With the median yearly income in the U.S. around $74,600, the personal-finance website WalletHub today released its report on the States Where People Have the Highest Income to get a feel for how well-off Americans are across the country.
WalletHub compared the 50 states and the District of Columbia across three key metrics: the average annual income of the top 5%, the average for the bottom 20%, and the median for all of each state’s residents.
| Highest Incomes | Lowest Incomes | |
| 1. Virginia | 42. Kentucky | |
| 2. New Jersey | 43. Alaska | |
| 3. New York | 44. Alabama | |
| 4. Connecticut | 45. Rhode Island | |
| 5. Washington | 46. Louisiana | |
| 6. Utah | 47. Vermont | |
| 7. Illinois | 48. Maine | |
| 8. Minnesota | 49. Mississippi | |
| 9. Colorado | 50. New Mexico | |
| 10. Massachusetts | 51. West Virginia |
To determine the states where people have the best incomes, WalletHub compared the 50 states and the District of Columbia based on three key metrics measuring income for different segments of the population, adjusted for the cost of living index (COLI). These metrics are listed below, along with their weights.
- Average Annual Income of Top 5% (Adjusted for COLI): Double Weight (~50.00 Points)
- Median Annual Household Income (Adjusted for COLI): Full Weight (~25.00 Points)
- Average Annual Income of Bottom 20% (Adjusted for COLI): Full Weight (~25.00 Points)
Sources: Data used to create this ranking were collected as of May 7, 2024 from the U.S. Census Bureau and Council for Community and Economic Research.
For the full report and to see where your state ranks, please visit:
https://wallethub.com/edu/states-where-people-have-the-highest-income/136995
