America’s Wealthiest Residents Call These 7 States Home | Global News Avenue

According to the latest U.S. Census data, the difference in median income between the richest and poorest states is more than $45,000. The top states by revenue in 2023 are Massachusetts, New Jersey, Maryland, New Hampshire, California, Hawaii and Washington.

What about these states’ educational opportunities, cost of living, and industries that help residents support their families?

1. Massachusetts ($99,858)

A rising tide lifts all boats, and the Boston area’s economic boom is a true example of this metaphor. Massachusetts’ economy has a positive impact on neighboring states like New Hampshire. Massachusetts is also consistently ranked as one of the most educated states in the country and ranks No. 1 in education. Additionally, job opportunities in industries such as healthcare, biotechnology, and financial services bring high-income earners to the state.

2. New Jersey ($99,781)

New Jersey is located between New York City and Philadelphia, making New Jersey a commuting dream for those who want to make money in the city without living in it. New Jersey is the most densely populated state, with the majority of its population living in suburban areas, according to the U.S. Census Bureau. New Jersey is also home to several high-income industries such as life sciences, financial services, and transportation and logistics.

3. Maryland ($98,678)

Maryland is frequently ranked as one of the wealthiest states. The state borders Washington, D.C., providing residents with abundant federal job and contracting opportunities. Maryland also ranked highly in two other key areas economic indicators: lowest unemployment rate and highest educational attainment. The state also has miles of coastline, including the Port of Baltimore and the Chesapeake Bay, creating a strong coastal economy.

4. New Hampshire ($96,838)

Approximately 80% of New Hampshire residents live and work in their home state in one of the state’s various growing industries. Additionally, New Hampshire’s proximity to Boston, Massachusetts, attracts commuters to the state from high-paying industries.

5. California ($95,521)

California leads U.S. tourism. In addition, it is a global leader in two high-profile, high-value industries: technology and entertainment. Driven by Silicon Valley, California’s tech industry offers some of the highest average wages in the nation. The latest data from the California Budget and Policy Center shows that 1% of California’s population earns 30.5% of income, which may prevent them from ranking higher among the wealthiest states. income inequality The high cost of living makes California a tourist destination, but it’s also expensive to live in.

6. Hawaii ($95,322)

Hawaii’s tourism industry is an important source of income for many Hawaii residents. Revenues from tourism, combined with government contracts and military spending, make the Hawaiian Islands not just economically prosperous, but prosperous.

7. Washington ($94,605)

Washington State consistently ranks among the wealthiest states in the United States, in part because it is home to 17 Fortune 500 companies. The state’s growth in biotechnology, clean energy, and aerospace also contribute to Washington residents’ high average income. Although Washington is one of the wealthiest states, Washington residents pay higher than average home prices.

bottom line

These states have strong, wealthy economies due in part to their industries, proximity to natural resources, and educational opportunities. They also have something else in common: a high cost of living.