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The median income in the US is about $83,000 — and you could make more or less than that number depending on where you live. But which states are the highest earning overall?
A new WalletHub study used three income-related measures to rank states: the average annual income of the top 5%, the average annual income of the bottom 20%, and the median annual household income of the state's entire population.
The resulting rankings include some surprises. None of the states known for being home to billionaires, like New York, California, and Florida, took the top spot.
WalletHub analyst Chip Lupo said New York's income disparity is a reason it came up just short of the No. 1 ranking. While the top 5% makes a lot, the state's middle class isn't making nearly as much.
"In terms of just the median annual income, which I think is what most people are interested in as far as that's a reflection of the middle class, New York is a little above average in terms of its median annual income at $96,000," Lupo told Business Insider.
One state that barely cracked the top 15 is California; a state known for movie stars and moguls. Lupo posited that the Golden State's lower ranking on the list may have been impacted by several top earners leaving.
"What's going on in California also is the number of high-wealth individuals that are fleeing the state," Lupo said. "A lot of wealth is moving out of the state and into more tax-friendly states like Texas, Florida, and Tennessee. So that's a huge driver."
Read on for the 15 states where people have the highest income, according to WalletHub.
15. Florida
Total score: 49.89
Average annual income of top 5%: $507,073
Median annual income: $75,737
Average annual income of bottom 20%: $16,378
14. Georgia
Total score: 52.76
Average annual income of top 5%: $516,260
Median annual income: $72,437
Average annual income of bottom 20%: $17,301
13. California
Total score: 53.45
Average annual income of top 5%: $482,584
Median annual income: $133,974
Average annual income of bottom 20%: $14,662
12. District of Columbia
Total score: 54.11
Average annual income of top 5%: $488,074
Median annual income: $174,287
Average annual income of bottom 20%: $9,579
11. Texas
Total score: 54.93
Average annual income of top 5%: $520,378
Median annual income: $75,905
Average annual income of bottom 20%: $17,651
10. Massachusetts
Total score: 57.11
Average annual income of top 5%: $498,062
Median annual income: $137,563
Average annual income of bottom 20%: $14,440
9. Illinois
Total score: 57.88
Average annual income of top 5%: $533,840
Median annual income: $83,277
Average annual income of bottom 20%: $16,813
8. Minnesota
Total score: 58.66
Average annual income of top 5%: $500,074
Median annual income: $90,632
Average annual income of bottom 20%: $20,662
7. Colorado
Total score: 59.65
Average annual income of top 5%: $498,587
Median annual income: $106,187
Average annual income of bottom 20%: $19,588
6. Utah
Total score: 61.24
Average annual income of top 5%: $475,515
Median annual income: $98,858
Average annual income of bottom 20%: $24,307
5. Connecticut
Total score: 64.73
Average annual income of top 5%: $543,016
Median annual income: $122,032
Average annual income of bottom 20%: $15,095
4. Washington
Total score: 65.23
Average annual income of top 5%: $522,328
Median annual income: $112,933
Average annual income of bottom 20%: $19,082
3. New Jersey
Total score: 66.08
Average annual income of top 5%: $527,376
Median annual income: $125,766
Average annual income of bottom 20%: $17,418
2. New York
Total score: 66.27
Average annual income of top 5%: $585,523
Median annual income: $96,746
Average annual income of bottom 20%: $13,633
1. Virginia
Total score: 67.57
Average annual income of top 5%: $545,097
Median annual income: $95,339
Average annual income of bottom 20%: $19,671
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Jordan reports on moving trends — from remote work to house hacking. He also writes about movers struggling with issues around relocating like buyer's remorse and the many intricacies of moving to an unfamiliar state. He also has stories focusing on property technology and in 2022, moderated a panel on fractional investing at real estate technology conference Blueprint. Before Insider, he covered luxury real estate in South Florida for The Real Deal. He holds a Master's degree in Magazine Writing from New York University and a Bachelor's degree in English from Florida State University.
