New Jersey Ranks As One Of The Highest Income States In America
Throughout the Garden State we are fortunate to find a wide array of career options that are available at every professional level. WalletHub recently detailed that the New Jersey income level is among the highest in the United States in 2024.
Upon stating the median annual income in the country is just below $75,000, WalletHub explained: “there is a great deal of income disparity, with some people making vastly more than that while others are unfortunately stuck in poverty.”
In order to dive into the numbers and data three key areas were studied. These were the average annual income of the top 5%, the average for the bottom 20%, and the median income of each state’s residents.
WalletHub analyst Cassandra Happe explained, “The highest-earning 10% of individuals in the United States earn over 12 times more than those in the lowest-earning 10%, based on the latest Census data.”
It is important to point out that this report does not rank each state by where the household income is the highest. For example, Washington D.C. is number one in this category specifically at $162,265, but the district finished 15th in the overall analysis.
The state of Virginia ranked as the highest income state of all 51 (Washington D.C. was included in the study). Here, the difference between the average salary of the top 5% and the average salary of the bottom 20% is incredibly large. The high-end range here is $518,296, whereas the bottom 20% amounted to $18,694.
The scale then slides down. For example, West Virginia ranked #51 (the lowest). Their range is $345,239 at the top 5% and $12,477 for the bottom 20%.
New Jersey Income Level Ranked Second
Finishing only below Virginia, the median household income for 2024 in New Jersey is $117,847. What’s equally fascinating is that it is below some of the states that ranked lower than New Jersey. For example, California’s household income came out to be over $123,000, but again, this report looks at overall income health in each state.
So, the top 5% number for the Garden State is over a half million dollars at $505,621. The bottom 20% earners have an average annual income of $16,445.
As for the rest of the tri-state area, they too are all in the top five. Connecticut ranked 4th overall, and New York finished 3rd.
Although a report like this does highlight opportunity, it also shows areas where there is great disparity.