places in the U.S. However, the fact that they still have a consistently growing population shows that living and working there isn’t as bad as you think.
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21. Arkansas
Annual median wage: $66,040
Cost of living: 88.5
Employment: 70
Though the demand for economists in Arkansas looks bleak when you judge from their employment rates, their cost of living rates would still make you think of moving and working in there. You might still be able to get yourself a job, and considering how affordable it is to stay there, you are guaranteed to have a good life in Arkansas no matter how small your paycheck is.
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20. Montana
Annual median wage: $82,840
Cost of living: 100.8
Employment: 110
Montana’s wages for economists make it past the national average, making it an ideal state to work and live in. Their cost of living expenses are not very expensive, and when you try balancing wages and expenses, you can still come up with the conclusion that a good life is possible in Montana. Employment rates look quite good as well.
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19. Pennsylvania
Annual median wage: $76,950
Cost of living: 102.8
Employment: 510
We all know Pennsylvania, the next one in our list of best states for economists, as a great state to get a job in. There seems to be no shortage, no matter the occupation. No wonder, the employment rates they have for economists speaks to great potential. The state also boasts of paychecks not just for economists, but for most people who get lucky enough and get a job there. The cost of living they have is just right, too, not too cheap, yet not too expensive.
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18. Florida
Annual median wage: $81,120
Cost of living: 99
Employment: 200
Florida’s cost of living rates that hang tight on the national average is what drives people to move there, apart from the amazing beaches and laidback lifestyle. The paycheck they offer to economists does not disappoint since their living expenses are just right for the state. Their great employment rate for these professionals is also worth noting, considering the low demand for them.
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17. Washington
Annual median wage: $83,030
Cost of living: 107.1
Employment: 330
With a few notches higher than Florida in terms of wages and employment rates, no wonder Washington ranks higher on the list. The state is famous for its job opportunities, reflected by the growing population attributed to improving the economy. All of that despite their higher than the average cost of living expenses. If you’re used to living simply, then give Washington a try.
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16. Louisiana
Annual median wage: $87,150
Cost of living: 94.4
Employment: 80
Judging from the state’s employment rates, economists might find it challenging to get a job in Louisiana that ranks 16th in our list of best states for economists. But if you’re someone lucky enough to get employed in the state, you just found yourself an amazing deal. They have an ideally low cost of living rates, perfect for practical people and those raising children. They also pay their economists better as compared to other states.
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15. Colorado
Annual median wage: $89,570
Cost of living: 102.1
Employment: 230
Colorado usually has great employment opportunities for all sorts of jobs and pay the highest wages as well. While they do not have cost of living rates that stoop so low, the right lifestyle will still be able to sustain a comfortable life for you. Its wages truly make it one of the best states for economists.
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14. New York
Annual median wage: $106,590
Cost of living: 135.2
Employment: 620
New York offers the fourth-highest wages for economists. If that does not impress you yet, the state has the sixth-highest employment rates for these professionals. No surprise there, as New York is known for being the center of business and white-collar jobs. Professionals can have a field day with how much they can earn in this state, but they sure have to be prepared for what they have to sacrifice. See their cost of living? We all know that but how come the state’s home prices still surprise us?
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13. Oklahoma
Annual median wage: $80,040
Cost of living: 88.6
Employment: 70
Unlike America’s bustling states with big cities, Oklahoma, the number 13 in our list of best states for economists is usually depicted as a quiet suburb-like state where you can live cheap but have to sacrifice civilization. It could be true if you have said that many years ago, but Oklahoma City will prove you wrong. Thanks to their stable economic and business developments, there are more jobs in here today. The wages they have for economists even come higher than bigger states. Considering how cheap their living expenses are, Oklahoma seems worth a closer look.
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12. Tennessee
Annual median wage: $81,220
Cost of living: 89.8
Employment: 70
Economists would most likely have to look harder to find a job in Tennessee, but when they get one, they are sure to enjoy whatever it is that they earn. The state has managed to really strike a great balance between how much people earn and how much they are required to spend on their living expenses. While that amount might not impress you yet, think of low rents and low utilities. Would you really still look somewhere else?
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11. Maryland
Annual median wage: $118,040
Cost of living: 125
Employment: 370
Maryland ranked second on the highest-paying states for economists. Their wages are really high, and could naturally attract people to move there and work. The employment rates they have looked promising as well, making it a safe bet for economists and even other professionals. The downside is, as usual, their high cost of living expenses. But if you know you can compromise and you’re skilled in budgeting, go get a job in Maryland–stat!
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10. California
Annual median wage: $105,430
Cost of living: 134.8
Employment: 2,030
California has the second highest employment rates for economists. This is somehow expected of The Golden State, since it is known for having the most number of jobs in the country, like Texas. They also pay their professionals and workers well, almost always exceeding the national average. It would have ranked higher on the list if not for its high cost of living rates.
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9. District of Columbia
Annual median wage: $113,230
Cost of living: 149.2
Employment: 7,300
This part of the country tops the list of places in America with the highest employment rates for economists. The wages they offer these professionals ranks third-highest in the country. Pretty impressive statistics, right? However, before you jump on the plane and move to DC, you have to really ask yourself if you are ready to allot a huge chunk of your paycheck to your food allowance, transportation, and rent expenses? If you say yes, by all means, go.
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8. Ohio
Annual median wage: $92,350
Cost of living: 93
Employment: 120
Ohio’s demand for economists might dampen your spirits, but you should not get discouraged yet. Get your motivation and inspiration from their high wages perfectly balanced by their low cost of living expenses. Imagine earning that much while not having to spend so much on your daily needs. You not only would be able to enjoy your hard earned money more but will even have the opportunity to save some.
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7. Michigan
Annual median wage: $73,350
Cost of living: 88.2
Employment: 270
Being America’s third most affordable state, a lot is expected from Michigan, and the state never disappoints. They offer wages that are always enough for Michigan’s living expenses. Quite frankly, its low cost of living can very much sustain a living, however small you may think you are earning. Their employment rates for economists are not that bad, too.
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6. North Carolina
Annual median wage: $97,490
Cost of living: 94.2
Employment: 190
Up next in our list of best states for economists is North Carolina that seems to have a booming economy at present. They offer amazing job opportunities and also have really high wages. Considering that North Carolina is among those we know as affordable states, it is interesting how they are paying their professionals higher wages than expensive states.
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5. Missouri
Annual median wage: $88,380
Cost of living: 90.8
Employment: 250
If you think those wages are too low for economists, look closer on their cost of living rates. Missouri, the number 5 in our list of best states for economists is one of America’s cheapest state to live in, where everything is generally more affordable than in other places in the country. If you really think about it, even the most meager wages could definitely be enough to live in Missouri. Another great thing about the state is that it usually has great employment rates for various jobs.
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4. Illinois
Annual median wage: $94,880
Cost of living: 95.5
Employment: 400
Low cost of living? Check. High wages? Check. Great employment rates for economists? Check. Illinois has really impressive statistics which brought it this far on the list. With such a great balance between wages and expenses, the state appears to have so much potential as compared to others mentioned. You can almost guarantee you’ll be able to enjoy your money and save some of it as well.
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3. Georgia
Annual median wage: $92,910
Cost of living: 91.4
Employment: 390
We are continuing our list of best states for economists with Georgia that has always been consistent with their employment rates. This just goes to show how stable their economy is, and how ideal it would be for people to get a job in the said state. With high wages and low cost of living expenses, it is impossible to think of any reason why you would still think twice about making the move to Georgia. Plus, they have really nice weather all year round.
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2. Virginia
Annual median wage: $119,870
Cost of living: 100.2
Employment: 1,080
If you apply the law of supply and demand, you might think Virginia’s demand for economists is so strong that is why they pay them that much. In fact, the state ranks the highest in terms of annual median salary for economists. Considering their average cost of living expenses and impressive employment rates, Virginia is a clear winner. Needless to say, when you are lucky to bag a job there, don’t let go.
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1. Texas
Annual median wage: $102,240
Cost of living: 90.7
Employment: 1,030
Topping our list of best states for economists is Texas, one of America’s most affordable states where jobs seem to be sprouting from everywhere. The state has been making headlines for having really good employment opportunities. For economists, they have high wages enough for them to make the move without thinking too hard. Seriously, with wages over $100,000 in a state where everything is pretty affordable, would you even think twice?
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While it is true that economists do not enjoy as many opportunities as other occupations, you can console yourselves with the fact that you get paid than most Americans. To make sure you get to really experience how much you are earning, choose to work in any of the best states for economists.
