Massachusetts Is One Of The Highest Income States In America
Throughout the Bay State we are fortunate to find a wide array of career options that are available at every professional level. WalletHub recently detailed that Massachusetts’s income level will be among the highest in the United States in 2024.
Upon stating the median annual income in the country is just below $75,000, WalletHub explained, “There is a great deal of income disparity, with some people making vastly more than that while others are unfortunately stuck in poverty.”
To dive into the numbers and data, three key areas were studied. These were the average annual income of the top 5%, the average for the bottom 20%, and the median income of each state’s residents.
WalletHub analyst Cassandra Happe explained, “The highest-earning 10% of individuals in the United States earn over 12 times more than those in the lowest-earning 10%, based on the latest Census data.”
It is important to point out that this report does not rank each state by where the household income is the highest. For example, Washington D.C. is number one in this category specifically at $162,265, but the district finished 15th in the overall analysis.
The state of Virginia ranked as the state with the highest income of all 51 states and Washington D.C. Here, the difference between the average salary of the top 5% and the average salary of the bottom 20% is incredibly large. The high-end range here is $518,296, whereas the bottom 20% amounted to $18,694.
The scale then slides down. For example, West Virginia ranked #51 (the lowest). Their range is $345,239 at the top 5% and $12,477 for the bottom 20%.
Massachusetts Income Level Ranked Tenth
Finishing just slightly below Colorado, Massachusetts’s median level income for 2024 is $127,760. What’s equally fascinating is that Massachusetts’s average annual income for the top 5% is actually greater than that of three states that finished with a higher total ranking score (Colorado, Minnesota, and Utah).
The top 5% for the Bay State came out to $466,208 and the bottom 20% salary is $13,869.
Having a major metro like Boston certainly helps. Each state certainly has its own unique attributes, but being a coastline state also adds the job opportunities in the state.
As for the rest of New England, Connecticut ranked 4th overall, and New Hampshire finished 17th. The results were unfavorable for Rhode Island, Vermont, and Maine. They each finished in the bottom six of the list at 45, 47, and 48 respectively.
For context, the highest salary in the top 5% category is over $125,000 higher in Massachusetts than it is in Maine ($338,866).
Although a report like this does highlight opportunity, it also shows areas where there is also great disparity.