Tag: income

Southern States Have The Lowest Average Incomes, DC The Highest

Personal income levels across the U.S. vary widely, shaped by differences in industries, costs of living, and economic growth.

This map lists states by their per capita personal income, showing where residents, on average, earn the most.

The data, via Visual Capitalist’s Pallavi Rao, for this visualization comes from the U.S. Bureau of Economic Analysis, compiled by StatsAmerica.

These figures include pre-tax earnings from: wages, insurance & government business & rental income, interest, and dividends, unadjusted for living costs.

It does not include capital gains from selling stock.

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What Is The Median Income by State in 2024, Adjusted for Cost of Living?

To gain insight into the U.S. economy, we’ve visualized the median income by state, as of May 2024. These figures come from WalletHub, which sourced income data from the U.S. Census Bureau and adjusted it for cost of living according to the Cost of Living Index (COLI).

The Cost of Living Index, published by the Council for Community and Economic Research (C2ER), was established in 1968, and allows for consistent place-to-place cost comparisons.

The index considers six categories of spending: groceries, housing, utilities, transportation, health care, and miscellaneous.

After adjusting for COLI, the top three states by median income are the District of Columbia (DC) (technically a district), Hawaii, and Massachusetts.

In DC, federal government agencies are the biggest employers. Many of them offer high-paying jobs that require higher education and specialized skills. DC, like Hawaii, also has a relatively higher cost of living, which may push up the average salary.

In the case of Massachusetts, the state is home to many of the world’s most prestigious universities and research institutions, as well as high-earning sectors like healthcare and tech.

It goes from $162,265 to $6,2446. Here is the list of states and income