June 11th 2024.
According to a study conducted by WalletHub in 2024, some states in the US have higher income levels than others. This study, reported by Fox 5 Atlanta, compared all 50 states and the District of Columbia using various metrics, such as the average annual income of the top 5%, the average for the bottom 20%, and the median for all residents. The results showed that Virginia is home to the highest-earning individuals in the country.
The study found that Virginia takes the lead in terms of income when considering the median, top 5%, and bottom 20% of earners. This means that both the top 5% and the bottom 20% in Virginia have some of the highest income levels in the nation, with averages of $518,296 and $18,694 respectively. The median annual income in Virginia is also quite high at $89,393, ranking 17th among all states.
Most people living in Virginia work in the bustling city of Washington, D.C. and tend to reside in the northern region of the state, specifically Fairfax County. This county is known for its high average salary of over $100,000. This is largely due to the thriving business community, with many defense contractors like Boeing, General Dynamics, Northrop Grumman, and RTX Corporation being based there. Additionally, Loudoun County houses some of the biggest names in the tech industry, such as Amazon, Facebook, Google, Salesforce, and Verizon Business, making it the world's largest and fastest-growing data center hub.
The second state with the highest average income is New Jersey, where factors like low, high, and median earnings all play a role. The top 5% of residents in this state earn an average annual salary of $505,621, while the median income is $117,847, ranking sixth among all states. On the other hand, the bottom 20% of earners in New Jersey make an average of $16,445 per year, which ranks 21st in the country. It's worth noting that New Jersey is located between two major cities, New York City and Philadelphia, which contributes to its high income levels.
Speaking of New York, it ranks third in the nation for income levels. The top 5% of earners in the Big Apple bring home an average of $553,435 per year, the highest in the country. However, the bottom 20% of earners in this state only make an average of $13,301, ranking 44th among all states and the District of Columbia. This may be due to the fact that higher income brackets carry more weight in this study. New York City is known for its income gaps, particularly in the boroughs of Manhattan, Bronx, and Brooklyn, with Manhattan having the highest reported income gap.
Other states with high-income levels include Connecticut, Washington, Utah, Illinois, Minnesota, Colorado, and Massachusetts, which ranks tenth. On the other end of the spectrum, we have states like Kentucky, Alaska, Alabama, Rhode Island, Louisiana, Vermont, Maine, Mississippi, and New Mexico, with West Virginia being the state with the lowest-earning individuals.
If you're looking to earn a high salary after graduation, these findings may give you some insight into the states with the highest income levels. Overall, it's clear that certain states in the US are home to higher-earning individuals, and factors like location and industry play a significant role in these income levels.
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