MA Residents Earn More Than Most Americans, Not As Much As New England Neighbors

MASSACHUSETTS — The Bay State bests most others in dollars-and-cents production, a new study finds.

Massachusetts ranks 10th among states with the highest incomes, according to an analysis by personal finance website WalletHub.

The study, published Tuesday, compares all 50 states and the District of Columbia according to three criteria: the average annual income among the top 5 percent of residents, the average for the bottom 20 percent, and the median income in each state.

The rankings are based on a weighted score from the incomes, which were reported from the most recent U.S. Census data and adjusted to reflect the cost of living. The median is the level at which half the residents earn more and half earn less.

Massachusetts ranks just below Illinois and just above Texas on the WalletHub roster.

The top 5 percent of Bay State residents earn an average of $498,000, while the bottom 20 percent bring in around $14,000. The median income is $137,563, which itself ranks third-highest in the U.S.

Nationwide, the median is $83,700, WalletHub said.

In the overall rankings, only Connecticut ranks higher than Massachusetts within New England. The top 10 states in the WalletHub scoring are:

1. Virginia
2. New York
3. New Jersey
4. Washington
5. Connecticut
6. Utah
7. Colorado
8. Minnesota
9. Illinois
10. Massachusetts

Virginia’s wealth is evident: an average income among the top earners of $545,097, average income of $19,671 among the lower-earners, and a median of $95,339.

West Virginia, which sits next door and ranks last at No. 51, reports incomes of $372,218, $13,260 and $56,610, respectively.

Besides Connecticut and Massachusetts, other New England states rank nationally as:

• New Hampshire, 17
• Vermont, 44
• Rhode Island, 46
• Maine, 47.

You can see the complete findings here.

See Also:

New School Rankings Put MA Among Nation’s Leaders – See Where It Ranked

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