Maryland Is America's Richest State
24/7 Wall St. has released its annual analysis of America’s Richest (and Poorest) States. Maryland was at the top of the list.
According to the report:
The U.S. Census Bureau released on Wednesday new data from its 2015 nationwide population survey. According to the annual survey, the national median household income rose to $55,775 in 2015. No state reported income declines. While 39 states reported significant increases in household income, income levels in 11 states remained the same.
24/7 Wall St. ranked all 50 states according to the newly released median household income figures. Annual income levels range from $75,847 in Maryland to $40,593 in Mississippi.
Regarding Maryland specifically:
> Median household income: $75,847
> Population: 6,006,401 (19th highest)
> 2015 Unemployment rate: 5.2% (24th highest)
> Poverty rate: 9.7% (2nd lowest)
Maryland leads the nation with a median annual household income of $75,847. The state’s poverty rate of less than 10% is also nearly the lowest of any state. The prosperity can be partially explained by high levels of education among state residents. More than 38% of adults have at least a college degree, many of whom are likely among the state’s high-income residents. The state also contains Washington D.C., home to some of the nation’s highest-paying government occupations. More than 10% of Maryland workers are employed in public administration, which represents only one portion of such government jobs.
To identify the richest and poorest states with the highest and lowest median household income, 24/7 Wall St. reviewed state data on income from the U.S. Census Bureau’s 2015 American Community Survey (ACS). Median household income for all years is adjusted for inflation. Data on health insurance coverage, employment by industry, food stamp recipiency, poverty, and income inequality also came from the 2015 ACS. Income inequality is measured by the Gini coefficient, which is scaled from 0 to 1, with 0 representing perfect equality and 1 representing total inequality. We also reviewed annual average unemployment data from the Bureau of Labor Statistics (BLS) for 2014 and 2015.
See all of America’s richest and poorest states.