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From 2016 to 2017, the U.S. economy improved in several key metrics. The median household income increased by more than $1,500, unemployment dropped from 4.9 percent to 4.4 percent, and the poverty rate fell from 14.0 percent to 13.4 percent.
While this is good news, the effects weren’t felt equally across all 50 states, and much of the gains in median household income went to households that were already wealthy. Income inequality in the U.S. remains high and incomes vary dramatically at the state level as well. The typical household in the wealthiest state earns over $37,000 more each year than the typical household in the poorest state.
The South holds a higher-than-average concentration of the poorest states in the country. Many of the wealthiest are coastal states in the West, Mid-Atlantic, and Northeast regions. Both states outside of the lower 48 — Alaska and Hawaii — are among the 10 richest states.
Detailed findings and methodology
U.S. economic indicators and the labor market continued to improve in 2017. The U.S. unemployment rate dropped to 4.4 percent in 2017 from 4.9 percent the year before. Over the same period, the median household income in the U.S. climbed from $58,820 to $60,336. Half of the 50 states reported a statistically meaningful improvement in median household income in 2017, while median income in the remaining states remained effectively unchanged, or even dropped.
One of the best indicators of whether or not a state is wealthy is education. Nine of the 10 wealthiest states have a larger share of adults with at least a bachelor’s degree than the 32.0 percent national share. Alaska is the only state with a high median household income and low educational attainment rate. Each of the 10 poorest states in the country is home to a smaller than typical share of adults with at least a bachelor’s degree.
To identify the richest and poorest states with the highest and lowest median household income, 24/7 Wall Street reviewed state data on income from the U.S. Census Bureau’s 2017 American Community Survey (ACS). Median household income for all years is adjusted for inflation. Data on health insurance coverage, employment by industry, and poverty also came from the 2017 ACS. We also reviewed annual average unemployment data from the Bureau of Labor Statistics (BLS) for 2016 and 2017.
Full list: https://www.usatoday.com/story/mone...ehold-income-richest-poorest-states/38051359/
While this is good news, the effects weren’t felt equally across all 50 states, and much of the gains in median household income went to households that were already wealthy. Income inequality in the U.S. remains high and incomes vary dramatically at the state level as well. The typical household in the wealthiest state earns over $37,000 more each year than the typical household in the poorest state.
The South holds a higher-than-average concentration of the poorest states in the country. Many of the wealthiest are coastal states in the West, Mid-Atlantic, and Northeast regions. Both states outside of the lower 48 — Alaska and Hawaii — are among the 10 richest states.
50. West Virginia
• Median household income: $43,469
• Population: 1,815,857 (13th lowest)
• 2017 unemployment rate: 5.2 percent (3rd highest)
• Poverty rate: 19.1 percent (4th highest)
West Virginia has the lowest median annual household income of any state. An estimated 20.2 percent of West Virginia adults hold at least a bachelor's degree — the lowest rate of any state by more than a full percentage point. Nationwide, some 32.0 percent of adults are college graduates. Those with college degrees are more likely to work in a higher-paying job in a highly specialized career field than those without. West Virginia also ranks among the worst in a number of other key socioeconomic indicators, including unemployment rate, poverty rate, and the percentage of families who earn less than $10,000. The U.S. economy continues to improve, but West Virginia has not benefitted as much as the majority of states from this improvement. It was one of a handful of states in which the median household income did not increase between 2013 and 2017.
49. Mississippi
• Median household income: $43,529
• Population: 2,984,100 (17th lowest)
• 2017 unemployment rate: 5.1 percent (4th highest)
• Poverty rate: 19.8 percent (the highest)
Nearly one out of every five people in Mississippi live in poverty. At 19.8 percent, no other state has a higher poverty rate. Like many of America's other least wealthy states, Mississippi's unemployment rate is well above the U.S. unemployment rate. Further, employed state residents are more likely than workers in most other states to be employed in the education or manufacturing industries, which tend to be lower paying. Mississippi workers also are some of the least likely to be employed in the higher paying information and finance sectors. In 2013, Mississippi's median household income was the lowest in the country, but it rose by more than $3,300 by 2017, putting it ahead of West Virginia's.
48. Arkansas
• Median household income: $45,869
• Population: 3,004,279 (19th lowest)
• 2017 unemployment rate: 3.7 percent (18th lowest)
• Poverty rate: 16.4 percent (7th highest)
Arkansas is the only state with a median household income below $50,000 and a relatively low unemployment rate. Just 3.7 percent of the state's labor force is unemployed, compared to the 4.4 percent national unemployment rate. As the jobless earn no income, high unemployment can significantly drive down median household incomes. Just 23.4 percent of Arkansas adults have a four-year college degree, one of the lowest shares in the country. Poverty and lower educational attainment are cyclically related. Those living in poverty often cannot afford a higher education. At the same time, lower education levels prevent many from exiting poverty as higher-paying jobs often require a college degree.
47. Louisiana
• Median household income: $46,145
• Population: 4,684,333 (25th highest)
• 2017 unemployment rate: 5.1 percent (5th highest)
• Poverty rate: 19.7 percent (2nd highest)
Louisiana is tied with New Mexico for the second highest poverty rate of all states, at 19.7 percent. The state also has the second highest share of households that live in extreme poverty. Some 10.3 percent of households earn less than $10,000 annually, as compared to 6.5 percent of U.S. households. Louisiana has one of the highest state unemployment rates at 5.1 percent. The national unemployment rate is 4.4 percent. The state's relatively high share of workers without an income helps explain why such a high share of residents and households live in poverty and extreme poverty.
46. New Mexico
• Median household income: $46,744
• Population: 2,088,070 (15th lowest)
• 2017 unemployment rate: 6.2 percent (2nd highest)
• Poverty rate: 19.7 percent (3rd highest)
New Mexico's median household income of $46,744 a year is fifth lowest of all states. The state's unemployment rate is one of the highest nationwide. A relatively large share of New Mexico households live on very little income. Some 9.7 percent of households in the state report annual incomes of less than $10,000 a year. New Mexico is one of just six states that did not experience a significant increase in median household income over the past five years.
• Median household income: $43,469
• Population: 1,815,857 (13th lowest)
• 2017 unemployment rate: 5.2 percent (3rd highest)
• Poverty rate: 19.1 percent (4th highest)
West Virginia has the lowest median annual household income of any state. An estimated 20.2 percent of West Virginia adults hold at least a bachelor's degree — the lowest rate of any state by more than a full percentage point. Nationwide, some 32.0 percent of adults are college graduates. Those with college degrees are more likely to work in a higher-paying job in a highly specialized career field than those without. West Virginia also ranks among the worst in a number of other key socioeconomic indicators, including unemployment rate, poverty rate, and the percentage of families who earn less than $10,000. The U.S. economy continues to improve, but West Virginia has not benefitted as much as the majority of states from this improvement. It was one of a handful of states in which the median household income did not increase between 2013 and 2017.
49. Mississippi
• Median household income: $43,529
• Population: 2,984,100 (17th lowest)
• 2017 unemployment rate: 5.1 percent (4th highest)
• Poverty rate: 19.8 percent (the highest)
Nearly one out of every five people in Mississippi live in poverty. At 19.8 percent, no other state has a higher poverty rate. Like many of America's other least wealthy states, Mississippi's unemployment rate is well above the U.S. unemployment rate. Further, employed state residents are more likely than workers in most other states to be employed in the education or manufacturing industries, which tend to be lower paying. Mississippi workers also are some of the least likely to be employed in the higher paying information and finance sectors. In 2013, Mississippi's median household income was the lowest in the country, but it rose by more than $3,300 by 2017, putting it ahead of West Virginia's.
48. Arkansas
• Median household income: $45,869
• Population: 3,004,279 (19th lowest)
• 2017 unemployment rate: 3.7 percent (18th lowest)
• Poverty rate: 16.4 percent (7th highest)
Arkansas is the only state with a median household income below $50,000 and a relatively low unemployment rate. Just 3.7 percent of the state's labor force is unemployed, compared to the 4.4 percent national unemployment rate. As the jobless earn no income, high unemployment can significantly drive down median household incomes. Just 23.4 percent of Arkansas adults have a four-year college degree, one of the lowest shares in the country. Poverty and lower educational attainment are cyclically related. Those living in poverty often cannot afford a higher education. At the same time, lower education levels prevent many from exiting poverty as higher-paying jobs often require a college degree.
47. Louisiana
• Median household income: $46,145
• Population: 4,684,333 (25th highest)
• 2017 unemployment rate: 5.1 percent (5th highest)
• Poverty rate: 19.7 percent (2nd highest)
Louisiana is tied with New Mexico for the second highest poverty rate of all states, at 19.7 percent. The state also has the second highest share of households that live in extreme poverty. Some 10.3 percent of households earn less than $10,000 annually, as compared to 6.5 percent of U.S. households. Louisiana has one of the highest state unemployment rates at 5.1 percent. The national unemployment rate is 4.4 percent. The state's relatively high share of workers without an income helps explain why such a high share of residents and households live in poverty and extreme poverty.
46. New Mexico
• Median household income: $46,744
• Population: 2,088,070 (15th lowest)
• 2017 unemployment rate: 6.2 percent (2nd highest)
• Poverty rate: 19.7 percent (3rd highest)
New Mexico's median household income of $46,744 a year is fifth lowest of all states. The state's unemployment rate is one of the highest nationwide. A relatively large share of New Mexico households live on very little income. Some 9.7 percent of households in the state report annual incomes of less than $10,000 a year. New Mexico is one of just six states that did not experience a significant increase in median household income over the past five years.
10. Washington
• Median household income: $70,979
• Population: 7,405,743 (13th highest)
• 2017 unemployment rate: 4.8 percent (13th highest)
• Poverty rate: 11.0 percent (14th lowest)
Home values can often reveal how much of a financial commitment people in an area are able and willing to make. Washington's median home value of $339,000 is the fifth highest in the country and more than $120,000 above the U.S. median. Having a lower unemployment rate is often a sign of a strong economy, as a greater share of the labor force is earning money and better able to support themselves and their families. Yet despite its high median income and low poverty rate, Washington has one of the higher unemployment rates in the country at 4.8 percent. The U.S. unemployment rate is 4.4 percent.
9. Virginia
• Median household income: $71,535
• Population: 8,470,020 (12th highest)
• 2017 unemployment rate: 3.8 percent (19th lowest)
• Poverty rate: 10.6 percent (11th lowest)
Virginia's median household income increased nearly $2,000 to $71,535 over the past year, outpacing the growth of the U.S. median, which was just over $1,500. Virginia adults are among the most likely in the country to hold at least a bachelor's degree, making them more qualified for high paying jobs and increasing their odds of making it into a lucrative industry. Some 38.7 percent of Virginia adults have a four-year college degree.
8. California
• Median household income: $71,805
• Population: 39,536,653 (the highest)
• 2017 unemployment rate: 4.8 percent (12th highest)
• Poverty rate: 13.3 percent (22nd highest)
Much of California's reputation is built on two extremely lucrative industries: entertainment, which is centered around Los Angeles, and technology, with many companies located in and around Silicon Valley. The abundance of high paying jobs likely drives up the median household income in the Golden State. But this wealth does not extend to all Californians. The state's unemployment and poverty rates are higher than most.
7. Alaska
• Median household income: $73,181
• Population: 739,795 (3rd lowest)
• 2017 unemployment rate: 7.2 percent (the highest)
• Poverty rate: 11.1 percent (15th lowest)
Though Alaska still has one of the highest median household incomes, several key economic indicators paint a dire picture of the state's economy. The state is tied with South Dakota for the largest increase in unemployment rate at 0.3 percent. Alaska now has a 7.2 percent unemployment rate — the highest of any state. Alaska's median household income dropped more than any other state from 2016 to 2017, and by a significant margin. The state's $73,181 median is $4,722 less than it was the previous year. No other state experienced a drop above $1,300. In 2016, Alaska's $77,903 median income was good for second among all states.
6. New Hampshire
• Median household income: $73,381
• Population: 1,342,795 (10th lowest)
• 2017 unemployment rate: 2.7 percent (3rd lowest)
• Poverty rate: 7.7 percent (the lowest)
New Hampshire residents are among the most economically secure of any state. Just 7.7 percent of households in the state live in poverty, the lowest of all states. New Hampshire also has one of the lowest unemployment rates, meaning that almost all residents who look for work are able to find it and provide for their families. Adults with high school diplomas tend to be more attractive candidates for work than those without. New Hampshire is tied with Minnesota for the highest high school attainment rate in the U.S.
5. Connecticut
• Median household income: $74,168
• Population: 3,588,184 (22nd lowest)
• 2017 unemployment rate: 4.7 percent (16th highest)
• Poverty rate: 9.6 percent (5th lowest)
Connecticut is one of just a handful of states with a poverty rate under 10 percent, at 9.6 percent. Connecticut workers are more likely than those in almost all other states to work in high paying fields like information and finance. They are also much less likely to work in lower paying fields such as agriculture and transportation. Unlike many other very affluent states, the median household income in Connecticut did not increase significantly from 2016 to 2017.
4. Massachusetts
• Median household income: $77,385
• Population: 6,859,819 (15th highest)
• 2017 unemployment rate: 3.7 percent (16th lowest)
• Poverty rate: 10.5 percent (10th lowest)
The home of Harvard, Massachusetts is the best educated state by a significant margin. Some 43.4 percent of adults in the state have at least a bachelor's degree. Adults with at least a bachelor's degree tend to be qualified for a wider range of careers — many of which pay higher salaries. Those with higher incomes and more disposable income can afford to plan for the future and provide a safety net like health insurance. Massachusetts has the lowest uninsured rate, 2.8 percent, of any state by a full percentage point.
3. Hawaii
• Median household income: $77,765
• Population: 1,427,538 (11th lowest)
• 2017 unemployment rate: 2.4 percent (the lowest)
• Poverty rate: 9.5 percent (3rd lowest)
Hawaii households are among the least likely to live in poverty and those in the state's labor force are the least likely to be unemployed in the country. Some 17.3 percent of workers in the state are involved in the arts, entertainment, recreation, accommodation, and food service industries, as Hawaii is a popular vacation spot. The string of islands in the Pacific Ocean obviously have an economy that functions much differently than the other 49 states. Shipping goods to Hawaii can be expensive, so many items cost much more than in other states. Hawaii's median home value is by far the highest in the country at $617,4000, more than $100,000 higher than the next highest state.
2. New Jersey
• Median household income: $80,088
• Population: 9,005,644 (11th highest)
• 2017 unemployment rate: 4.6 percent (20th highest)
• Poverty rate: 10.0 percent (7th lowest)
New Jersey households are more likely to be extremely wealthy than those in any other state. Some 13.0 percent of New Jersey households earn $200,000 or more, while just 1 in 10 people in the state live below the poverty line. Nearly 40 percent of New Jersey adults hold at least a bachelor's degree, making them qualified to work in high paying, specialized industries. New Jersey workers are among the most likely to be employed in lucrative fields such as information, management, and finance.
1. Maryland
• Median household income: $80,776
• Population: 6,052,177 (19th highest)
• 2017 unemployment rate: 4.1 percent (22nd lowest)
• Poverty rate: 9.3 percent (2nd lowest)
Though it did not have a significant increase in its median household income from 2016 to 2017, Maryland is still America's richest state. No state has a higher median household income than Maryland's $80,776. Maryland borders Washington D.C. on three sides, so it should come as no surprise that a disproportionate share of the state's residents work in public administration. More than 1 in 10 Maryland workers are in the public administration sector, which includes many lucrative federal government jobs. Many Maryland adults are qualified for highly specialized, high paying jobs, as 39.7 percent of adults in the state hold at least a bachelor's degree — the third highest rate among states.
• Median household income: $70,979
• Population: 7,405,743 (13th highest)
• 2017 unemployment rate: 4.8 percent (13th highest)
• Poverty rate: 11.0 percent (14th lowest)
Home values can often reveal how much of a financial commitment people in an area are able and willing to make. Washington's median home value of $339,000 is the fifth highest in the country and more than $120,000 above the U.S. median. Having a lower unemployment rate is often a sign of a strong economy, as a greater share of the labor force is earning money and better able to support themselves and their families. Yet despite its high median income and low poverty rate, Washington has one of the higher unemployment rates in the country at 4.8 percent. The U.S. unemployment rate is 4.4 percent.
9. Virginia
• Median household income: $71,535
• Population: 8,470,020 (12th highest)
• 2017 unemployment rate: 3.8 percent (19th lowest)
• Poverty rate: 10.6 percent (11th lowest)
Virginia's median household income increased nearly $2,000 to $71,535 over the past year, outpacing the growth of the U.S. median, which was just over $1,500. Virginia adults are among the most likely in the country to hold at least a bachelor's degree, making them more qualified for high paying jobs and increasing their odds of making it into a lucrative industry. Some 38.7 percent of Virginia adults have a four-year college degree.
8. California
• Median household income: $71,805
• Population: 39,536,653 (the highest)
• 2017 unemployment rate: 4.8 percent (12th highest)
• Poverty rate: 13.3 percent (22nd highest)
Much of California's reputation is built on two extremely lucrative industries: entertainment, which is centered around Los Angeles, and technology, with many companies located in and around Silicon Valley. The abundance of high paying jobs likely drives up the median household income in the Golden State. But this wealth does not extend to all Californians. The state's unemployment and poverty rates are higher than most.
7. Alaska
• Median household income: $73,181
• Population: 739,795 (3rd lowest)
• 2017 unemployment rate: 7.2 percent (the highest)
• Poverty rate: 11.1 percent (15th lowest)
Though Alaska still has one of the highest median household incomes, several key economic indicators paint a dire picture of the state's economy. The state is tied with South Dakota for the largest increase in unemployment rate at 0.3 percent. Alaska now has a 7.2 percent unemployment rate — the highest of any state. Alaska's median household income dropped more than any other state from 2016 to 2017, and by a significant margin. The state's $73,181 median is $4,722 less than it was the previous year. No other state experienced a drop above $1,300. In 2016, Alaska's $77,903 median income was good for second among all states.
6. New Hampshire
• Median household income: $73,381
• Population: 1,342,795 (10th lowest)
• 2017 unemployment rate: 2.7 percent (3rd lowest)
• Poverty rate: 7.7 percent (the lowest)
New Hampshire residents are among the most economically secure of any state. Just 7.7 percent of households in the state live in poverty, the lowest of all states. New Hampshire also has one of the lowest unemployment rates, meaning that almost all residents who look for work are able to find it and provide for their families. Adults with high school diplomas tend to be more attractive candidates for work than those without. New Hampshire is tied with Minnesota for the highest high school attainment rate in the U.S.
5. Connecticut
• Median household income: $74,168
• Population: 3,588,184 (22nd lowest)
• 2017 unemployment rate: 4.7 percent (16th highest)
• Poverty rate: 9.6 percent (5th lowest)
Connecticut is one of just a handful of states with a poverty rate under 10 percent, at 9.6 percent. Connecticut workers are more likely than those in almost all other states to work in high paying fields like information and finance. They are also much less likely to work in lower paying fields such as agriculture and transportation. Unlike many other very affluent states, the median household income in Connecticut did not increase significantly from 2016 to 2017.
4. Massachusetts
• Median household income: $77,385
• Population: 6,859,819 (15th highest)
• 2017 unemployment rate: 3.7 percent (16th lowest)
• Poverty rate: 10.5 percent (10th lowest)
The home of Harvard, Massachusetts is the best educated state by a significant margin. Some 43.4 percent of adults in the state have at least a bachelor's degree. Adults with at least a bachelor's degree tend to be qualified for a wider range of careers — many of which pay higher salaries. Those with higher incomes and more disposable income can afford to plan for the future and provide a safety net like health insurance. Massachusetts has the lowest uninsured rate, 2.8 percent, of any state by a full percentage point.
3. Hawaii
• Median household income: $77,765
• Population: 1,427,538 (11th lowest)
• 2017 unemployment rate: 2.4 percent (the lowest)
• Poverty rate: 9.5 percent (3rd lowest)
Hawaii households are among the least likely to live in poverty and those in the state's labor force are the least likely to be unemployed in the country. Some 17.3 percent of workers in the state are involved in the arts, entertainment, recreation, accommodation, and food service industries, as Hawaii is a popular vacation spot. The string of islands in the Pacific Ocean obviously have an economy that functions much differently than the other 49 states. Shipping goods to Hawaii can be expensive, so many items cost much more than in other states. Hawaii's median home value is by far the highest in the country at $617,4000, more than $100,000 higher than the next highest state.
2. New Jersey
• Median household income: $80,088
• Population: 9,005,644 (11th highest)
• 2017 unemployment rate: 4.6 percent (20th highest)
• Poverty rate: 10.0 percent (7th lowest)
New Jersey households are more likely to be extremely wealthy than those in any other state. Some 13.0 percent of New Jersey households earn $200,000 or more, while just 1 in 10 people in the state live below the poverty line. Nearly 40 percent of New Jersey adults hold at least a bachelor's degree, making them qualified to work in high paying, specialized industries. New Jersey workers are among the most likely to be employed in lucrative fields such as information, management, and finance.
1. Maryland
• Median household income: $80,776
• Population: 6,052,177 (19th highest)
• 2017 unemployment rate: 4.1 percent (22nd lowest)
• Poverty rate: 9.3 percent (2nd lowest)
Though it did not have a significant increase in its median household income from 2016 to 2017, Maryland is still America's richest state. No state has a higher median household income than Maryland's $80,776. Maryland borders Washington D.C. on three sides, so it should come as no surprise that a disproportionate share of the state's residents work in public administration. More than 1 in 10 Maryland workers are in the public administration sector, which includes many lucrative federal government jobs. Many Maryland adults are qualified for highly specialized, high paying jobs, as 39.7 percent of adults in the state hold at least a bachelor's degree — the third highest rate among states.
Detailed findings and methodology
U.S. economic indicators and the labor market continued to improve in 2017. The U.S. unemployment rate dropped to 4.4 percent in 2017 from 4.9 percent the year before. Over the same period, the median household income in the U.S. climbed from $58,820 to $60,336. Half of the 50 states reported a statistically meaningful improvement in median household income in 2017, while median income in the remaining states remained effectively unchanged, or even dropped.
One of the best indicators of whether or not a state is wealthy is education. Nine of the 10 wealthiest states have a larger share of adults with at least a bachelor’s degree than the 32.0 percent national share. Alaska is the only state with a high median household income and low educational attainment rate. Each of the 10 poorest states in the country is home to a smaller than typical share of adults with at least a bachelor’s degree.
To identify the richest and poorest states with the highest and lowest median household income, 24/7 Wall Street reviewed state data on income from the U.S. Census Bureau’s 2017 American Community Survey (ACS). Median household income for all years is adjusted for inflation. Data on health insurance coverage, employment by industry, and poverty also came from the 2017 ACS. We also reviewed annual average unemployment data from the Bureau of Labor Statistics (BLS) for 2016 and 2017.
Full list: https://www.usatoday.com/story/mone...ehold-income-richest-poorest-states/38051359/
