With more than 127,000 Maryland residents commuting across the Potomac River to Virginia for work, according to the latest U.S. Census Bureau state-to-state commuting data, a new study suggests many are heading to the nation’s top-ranked state for income.
Personal finance website WalletHub today released its annual report on the states where people have the highest incomes, comparing all 50 states and the District of Columbia across three key metrics: the average annual income of the top 5% of earners, the median annual income of all residents, and the average annual income of the bottom 20% of earners. All figures were adjusted for cost of living.
Virginia claimed the top spot in the rankings, finishing ahead of New York, New Jersey, Washington, and Connecticut. According to the report, Virginia’s top 5% of earners have an average annual income of $545,097. The state’s median annual income, adjusted for cost of living, is $95,339, while the average annual income for the bottom 20% of earners is $19,671.
Maryland ranked 16th overall. WalletHub reported that Maryland’s top 5% of earners average $446,096 annually, while the state’s median annual income is $130,760. The average annual income for Maryland’s bottom 20% of earners is $17,099.
Rounding out the top 10 states were Utah, Colorado, Minnesota, Illinois, and Massachusetts. West Virginia ranked last in the study, preceded by New Mexico, Mississippi, Louisiana, and Maine.
For the full report please visit:
https://wallethub.com/edu/states-where-people-have-the-highest-income/136995
