The United States of America consists of 50 states plus Washington, D.C., with each of the states having its interesting features and history.
Many people choose to live in one specific state because they love that location or want to be close to family and friends.
There’s no doubt that some states are more financially prosperous than others. Of course, some states offer many more opportunities than others.
The overall wealth of a state is determined by its citizens’ annual income, employment rate, education attainment, and the number of jobs available in the market.
As you can imagine, it would take some time for any state to get truly wealthy unless it had many resources at its disposal, such as oil fields or large cities that foster employment opportunities.
This article provides information about the top 10 wealthiest states in the United States of America. Check them out!
Top 10 Wealthiest States in the USA
Here are the richest states in the USA in terms of median household income:
1. Maryland
Median household income- $86,738
From our list, the wealthiest state in the United States of America is Maryland. The state has the highest median household income in the country.
Currently, Maryland has over 6,006,401 inhabitants and has the 19th-highest population position in the world. Additionally, with just 9.7% of the population living in poverty, it has the second lowest rate.
In Maryland, over 38% of all adults have at least a bachelor’s degree, improving their earning potential.
The state’s large population of government employees, which contributes to the high median income levels, holds some of the highest-paying positions in the country.
With 5.2 per cent, the unemployment rate is the twenty-fourth highest in the nation. Maryland’s high median household income level contributes to the $433,000 median property value.
There are more inexpensive homes for sale and more expensive ones, just as in any other state.
Read Also: 15 Richest Countries In The World in 2022
2. Massachusetts
Median household income: $85,843
With 6,794,422 inhabitants, Massachusetts has the fifteenth-highest population density in the country.
It has the country’s fourteenth-lowest poverty rate (11.5%) and the twenty-fourth-lowest unemployment rate (5%).
Several of the most esteemed universities in the country are located in Massachusetts. 41.5 percent of all adults in the state have at least a bachelor’s degree, making it the state with the highest degree attainment rate in the country.
10% of households in the state make $200,000 or more annually. Massachusetts is one of the most costly states in the union to buy a home, with a typical home value of $352,100.
3. New Jersey
Median household income: $85,751
With 8,958,013 residents, New Jersey has the eleventh-highest population among all the states in the nation. The state’s households with annual incomes exceeding $200,000 make up nearly 11% of the total.
With just 10.8% of the population unemployed, the state has the eighth-lowest poverty rate in the country and the eighteenth-highest unemployment rate (5.6%).
The value of higher education is high in New Jersey, where 37.6 percent of the adult population has at least a bachelor’s degree.
The median property price in New Jersey is $322,600, making it one of the most costly states to buy a house. Additionally, the state’s cost of living is 14.5% above the national average.
4. Hawaii
Median household income: $83,102
With only 1,431,603 residents, Hawaii has the eleventh-lowest population density among the 50 states.
The state is a favorite choice for the wealthy who want to buy luxury houses on the island because it is unquestionably one of the most picturesque places to reside in the US.
At $556,900, it has the highest median home value. The state has the sixth-lowest unemployment rate at just 3.6 percent, since it is a top-rated tourist destination.
This demonstrates that the job market is healthy and thriving because of agriculture and tourist attractions.
With just 10.6% of the population living below the poverty line, Hawaii has the seventh-lowest poverty rate in the nation.
5. California
Median household income: $80,440
With 39,144,818 residents, California is the state with the largest population in the country. The state’s wealth is distributed in a glaringly unequal manner.
Despite having one of the highest average household income levels, its 15.3% poverty rate is the fifteenth highest.
The unemployment rate is 6.2 percent, making it the 7th highest in the country, which is impressively high.
Although California has most of the wealthiest people in the nation, the poorest ones find it tough to get by.
The housing values are more than twice as high as buying a home in other parts of the country because of the high wages.
Being a homeowner in California makes the average wage challenging for people because of the $449,100 median home value.
And Additionally, because of the variation in the price of products and services in the state, the cost of living is predicted to be 14.7% higher.
Read Also: Which State has the highest-paid Teachers in the USA? | 2022 Review.
6. Connecticut
Median household income: $78,833
With 3,590,886 residents, Connecticut is the state with the twenty-second-lowest population. At $71,346 on average, the annual household income is the fifth highest in the country.
Ten percent of households in the state earn at least $200,000 annually in total household income, similar to Massachusetts.
The poverty rate is the sixth lowest in the nation at 10.5%, but unemployment is the 18th highest at 5.6 percent.
There is a correlation between the significantly higher levels of household income and the 38.3 percent of people who hold a bachelor’s degree or higher.
This exceeds the national average by over 8%. Connecticut’s median home price is $270,900.
7. Washington
Median household income- $78,687
With 7,170,351 residents, Washington State has the thirteenth-highest population in the country.
Although the average family income is considerable, the state struggles with the fifteenth highest unemployment rate (5.7%) and the seventeenth lowest percentage of poverty in the country.
The high 34.2% of people with at least a bachelor’s degree are responsible for the higher income levels.
Because of this, the state’s average home value has increased to $284,000 as a result. The state’s rate of people receiving food stamps has increased by almost 3%.
8. New Hampshire
Median household income: $77,933
With only 1,330,608 residents, New Hampshire has the tenth-lowest population number. With a median household income of $73,303, the average household income is over $15,000 greater than the national average.
The average home price in the state is $244,500, making it one of the more costly regions to buy a home. This has in turn increased housing values.
The state shines even more since it has the lowest poverty rate in the nation—just 8.2 percent—and has the fourth-lowest unemployment rate—just 3.4 percent. New Hampshire’s statistics on educational attainment are quite impressive.
A staggering 93.1 percent of the adults in the state have completed high school, and 35.7% have at least a bachelor’s degree, with many going higher.
They related the higher typical household income to this. Numerous notable school districts and higher education institutions are located in New Hampshire.
Read Also: Top 20 Most Influential People in New Hampshire | Social Media Handles 2023
9. Virginia
Median household income: $76,456
With 8,382,993 inhabitants, Virginia has the twelfth-highest population in the nation. Due to the state’s astounding 37 percent adult population holding a bachelor’s degree or more, the average household income is significantly greater than the national average.
This one is among them. Six states have the greatest proportion of adults with college degrees.
Additionally, statistics reveal that there are more households in the state with annual incomes of at least $200,000 and fewer with yearly incomes of $10,000 or less.
Virginia has the 17th-lowest unemployment rate in the nation (4.4%) and the 11th-lowest poverty rate (11.2%). The state’s labour market is comparatively strong.
The median property value in the country is $259,700, which is among the higher ones, but when compared to the average household income, the two neatly balance one another.
10. Alaska
Median household income: $73,355
With only 738,432 residents, Alaska has the third-lowest population of all the states. Because of its bountiful distribution of natural resources, it is the third wealthiest state in the nation.
Along with mining, forestry, fishing, and agriculture, the oil sector is strong and thriving throughout the state.
Alaska has the fourth-highest unemployment rate in the nation—6.5 per cent—but the fifth-lowest poverty percentage overall—10.3 per cent.
Despite being the third wealthiest state, it is projected that over 15% of its citizens do not have health insurance, making it the state with the second-highest percentage of this alarming data. Alaska has a median home value of $255,000.
Conclusion
It is clear that the wealthiest state in the USA is not necessarily the happiest. Many factors contribute to happiness, and wealth is only one of them.
Money cannot buy happiness, but it can make life more comfortable. If you want to be happy, focus on things money can’t buy: love, relationships, health, and experiences.
Reference
- Worldpopulationreview.com- Richest states in usa
- Veranda.com– Richest states usa
Recommendations
