I Live In The Richest State In The US
According to the United States Census Bureau, Maryland is once again the wealthiest state in the United States. Maryland has been number one for the last few years in the nation in terms of median income.
Maryland’s median household income was nearly $70,000. That’s ahead of Connecticut and New Jersey, and far above the nationwide median of about $51,400.
I found a few things about this statistic interesting.
1. I certainly don’t feel like Maryland is a state where the median income would be higher than larger states like New York or California. I even expected the New England area to rate much higher. The cost of living is higher in those states so I would have expected greater median incomes.
2. The poverty rate is increasing in the counties. Historically Baltimore City’s surrounding counties were always known as places that higher income individuals would migrate to. Apparently, the past decade has even had an affect on the income of many county residents. This is despite the fact that Maryland’s unemployment rate of 7% has been lower than the national average.
3. The average work commute is now over half an hour. I knew it took forever to get most places in Maryland (Ask anyone who lives here!). I didn’t know that most workers were commuting 30 minutes a day however. That may have something to do with the higher income levels if many Maryland workers are commuting to Washington D.C. for employment.
*It is important to note that income is not exactly they same thing as wealth. There is a difference. Building wealth requires holding onto the income and assets that you have earned. It is good to be number 1 though!
What’s the median income in your state? Is it higher or lower than the national average?
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