The ranking of a state in USA is particularly based on middle income Americans. The state is ranked on the basis of how much personal income, gross domestic product per capita and amount of taxes paid per person of the state. Along with these, the factors like health insurance coverage, employment by industry, poverty, income inequality and food stamp are also considered and then overall picture is considered while ranking a state.
When we think about the most affluent states in US, Manhattan and Beverly Hills come to mind but the wealth distribution is little more varied than that. Yes, California and New York are among the top richest states in the America but Alaska and Utah are also included in the list. Let us have a look at the top 12 richest states of America in 2020.
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Median household income: $58,415
Delaware has 12th lowest poverty percentage in resident living and it is in top 10 states of country when it comes to median household income. According to Moody’s Analytics, Delaware is only state in the country which is still in the risk of falling into economic recession and it is too small that it can be affected by shifts in a single industry or a couple of industries. When it comes to unemployment, Delaware has unemployment rate in line with national average.
Median household income: $58,906
The people of Land of 10,000 lakes are doing well financially. Minnesota is the 12th largest state in area and 21st most populous state of United States. In this state, unemployment rate is very low but its 11.4% residents are living in poverty. This state also has a clean environment as even after having extreme weather, it is the second only to Portland when it comes to number of workers who bike to their jobs. The people living here prefer walking or bicycles instead of cars to lessen green house gas pollution, traffic congestion, maintenance costs and also for a healthier population. It is also known for its progressive political orientation and high rate of civic participation and voter turnout. The state is among the best educated and wealthiest in the nation.
10. Washington State
Median household income: $64,129.
Washington is the 18th largest state of United States having an area of 71,362 square miles and it is also 13th most populous state with a population of 7 million people. Washington is a leading producer of the nation, it has manufacturing industries including aircraft and missiles, shipbuilding and many more. Being among top 10 doesn’t mean that it doesn’t have economic woes as well as wealth. It has 5.7% of unemployed people and it is 15th highest jobless rate nationally. It also has 14.5% of household rely on food stamps which is slightly larger than national rate.
Median household income: $64,500.
California is the most populous state in the United States and the third most extensive by area. If California would have been a country, then it would be the 6th largest economy in the world and 35th most populous country. It is the trendsetter in the world as it is the origin of the film industry, the internet, the hippie counterculture, the personal computer and many others. The agriculture industry has the highest output in the US but its 58% of the economy is centered on finance, real estate services, government, technology, professional, scientific and technical business services. The state also has some cons like it has the highest percentage of poverty and income inequality in the United States.
Median household income: $66,262.
Population: 8,382,993 (12th highest).
Virginia is the home of earners with an educated population. It has 37% of its adults boasting a college degree and a bigger proportion of its population is making more than $200,00 per year. It also has a very smaller percentage of its population making less than $10,000 per year. It helps a lot in the low unemployment rate of the country and it is almost a full percentage point below the national average.
7. New Hampshire
Median household income: $70,303.
New Hampshire has the lowest poverty rate in the US. It is the 10th least populous state of the country and 5th smallest by land area. It has home prices and income level medians above the national median. New Hampshire is the state which really values education, it has more 35.7% state adults who has bachelor’s degree and 93.1% people who had completed high school. New Hampshire is doing well for itself.
Median household income: $70,628.
Massachusetts is the 15th most populous state of the country. It has 41.5% college degrees which is the highest concentration in the country. Massachusetts residents knows very well the difference a college degree can make. The 10% people living in Massachusetts make at least $200,000 a year which is good because the median home value of the state is $352,100 which is highest in the nation.
Median household income: $71,346.
Connecticut is the 22nd lowest populous state of the country and 3rd smallest by land area. Connecticut has a reputation for being too expensive because of its median cost of homes which is $270,900. The residents of the state are well educated and big earners with more than 10% of households earning more than $200,000 annually. The state has 38.3% of adults with a bachelor’s degree.
4. New Jersey
Median household income: $72,222.
New Jersey is the 11th highest populous state of the country. New Jersey is quite expensive as goods and services here run 14.5% more than across the rest of the country and the median home value is $322,600 which is almost double the national median home value, but the state has a high proportion of big earners so they can afford it. The state has 10.9% residents making $200,000 or more annually. The state also has 37.6% of adults having at least one bachelor’s degree.
Median household income: $73,355.
Alaska is the 3rd lowest populous state of the US. The state has high median household income because of its reliance on oil. Though, the oil’s price has fallen but still the industry contributes in state’s economy and employs 5.6% of the population. The state has its own problems too, like it has second largest population 14.9% in the country who don’t have a health insurance.
Median household income: $73,486.
Hawaii is the 11th least populous state of the country. It has the highest median home value of $566,900 in the country but along with these, it also has the second highest median income in the country. Hawaii has a low unemployment rate of 3.6% and a low poverty rate of 10.6% in the country.
Median household income: $75,847.
Maryland is the 19th most populous state in the country but still the prosperous state has the highest median income of $75,847. It also has second lowest poverty rate of 9.7% due to high level of education in state. In Maryland more than 38% adult residents have a college degree and 10% of the Maryland’s workers work in the public administration, which are among the highest paid government jobs in the country.
The ranking of a state in a country depends on the living standards of the middle income people. The state not only depends on the personal income but also on the income inequality, employment and many more factors. So, the top 12 richest states in United States of America are given in this article on the basis of several factors which are mandatory to be considered for checking the living standards of the people of all category in the state.