Here’s How Much You Need To Earn To Be ‘Rich’ in Every State
The cost of living is widely different across the United States, where being “rich” in one state might mean tough living in another. “Rich” is a subjective term, and the place you live in has a lot to do with whether you can consider yourself truly wealthy.
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To get an idea of what it looks like to be rich in America, GOBankingRates used IRS data to conduct a study of the top incomes as they break down by state. It lays out what income level is needed to place you in the top 20% and the top 5% of incomes within your state. Check out how much money you need to be “rich” in your state.
49. West Virginia
The minimum you need to make to be in the top 20%: $103,135
Average adjusted gross income of the top 20%: $174,019
The minimum you need to make to be in the top 5%: $299,882
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48. Arkansas
The minimum you need to make to be in the top 20%: $104,746
Average adjusted gross income of the top 20%: $188,510
The minimum you need to make to be in the top 5%: $344,470
47. Kentucky
The minimum you need to make to be in the top 20%: $110,561
Average adjusted gross income of the top 20%: $194,168
The minimum you need to make to be in the top 5%: $350,411
46. New Mexico
The minimum you need to make to be in the top 20%: $110,659
Average adjusted gross income of the top 20%: $188,282
The minimum you need to make to be in the top 5%: $323,568
45. Oklahoma
The minimum you need to make to be in the top 20%: $111,822
Average adjusted gross income of the top 20%: $195,269
The minimum you need to make to be in the top 5%: $348,180
44. Alabama
The minimum you need to make to be in the top 20%: $112,485
Average adjusted gross income of the top 20%: $193,311
The minimum you need to make to be in the top 5%: $336,788
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43. Louisiana
The minimum you need to make to be in the top 20%: $114,583
Average adjusted gross income of the top 20%: $201,514
The minimum you need to make to be in the top 5%: $357,026
42. Tennessee
The minimum you need to make to be in the top 20%: $115,174
Average adjusted gross income of the top 20%: $210,529
The minimum you need to make to be in the top 5%: $389,257
41. South Carolina
The minimum you need to make to be in the top 20%: $116,032
Average adjusted gross income of the top 20%: $207,367
The minimum you need to make to be in the top 5%: $374,427
40. Montana
The minimum you need to make to be in the top 20%: $116,411
Average adjusted gross income of the top 20%: $205,462
The minimum you need to make to be in the top 5%: $370,234
39. South Dakota
The minimum you need to make to be in the top 20%: $116,959
Average adjusted gross income of the top 20%: $200,212
The minimum you need to make to be in the top 5%: $358,060
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38. Indiana
The minimum you need to make to be in the top 20%: $116,983
Average adjusted gross income of the top 20%: $198,848
The minimum you need to make to be in the top 5%: $347,661
37. Idaho
The minimum you need to make to be in the top 20%: $117,841
Average adjusted gross income of the top 20%: $203,042
The minimum you need to make to be in the top 5%: $360,622
36. Missouri
The minimum you need to make to be in the top 20%: $118,737
Average adjusted gross income of the top 20%: $207,969
The minimum you need to make to be in the top 5%: $371,277
35. Ohio
The minimum you need to make to be in the top 20%: $120,392
Average adjusted gross income of the top 20%: $209,247
The minimum you need to make to be in the top 5%: $370,964
34. Maine
The minimum you need to make to be in the top 20%: $120,904
Average adjusted gross income of the top 20%: $205,365
The minimum you need to make to be in the top 5%: $359,776
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33. North Carolina
The minimum you need to make to be in the top 20%: $121,139
Average adjusted gross income of the top 20%: $217,348
The minimum you need to make to be in the top 5%: $390,822
32. Iowa
The minimum you need to make to be in the top 20%: $121,178
Average adjusted gross income of the top 20%: $203,398
The minimum you need to make to be in the top 5%: $352,704
31. Florida
The minimum you need to make to be in the top 20%: $122,779
Average adjusted gross income of the top 20%: $230,107
The minimum you need to make to be in the top 5%: $431,870
30. Michigan
The minimum you need to make to be in the top 20%: $123,606
Average adjusted gross income of the top 20%: $213,981
The minimum you need to make to be in the top 5%: $376,426
29. Kansas
28. Nebraska
27. Wisconsin
26. Wyoming
25. Nevada
24. Arizona
23. Vermont
The minimum you need to make to be in the top 20%: $129,208
Average adjusted gross income of the top 20%: $218,086
The minimum you need to make to be in the top 5%: $376,807
22. North Dakota
The minimum you need to make to be in the top 20%: $129,261
Average adjusted gross income of the top 20%: $217,143
The minimum you need to make to be in the top 5%: $380,261
21. Georgia
The minimum you need to make to be in the top 20%: $130,330
Average adjusted gross income of the top 20%: $234,209
The minimum you need to make to be in the top 5%: $422,018
20. Pennsylvania
The minimum you need to make to be in the top 20%: $133,067
Average adjusted gross income of the top 20%: $234,818
The minimum you need to make to be in the top 5%: $417,872
19. Oregon
The minimum you need to make to be in the top 20%: $135,193
Average adjusted gross income of the top 20%: $232,703
The minimum you need to make to be in the top 5%: $404,468
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18. Texas
The minimum you need to make to be in the top 20%: $135,323
Average adjusted gross income of the top 20%: $239,765
The minimum you need to make to be in the top 5%: $427,006
17. Delaware
The minimum you need to make to be in the top 20%: $139,534
Average adjusted gross income of the top 20%: $238,612
The minimum you need to make to be in the top 5%: $420,859
16. Utah
The minimum you need to make to be in the top 20%: $140,468
Average adjusted gross income of the top 20%: $239,149
The minimum you need to make to be in the top 5%: $421,379
15. Rhode Island
The minimum you need to make to be in the top 20%: $141,984
Average adjusted gross income of the top 20%: $242,103
The minimum you need to make to be in the top 5%: $424,473
14. Illinois
The minimum you need to make to be in the top 20%: $144,311
Average adjusted gross income of the top 20%: $258,373
The minimum you need to make to be in the top 5%: $466,713
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13. Minnesota
The minimum you need to make to be in the top 20%: $145,571
Average adjusted gross income of the top 20%: $250,361
The minimum you need to make to be in the top 5%: $441,274
12. Alaska
The minimum you need to make to be in the top 20%: $$151,639
Average adjusted gross income of the top 20%: $242,097
The minimum you need to make to be in the top 5%: $394,694
11. Colorado
The minimum you need to make to be in the top 20%: $153,338
Average adjusted gross income of the top 20%: $264,516
The minimum you need to make to be in the top 5%: $466,181
10. New Hampshire
The minimum you need to make to be in the top 20%: $155,956
Average adjusted gross income of the top 20%: $258,632
The minimum you need to make to be in the top 5%: $440,829
9. New York
The minimum you need to make to be in the top 20%: $158,336
Average adjusted gross income of the top 20%: $302,676
The minimum you need to make to be in the top 5%: $574,063
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8. Washington
The minimum you need to make to be in the top 20%: $158,712
Average adjusted gross income of the top 20%: $277,165
The minimum you need to make to be in the top 5%: $487,950
7. Virginia
The minimum you need to make to be in the top 20%: $161,394
Average adjusted gross income of the top 20%: $280,299
The minimum you need to make to be in the top 5%: $486,006
6. Hawaii
The minimum you need to make to be in the top 20%: $164,037
Average adjusted gross income of the top 20%: $271,560
The minimum you need to make to be in the top 5%: $459,305
5. Connecticut
The minimum you need to make to be in the top 20%: $169,183
Average adjusted gross income of the top 20%: $319,533
The minimum you need to make to be in the top 5%: $602,707
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5. California
The minimum you need to make to be in the top 20%: $171,387
Average adjusted gross income of the top 20%: $309,857
The minimum you need to make to be in the top 5%: $555,007
3. Maryland
The minimum you need to make to be in the top 20%: $174,296
Average adjusted gross income of the top 20%: $293,979
The minimum you need to make to be in the top 5%: $503,597
2. Massachusetts
The minimum you need to make to be in the top 20%: $179,470
Average adjusted gross income of the top 20%: $316,447
The minimum you need to make to be in the top 5%: $558,616
1. New Jersey
The minimum you need to make to be in the top 20%: $180,558
Average adjusted gross income of the top 20%: $319,140
The minimum you need to make to be in the top 5%: $562,886
Jordan Rosenfeld and John Csiszar contributed to the reporting for this article.
Methodology: For this piece GOBankingRates used the United States Census Bureau’s 2021 American Community Survey income quintile data to find each state’s: (1) lowest income to be considered in the top 20% richest income bracket; (2) the average income of the richest 20% and (3) the average income of the richest 5%. Only factor (1) was considered in final rankings. All data was collected and is up to date as of January 24, 2023.
This article originally appeared on GOBankingRates.com: Here’s How Much You Need To Earn To Be ‘Rich’ in Every State
