What Are The 10 Richest States In The United States?
Through the American Community Survey (ACS), the Census Bureau determines the 10 richest states in the United States. One of the main factors used for this ranking is the median household income of households in those states.
The results are surprising and show that places like Alaska and Hawaii are right up there in the top 10. Let’s see them!
Top 10 Richest States In The US
#1. Maryland
Maryland tops the list of the 10 richest states in the United States. This state benefits mainly from its proximity to the most powerful centers in Washington. Maryland borders Washington DC on three sides. This makes it no surprise that more than 1 in 10 Maryland workers are employed in the civil service sector, thus earning a hefty salary, which is typical of the federal government salary scale.
The National Security Agency (NSA) is, in fact, the largest employer in the United States and is among the best places to work in Maryland.
- Population: 6,052,177
- Unemployment rate: 3.8%
- Median household income: $80,776
- People below the poverty level: 9.3%
#2. New Jersey
Across the river from New York City, New Jersey ranks as the most densely populated state in the country. Biopharmaceuticals, transportation and manufacturing are the state’s most popular industries, although some of New Jersey’s wealthiest families are in the financial sector on Wall Street.
The figures report that a family in New Jersey has more opportunities than any other in the other states to become the list of millionaire households in the country. In fact, 13% of New Jersey families earn more than $200,000 annually.
Another statement that is impressive is this: only 1 in 10 people in New Jersey lives below the poverty line. In education, almost 40% of adults have at least a bachelor’s degree. This helps them work in specialized industries and, of course, earn a coveted salary.
- Population: 9,005,644
- Unemployment rate: 3.2%
- Median household income: $80,088
- People below the poverty line: 10%
#3. Hawaii
Hawaii households are fortunate to be among the least likely to fall into poverty. In addition, its workers also enjoy better job stability. Barack Obama’s home state may be quite expensive to live in, but the booming tourism economy has raised their household income by far.
Defense is another of the sectors of employability of importance. And it is that there are at least 75,000 workers of the Department of Defense of the United States living in these islands. About 17.3% of workers in Hawaii are engaged in other industries, such as art, entertainment, recreation, hospitality, and catering; Mainly, because Hawaii is one of the favorite tourist destinations in the country.
Generally speaking, the Hawaiian economy functions very differently than the other 49 states in the US For example, shipping products to Hawaii is quite expensive, making its prices higher for consumers in Hawaii. the island. The House Median home value in Hawaii is by far the highest in the country (+ $100,000) averaging $617,400.
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- Population: 1,427,538
- Unemployment rate: 2.7%
- Median household income: $77,765
- People below the poverty line: 9.5%
#4. Massachusetts
According to the United States Census Bureau, Massachusetts has the highest percentage of residents with a bachelor’s degree. Adults with at least a bachelor’s degree tend to qualify for a wide range of careers, many of which pay the highest salaries in the country. Along with its universities – which are among the best in the world – the financial sector, technology and medicine are the main economic engines of the state.
- Population: 6,859,819
- Unemployment rate: 2.9%
- Median household income: $77,385
- People below the poverty level: 10.5%
#5. Connecticut
Connecticut is one of the few states in the country that reflects a poverty rate below 10% (9.6%). Workers in this state are more likely professionally compared to others, at least for working in high-paying fields such as the world of information and finance.
As such, Connecticut has the second-highest percentage of households with assets over $ 1 million convertible. Its unemployment rate is close to the national average, something that could be attributed to the fact that the unemployed are less likely to work in lower-wage fields such as agriculture or transportation.
- Population: 3,588,184
- Unemployment rate: 3.6%
- Median household income: $74,168
- People below the poverty level: 9.6%
#6. New Hampshire
Economic security in New Hampshire is undoubtedly one of the highest in the country. Of all the states on our list, New Hampshire has the lowest percentage of people living below the poverty line. This is combined with a fairly low unemployment rate. What are the major economic sectors in New Hampshire? Manufacturing, healthcare, and tourism.
- Population: 1,342,795
- Unemployment rate: 3.8%
- Median household income: $73,381
- People below the poverty level: 7.7%
#7. Alaska
Fortunately, Alaska’s oil dividends have brought their family’s median income to $2,072 per person according to figures reported in 2015, one of the highest in the nation. Tourism and fishing have understandably helped fuel this strong economy. However, there are several key indicators that show that the big picture is not so good.
Unfortunately, the median state income (per family) is $73,181, which is $3,259 less than the previous year. To give you an idea, no other state in the country dropped more than $1,300 in the same time period. Also, Alaska does not have a good unemployment rate. In fact, it is the highest in the country.
- Population: 739,795
- Unemployment rate: 6.2%
- Median household income: $73,181
- People below the poverty line: 11.1%
#8. California
Thanks to its growing and thriving tech economy, California ranks as one of the 10 richest states in the United States. Much of California’s reputation is also based on the entertainment industry, centered, of course, in Los Angeles.
The abundance of well-paying jobs increased the median income of households in the Golden State, although unemployment and poverty rates are not the most favorable.
- Population: 39,536,653
- Unemployment rate: 4.1%
- Median household income: $71,805
- People below the poverty level: 13.3%
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#9. Virginia
Virginia adults are among the most privileged. Why do we say it? Because they tend to have – at least – a bachelor’s degree or more. This allows them to participate in well-paying jobs, thus increasing their chances of having a very lucrative career. The unemployment rate in Virginia is below the national average, good point for the state. In fact, Virginia has a large number of government sector jobs and contractors, many of whom travel to Washington DC from the northern part of the state.
Virginia’s largest employer is the United States Department of Defense. Leaving aside the government jobs in Northern Virginia, the technology and information sectors also stand out.
- Population: 8,470,020
- Unemployment rate: 2.8%
- Median household income: $71,535
- People below the poverty level: 10.6%
#10. Washington
Median home values in Washington are $339,000, which is the fifth-highest in the country. If you think about it, this figure is $120,000 above the national average. Of course, this means that your income level per capita or per family is possibly quite high.
However, despite its high average income and low poverty rate, Washington reports one of the highest unemployment rates in the country (4.6%), according to the Bureau of Labor Statistics.
So that you can compare it, note that the national average stood at 3.7% as of July 2019.
- Population: 7,405,743
- Unemployment rate: 4.6%
- Median household income: $70,979
- People below the poverty line: 11%
