It’s no secret that in some states folks are more well off than others. According to statistics, the median household income has gone up between 2014 and 2016, translating into the largest increase in any two year period. What’s more, the number of uninsured Americans and those facing financial hardships went down. But even with all that good news there still remains a huge amount of income inequality in the U.S, and a new report reveals which states are doing better than others.
The website 24/7 Wall Street looked at U.S. Census Bureau data to come up with their list of the richest and poorest states in the country. Not surprisingly, most of the wealthiest states are concentrated in the West, mid-Atlantic and Northeast areas, while the poorest are in the South.
So which state ranks as the wealthiest? Well, turns out it’s Maryland, with a median household income of $78,945, over $20K more than the national median of $57,617. What’s more, 15.6% of those who work in Maryland are employed in high-paying professions, the largest of any state, with an overall unemployment rate of only 4.3%.
Top Ten Richest States In America
- New Jersey
- New Hampshire
On the flipside, the poorest state in the nation is Mississippi, with a median household income of $41,754, which is the lowest of any state, although it did increase by $844 between 2015 and 2016. The state also has the highest poverty rate in the country at 20.8%, more than 6% above the national average.
The Ten Poorest States In America
- West Virginia
- New Mexico
- South Carolina
Source: 24/7 Wall Street