You’ll need to clear $330,000 in household income to be considered part of the top 5% of earners in the U.S., according to a new analysis by GOBankingRates.
But in 12 states, the bar is much higher. In these places, the average income for top-earning households exceeds $500,000 a year.
To determine how much income is needed to reach the top 5% in each state, GOBankingRates analyzed the most recent Census data from 2023. Each state was ranked by the average income of its top 5% of households.
Connecticut ranks highest with an average top 5% income of $637,673 — more than seven times the state’s median household income, according to the study. California, Massachusetts, New York and New Jersey also rank near the top, each with average top 5% incomes over $600,000.
According to the analysis, the average income among the top 5% of households exceeds $500,000 in the following states:
- Connecticut: $637,673
- California: $619,938
- Massachusetts: $619,385
- New York: $619,178
- New Jersey: $616,334
- Washington: $573,110
- Colorado: $535,056
- Virginia: $534,776
- Maryland: $522,117
- Illinois: $514,347
- New Hampshire: $510,730
- Hawaii: $505,977
At the other end of the list, the average income of the top 5% is lowest in West Virginia, at just over $380,000 — still well above the state’s median of $57,917, but only about two-thirds of what top earners make in high-income states like Connecticut or California.
Here’s a look at the top 5% income threshold and median income for each state, in alphabetical order:
Alabama
- Average household income for top 5%: $388,183
- Median household income: $62,027
Alaska
- Average household income for top 5%: $477,622
- Median household income: $89,336
Arizona
- Average household income for top 5%: $461,017
- Median household income: $76,872
Arkansas
- Average household income for top 5%: $364,124
- Median household income: $58,773
California
- Average household income for top 5%: $619,938
- Median household income: $96,334
Colorado
- Average household income for top 5%: $535,056
- Median household income: $92,470
Connecticut
- Average household income for top 5%: $637,673
- Median household income: $93,760
Delaware
- Average Household Income for Top 5%: $477,949
- Median household income: $82,855
Florida
- Average household income for top 5%: $499,872
- Median household income: $71,711
Georgia
- Average household income for top 5%: $467,103
- Median household income: $74,664
Hawaii
- Average household income for top 5%: $505,977
- Median household income: $98,317
Idaho
- Average household income for top 5%: $418,188
- Median household income: $74,636
Illinois
- Average household income for top 5%: $514,347
- Median household income: $81,702
Indiana
- Average household income for top 5%: $393,813
- Median household income: $70,051
Iowa
- Average household income for top 5%: $400,534
- Median household income: $73,147
Kansas
- Average household income for top 5%: $398,469
- Median household income: $72,639
Kentucky
- Average household income for top 5%: $372,886
- Median household income: $62,417
Louisiana
- Average household income for top 5%: $389,605
- Median household income: $60,023
Maine
- Average household income for top 5%: $415,677
- Median household income: $71,773
Maryland
- Average household income for top 5%: $522,117
- Median household income: $101,652
Massachusetts
- Average household income for top 5%: $619,385
- Median household income: $101,341
Michigan
- Average household income for top 5%: $409,636
- Median household income: $71,149
Minnesota
- Average household income for top 5%: $496,581
- Median household income: $87,556
Mississippi
- Average household income for top 5%: $344,395
- Median household income: $54,915
Missouri
- Average household income for top 5%: $410,472
- Median household income: $68,920
Montana
- Average household income for top 5%: $420,968
- Median household income: $69,922
Nebraska
- Average household income for top 5%: $471,960
- Median household income: $74,985
Nevada
- Average household income for top 5%: $460,558
- Median household income: $75,561
New Hampshire
- Average household income for top 5%: $510,730
- Median household income: $95,628
New Jersey
- Average household income for top 5%: $616,334
- Median household income: $101,050
New Mexico
- Average household income for top 5%: $378,797
- Median household income: $62,125
New York
- Average household income for top 5%: $619,178
- Median household income: $84,578
North Carolina
- Average household income for top 5%: $443,291
- Median household income: $69,904
North Dakota
- Average household income for top 5%: $399,162
- Median household income: $75,949
Ohio
- Average household income for top 5%: $417,374
- Median household income: $69,680
Oklahoma
- Average household income for top 5%: $392,351
- Median household income: $63,603
Oregon
- Average household income for top 5%: $464,386
- Median household income: $80,426
Pennsylvania
- Average household income for top 5%: $468,603
- Median household income: $76,081
Rhode Island
- Average household income for top 5%: $489,811
- Median household income: $86,372
South Carolina
- Average household income for top 5%: $419,871
- Median household income: $66,818
South Dakota
- Average household income for top 5%: $452,480
- Median household income: $72,421
Tennessee
- Average household income for top 5%: $435,495
- Median household income: $67,097
Texas
- Average household income for top 5%: $494,328
- Median household income: $76,292
Utah
- Average household income for top 5%: $468,606
- Median household income: $91,750
Vermont
- Average household income for top 5%: $453,461
- Median household income: $78,024
Virginia
- Average household income for top 5%: $534,776
- Median household income: $90,974
Washington
- Average household income for top 5%: $573,110
- Median household income: $94,952
West Virginia
- Average household income for top 5%: $330,270
- Median household income: $57,917
Wisconsin
- Average household income for top 5%: $418,095
- Median household income: $75,670
Wyoming
- Average household income for top 5%: $400,071
- Median household income: $74,815
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