How to Boost Your Income from the Median Household Income to the Top 5% in Your State
How much money would your household need to make to be in the top 5% of the highest-earning households in your state?
To determine the answer to this question, GOBankingRates reviewed figures in the 2022 American Community Survey as conducted by the US Census Bureau. Factors identified in each state include their median household income, the amount necessary to earn to make up the top 5% of income, the difference between median incomes and the top 5% and the percentage that the top % of earners make which is more than the median income.
Ranked in alphabetical order, see how much you would need to boost your household income to be in the top 5% of high earners.
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Alabama
Median household income: $59,609
Top 5% of income: $370,977
Difference between top 5% and median income: $311,368
Percentage top 5% of earners make more than median income: 522.35%
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Alaska
Median household income: $86,370
Top 5% of income: $424,278
Difference between top 5% and median income: $337,908
Percentage top 5% of earners make more than median income: 391.23%
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Arizona
Median household income: $72,581
Top 5% of income: $435,414
Difference between top 5% and median income: $362,833
Percentage top 5% of earners make more than median income: 499.90%
Arkansas
Median household income: $56,335
Top 5% of income: $377,043
Difference between top 5% and median income: $320,708
Percentage top 5% of earners make more than median income: 569.29%
California
Median household income: $91,905
Top 5% of income: $613,602
Difference between top 5% and median income: $521,697
Percentage top 5% of earners make more than median income: 567.65%
Colorado
Median household income: $87,598
Top 5% of income: $507,181
Difference between top 5% and median income: $419,583
Percentage top 5% of earners make more than median income: 478.99%
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Connecticut
Median household income: $90,213
Top 5% of income: $656,438
Difference between top 5% and median income: $566,225
Percentage top 5% of earners make more than median income: 627.65%
Delaware
Median household income: $79,325
Top 5% of income: $442,860
Difference between top 5% and median income: $363,535
Percentage top 5% of earners make more than median income: 458.29%
District of Columbia (DC)
Median household income: $101,722
Top 5% of income: $719,253
Difference between top 5% and median income: $617,531
Percentage top 5% of earners make more than median income: 607.08%
Florida
Median household income: $67,917
Top 5% of income: $476,546
Difference between top 5% and median income: $408,629
Percentage top 5% of earners make more than median income: 601.66%
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Georgia
Median household income: $71,355
Top 5% of income: $455,439
Difference between top 5% and median income: $384,084
Percentage top 5% of earners make more than median income: 538.27%
Hawaii
Median household income: $94,814
Top 5% of income: $500,183
Difference between top 5% and median income: $405,369
Percentage top 5% of earners make more than median income: 427.54%
Idaho
Median household income: $70,214
Top 5% of income: $402,743
Difference between top 5% and median income: $332,529
Percentage top 5% of earners make more than median income: 473.59%
Illinois
Median household income: $78,433
Top 5% of income: $78,433
Difference between top 5% and median income: $425,537
Percentage top 5% of earners make more than median income: 542.55%
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Indiana
Median household income: $67,173
Top 5% of income: $381,422
Difference between top 5% and median income: $314,249
Percentage top 5% of earners make more than median income: 467.82%
Iowa
Median household income: $70,571
Top 5% of income: $386,152
Difference between top 5% and median income: $315,581
Percentage top 5% of earners make more than median income: 447.18%
Kansas
Median household income: $69,747
Top 5% of income: $415,875
Difference between top 5% and median income: $346,128
Percentage top 5% of earners make more than median income: 496.26%
Kentucky
Median household income: $60,183
Top 5% of income: $380,726
Difference between top 5% and median income: $320,543
Percentage top 5% of earners make more than median income: 532.61%
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Louisiana
Median household income: $57,852
Top 5% of income: $384,432
Difference between top 5% and median income: $326,580
Percentage top 5% of earners make more than median income: 564.51%
Maine
Median household income: $68,251
Top 5% of income: $396,205
Difference between top 5% and median income: $327,954
Percentage top 5% of earners make more than median income: 480.51%
Maryland
Median household income: $98,461
Top 5% of income: $540,934
Difference between top 5% and median income: $442,473
Percentage top 5% of earners make more than median income: 449.39%
Massachusetts
Median household income: $96,505
Top 5% of income: $617,199
Difference between top 5% and median income: $520,694
Percentage top 5% of earners make more than median income: 539.55%
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Michigan
Median household income: $68,505
Top 5% of income: $406,657
Difference between top 5% and median income: $338,152
Percentage top 5% of earners make more than median income: 493.62%
Minnesota
Median household income: $84,313
Top 5% of income: $476,290
Difference between top 5% and median income: $391,977
Percentage top 5% of earners make more than median income: 464.91%
Mississippi
Median household income: $52,985
Top 5% of income: $333,597
Difference between top 5% and median income: $280,612
Percentage top 5% of earners make more than median income: 529.61%
Missouri
Median household income: $65,920
Top 5% of income: $404,080
Difference between top 5% and median income: $338,160
Percentage top 5% of earners make more than median income: 512.99%
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Montana
Median household income: $66,341
Top 5% of income: $411,205
Difference between top 5% and median income: $344,864
Percentage top 5% of earners make more than median income: 519.84%
Nebraska
Median household income: $71,722
Top 5% of income: $420,169
Difference between top 5% and median income: $348,447
Percentage top 5% of earners make more than median income: 485.83%
Nevada
Median household income: $71,646
Top 5% of income: $449,872
Difference between top 5% and median income: $378,226
Percentage top 5% of earners make more than median income: 527.91%
New Hampshire
Median household income: $90,845
Top 5% of income: $485,660
Difference between top 5% and median income: $394,815
Percentage top 5% of earners make more than median income: 434.60%
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New Jersey
Median household income: $97,126
Top 5% of income: $613,494
Difference between top 5% and median income: $516,368
Percentage top 5% of earners make more than median income: 531.65%
New Mexico
Median household income: $58,722
Top 5% of income: $353,104
Difference between top 5% and median income: $294,382
Percentage top 5% of earners make more than median income: 501.31%
New York
Median household income: $81,386
Top 5% of income: $621,301
Difference between top 5% and median income: $539,915
Percentage top 5% of earners make more than median income: 663.40%
North Carolina
Median household income: $66,186
Top 5% of income: $429,071
Difference between top 5% and median income: $362,885
Percentage top 5% of earners make more than median income: 548.28%
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North Dakota
Median household income: $73,959
Top 5% of income: $418,541
Difference between top 5% and median income: $344,582
Percentage top 5% of earners make more than median income: 465.91%
Ohio
Median household income: $66,990
Top 5% of income: $403,750
Difference between top 5% and median income: $336,760
Percentage top 5% of earners make more than median income: 502.70%
Oklahoma
Median household income: $61,364
Top 5% of income: $377,724
Difference between top 5% and median income: $316,360
Percentage top 5% of earners make more than median income: 515.55%
Oregon
Median household income: $76,632
Top 5% of income: $448,649
Difference between top 5% and median income: $372,017
Percentage top 5% of earners make more than median income: 485.46%
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Pennsylvania
Median household income: $73,170
Top 5% of income: $454,639
Difference between top 5% and median income: $381,469
Percentage top 5% of earners make more than median income: 521.35%
Rhode Island
Median household income: $81,370
Top 5% of income: $453,192
Difference between top 5% and median income: $371,822
Percentage top 5% of earners make more than median income: 456.95%
South Carolina
Median household income: $63,623
Top 5% of income: $408,138
Difference between top 5% and median income: $344,515
Percentage top 5% of earners make more than median income: 541.49%
South Dakota
Median household income: $69,457
Top 5% of income: $392,724
Difference between top 5% and median income: $323,267
Percentage top 5% of earners make more than median income: 465.42%
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Tennessee
Median household income: $64,035
Top 5% of income: $418,421
Difference between top 5% and median income: $354,386
Percentage top 5% of earners make more than median income: 553.43%
Texas
Median household income: $73,035
Top 5% of income: $464,859
Difference between top 5% and median income: $391,824
Percentage top 5% of earners make more than median income: 536.49%
Utah
Median household income: $86,833
Top 5% of income: $463,437
Difference between top 5% and median income: $376,604
Percentage top 5% of earners make more than median income: 433.71%
Vermont
Median household income: $74,014
Top 5% of income: $405,333
Difference between top 5% and median income: $331,319
Percentage top 5% of earners make more than median income: 447.64%
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Virginia
Median household income: $87,249
Top 5% of income: $531,035
Difference between top 5% and median income: $443,786
Percentage top 5% of earners make more than median income: 508.64%
Washington
Median household income: $90,325
Top 5% of income: $544,518
Difference between top 5% and median income: $454,193
Percentage top 5% of earners make more than median income: 502.84%
West Virginia
Median household income: $55,217
Top 5% of income: $329,620
Difference between top 5% and median income: $274,403
Percentage top 5% of earners make more than median income: 496.95%
Wisconsin
Median household income: $72,458
Top 5% of income: $403,055
Difference between top 5% and median income: $330,597
Percentage top 5% of earners make more than median income: 456.26%
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Wyoming
Median household income: $72,495
Top 5% of income: $407,646
Difference between top 5% and median income: $335,151
Percentage top 5% of earners make more than median income: 462.31%
Methodology: These figures are all found in the 2022 American Community Survey as conducted by the US Census Bureau. All data is up to date as of April 10, 2024.
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This article originally appeared on GOBankingRates.com: How to Boost Your Income from the Median Household Income to the Top 5% in Your State
