NEW YORK (WWTI) — New York has been determined to be one of the worst paying states across nation.
According to a recent study conducted by business.org, New York is ranked fourth worst compared to pay rates nationwide.
The study, States with the best (and worst) pay in 2020, calculated an ranked all 50 states by comparing median salary to median cost of rent.
Specifically for New York State, the annual median wage was found to be $46,680, and a one-bedroom apartment has a median rent of $1,285. This results in New Yorkers having to work 57.3 hours monthly to afford rent.
The top five ranked states with the best pay were North Dakota, Wyoming, Iowa, South Dakota and Oklahoma.
The lowest ranking states were Hawaii, California, New Jersey, New York and Maryland.
Additionally, key highlights from the study found the following:
- 6 out of 10 states with the lowest pay reside on the East Coast
- The 10 best paying states are located in the West or Midwest
- Residents in the 10 best states have to dedicate less than one week’s full-time salary to paying rent