See Why New Jersey Is America’s Second Richest State
I have to admit, I was surprised to learn of the Garden State's status as the second richest state in America.
That's not a knock on my home state, I just figured that the vast oil fields of Texas, the wealthy suburbs of Connecticut, and the sheer economic massiveness of California would outrank New Jersey.
But according to the website 24/7 Wall St, the only state with a higher median income than New Jersey is Maryland.
Here's how we stack up:
- Maryland's median income is $83,242
- New Jersey's status as second is thanks to a median income of $81,740
Connecticut pulls in at #5 ($76,348) and California slips in right behind CT with a $75,277 median income.
You have to go halfway down the list to get to oil-rich Texas at #24 ($60,629).
The bottom trio on the list are:
- #48 - Arkansas ($47,062)
- #49 - Mississippi ($44,717)
- #50 - West Virginia ($44,097)
Of course, you do have to understand that median income only singles out the middle of the range of incomes across each state. So, it only takes a few fabulously wealthy individuals in smaller states to pull that median income number way up.
You can check out the whole list and see where the rest of the states rank by clicking here for the full 24/7 Wall St article.