According to a WalletHub report, these are the states in the country with the highest incomes in 2024. Find out if you belong to one of them.
WalletHub has released its report on the states in the country with the highest incomes in 2024. While the average American’s annual income is around $74,600 per year, according to Federal Reserve figures, the analysis by the economic and financial media outlet notes a disparity in incomes, with states well above the national average and regions that are unfortunately well below average.
To arrive at the states with the highest incomes, the aforementioned website compared the average annual income of the top 5%, the average of the bottom 20% and the median of all residents of the country’s 50 states and the District of Columbia, resulting in a list with the salary differences between each state of the American Union.
“The top 10% of earners in the U.S. earn more than 12 times more than those in the bottom 10%, according to the latest census data. By measuring incomes at various percentiles against a state’s median income, we can better identify where income disparities are most prevalent, which could help us better understand why residents of certain states have a harder time making ends meet,” says Cassandra Happe, an analyst at WalletHub.
In which states do people have the highest incomes in 2024?
According to WalletHub’s analysis, with a score of 69.59, Virginia ranks as the highest income state in 2024 with the top 5% annual income at $518,296 dollars, the middle at $89,393 and the bottom 20% at $18,694. Here’s what the top five highest income states look like in 2024:
Virginia – 69.59
- Top 5% median annual income: $518,296
- Median annual income: $89,393
- Bottom 20% median annual income: $18,694
New Jersey – 68.85
- Top 5% median annual income: $505,621
- Median annual income: $117,847
- Bottom 20% Median Annual Income: $16,445
New York – 67.60
- Top 5% Median Annual Income: $553,436
- Median annual income: $91,366
- Bottom 20% median annual income: $13,301
Connecticut – 67.42
- Top 5% median annual income: $518,757
- Median annual income: $114,156
- Bottom 20% median annual income: $14,576
Washington – 62.29
- Top 5% Median Annual Income: $474,067
- Median annual income: $103,748
- Bottom 20% Median Annual Income: $18,223