Adam McCann, WalletHub Financial Writer
The median yearly income in the U.S. is around $74,600, according to the latest data from the Federal Reserve. However, there is a great deal of income disparity, with some people making vastly more than that while others are unfortunately stuck in poverty.
In order 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.
Income Levels by State
| Overall Rank | State | Total Score | Average Annual Income of Top 5% (Adjusted for COLI) | Median Annual Income (Adjusted for COLI) | Average Annual Income of Bottom 20% (Adjusted for COLI) |
|---|---|---|---|---|---|
| 1 | Virginia | 69.59 | $518,296 | $89,393 | $18,694 |
| 2 | New Jersey | 68.85 | $505,621 | $117,847 | $16,445 |
| 3 | New York | 67.60 | $553,436 | $91,366 | $13,301 |
| 4 | Connecticut | 67.42 | $518,757 | $114,156 | $14,576 |
| 5 | Washington | 62.29 | $474,067 | $103,748 | $18,223 |
| 6 | Utah | 61.60 | $448,195 | $89,786 | $22,491 |
| 7 | Illinois | 59.64 | $504,800 | $78,304 | $16,192 |
| 8 | Minnesota | 59.48 | $464,981 | $86,364 | $19,797 |
| 9 | Colorado | 57.55 | $456,603 | $97,301 | $18,451 |
| 10 | Massachusetts | 57.39 | $466,208 | $127,760 | $13,689 |
| 11 | California | 54.59 | $454,829 | $123,988 | $13,949 |
| 12 | Texas | 54.05 | $481,483 | $70,513 | $16,802 |
| 13 | Georgia | 53.97 | $487,870 | $66,612 | $16,472 |
| 14 | Maryland | 53.78 | $427,135 | $124,693 | $16,647 |
| 15 | District of Columbia | 52.88 | $450,892 | $162,265 | $9,011 |
| 16 | Florida | 48.63 | $470,308 | $68,818 | $15,375 |
| 17 | New Hampshire | 47.51 | $400,343 | $110,205 | $18,075 |
| 18 | Pennsylvania | 45.29 | $445,261 | $74,711 | $15,801 |
| 19 | Michigan | 45.08 | $446,114 | $62,446 | $17,019 |
| 20 | Missouri | 44.11 | $446,069 | $59,715 | $16,821 |
| 21 | North Carolina | 43.97 | $450,592 | $63,025 | $15,836 |
| 22 | Tennessee | 43.46 | $453,539 | $59,077 | $15,679 |
| 23 | Arizona | 42.32 | $424,913 | $74,375 | $16,604 |
| 24 | Kansas | 41.80 | $423,517 | $68,489 | $17,176 |
| 25 | Nebraska | 41.47 | $416,325 | $72,384 | $17,380 |
| 26 | Ohio | 41.43 | $436,922 | $61,904 | $16,188 |
| 27 | Delaware | 40.97 | $402,989 | $87,173 | $16,930 |
| 28 | Idaho | 40.09 | $403,737 | $70,041 | $18,372 |
| 29 | Wisconsin | 39.59 | $402,256 | $72,602 | $17,973 |
| 30 | Iowa | 36.60 | $395,093 | $68,974 | $17,621 |
| 31 | South Dakota | 35.70 | $393,809 | $69,266 | $17,252 |
| 32 | Indiana | 34.70 | $399,270 | $64,170 | $16,670 |
| 33 | Nevada | 34.52 | $401,062 | $80,366 | $14,472 |
| 34 | Wyoming | 33.87 | $387,280 | $76,307 | $16,199 |
| 35 | North Dakota | 33.70 | $387,548 | $79,874 | $15,661 |
| 36 | Hawaii | 32.60 | $334,369 | $141,832 | $14,014 |
| 37 | Montana | 32.49 | $395,720 | $68,937 | $15,337 |
| 38 | South Carolina | 32.38 | $412,771 | $62,909 | $13,996 |
| 39 | Oregon | 32.20 | $377,399 | $91,100 | $14,720 |
| 40 | Oklahoma | 31.73 | $405,113 | $57,215 | $15,205 |
| 41 | Arkansas | 30.68 | $416,224 | $51,032 | $14,069 |
| 42 | Kentucky | 30.25 | $411,897 | $55,629 | $13,800 |
| 43 | Alaska | 26.83 | $321,634 | $113,934 | $15,646 |
| 44 | Alabama | 26.31 | $398,584 | $55,480 | $13,242 |
| 45 | Rhode Island | 26.14 | $353,721 | $104,252 | $12,668 |
| 46 | Louisiana | 22.52 | $395,155 | $56,282 | $11,504 |
| 47 | Vermont | 22.18 | $334,470 | $89,695 | $14,477 |
| 48 | Maine | 19.64 | $338,866 | $79,800 | $13,749 |
| 49 | Mississippi | 17.81 | $377,040 | $46,880 | $12,168 |
| 50 | New Mexico | 14.59 | $351,972 | $58,911 | $11,944 |
| 51 | West Virginia | 12.79 | $345,239 | $52,719 | $12,477 |
Methodology
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.
