10 Happiest States in the United States

If you're a Cornhusker, you can have the last laugh. Nebraskans are the happiest in the U.S., thanks to steady employment, fewer foreclosures and the best corn in the world. OK, we exaggerated on that last one. But it is true that the same state that is the home of the Oracle of Omaha, Warren Buffett, is weathering the current economy better than other states, according to MainStreet.com’s new Happiness Index. This index examines household income, debt, employment, and foreclosures to choose the states that are surviving the current economic crisis with the least heartache.

Money may not buy happiness. But happiness has been known to linger in homes (especially a new home, wink wink, nude nudge) and if it's equipped with transport, food, beverages and family to share them with, all the better. This helps keep whining to a minimum, forming the basis of our founding fathers most famous declarations: Quit whining and get busy with that whole pursuit of happiness thing.

The Cornhusker state is the happiest because:

It ranked 2nd overall in lowest number of foreclosures
It ranked 2nd in lowest unemployment rates
It ranked 5th in lowest percentage of non-mortgage debt by income

The Happiness Index, which looks at household income, debt, employment and foreclosures, is a fresh take on the old and tired Misery Index, made popular in the 1970s. The Misery Index takes into account unemployment and inflation rates and seeks to identify the most financially miserable places to live.

The Happiness Index, on the other hand, is all about which states are best weathering the current economic storm.

Contrary to popular wisdom that densely populated urban areas of the country have ‘recession-proof’ housing markets and boast impressively high average salary ranges, The Happiness Index suggests that the Midwest is the main source of financial happiness. After Nebraska in the top spot, Iowa and Kansas came in at 2 and 3 on the list of the most financially happy states.

Other states did better than Nebraska in particular areas, but none had a higher blended average. Maryland, for example, was burdened by higher unemployment and foreclosure rates despite having one of the lowest percentages of annual income spent on non-mortgage debt.

There are some interesting trends that can be gleaned from the Happiness Index. Not surprisingly, many of the states that experienced a boom during the housing bubble have more recently fallen by the wayside with increased foreclosures and debt.

Just as the U.S. economy evolves, so too will the MainStreet.com Happiness Index. Although Oregon currently falls at the bottom of our list, the state is well positioned for a boost in the future due to its potential for an influx of green jobs.

The opposite case can be made for Nebraska, which could fall from the top of the list with time. Its economy relies heavily on corn production, which is subsidized by the government to create corn ethanol - an alternative energy source. But the future of corn ethanol is uncertain. Many believe that it's no longer a big part of the solution to our climate change or foreign oil problems. That could be bad for Nebraska and ultimately make it a less happy place to live.

These were among theme's discovered by www.MainStreet.com’s Happiness Index. The analysis discovered that despite disastrous conditions in parts of Michigan and Ohio, overall, the Midwest is navigating the financial meltdown with the highest average salaries, lowest unemployment, and fewest foreclosures.

Here are the rest of the top-10 happiest states:
Nebraska
Iowa
Kansas
Hawaii
Louisiana
Oklahoma
Wyoming
South Dakota
West Virginia
Wisconsin