Contingent on the state and the income level in the United States, there are several ways to decide how much money is needed to achieve a top percent in state by ratio using the above methods. Now, we will provide a more detailed overview. We will examine income thresholds for households to be in the top 10% from a low-earning state to a high-earning.
California
California prides itself on its widely varying economy. Although exposed to the same national business cycle as the rest of the United States, California’s $ 2 trillion (2015) gross state product is more significant than any other state’s. California would rank among the ten largest economies globally if it were a country. In California, to be in the top 10% of households typically takes over $200,000 a year. State median incomes come into play to push up any thresholds below national levels. The high cost of living in California cities, like San Francisco and Los Angeles, also takes higher-than-average
New York
Did you know New York is home to one of the world’s largest financial centers? They also have the primary center of media, technology, and design. To be in the top 10% of households in The Empire State, you must make around $225,000 or more. The relatively high costs of living in New York City and the surrounding suburbs generally put the overall income levels needed to become a top 10% earner here towards the top of the national scale.
Texas
With the Texas economy being so diverse, it has several different major industries. The industries in Texas can include anything from petroleum/oil production, technology/gadgets, healthcare, and many forms of manufacturing. In Texas, the home income needed to be a part of the top 10% is around $150,000 annually. The cost of living in Texas is much lower than in states such as California or New York, but the disparity of the home percentage rate does increase, as you might expect in major metro areas such as Houston or Dallas.
Florida
Regarding Florida, the State economy thrives on tourism and housing. In addition, the Sunshine State is home to some of the best healthcare in the nation, as many of the country’s top providers are headquartered in Florida, along with top-rate finance available from many of the banks headquartered in the State. To be a top 10% household earner in Florida, those households earn around $150,000 annually. With the cost of living not as high compared to some of the Northeast or West Coast states, Floridians will likely achieve the status of a top-income producer.
Illinois
Illinois also has a diverse economy, with strengths in finance, manufacturing, services such as healthcare and the professional industry, and technology. If you are a part of the top 10% of households in Illinois, you will typically have to make more than $175,000 a year. The typical income of the upper class in the state of Illinois is based on the cost of living in majorly populated cities in the state like Chicago.
Ohio
Ohio has a diverse economy comprising manufacturing, education, health care, finance, and other industries. You must make over $140,000 annually in the top 10% of Ohio households. Ohio has a lower cost of living than coastal states, so you only need a lower salary to keep up with the people around you.
Colorado
Technology, aerospace, energy, and outdoor recreation drive Colorado’s economy. You would need an annual income of around $175,000 or more in Colorado’s top 10% of households. The cost of living in cities like Denver and Boulder and the state’s popularity as a destination for outdoor enthusiasts have influenced income thresholds in Colorado.
Washington
Washington State heavily relies on the technology sector but also sees its contributions from aerospace, healthcare, and manufacturing. To be in the top 10%, households in Washington would need to make about $175,000 or more annually. Washington is home to major tech companies such as Microsoft and Amazon, creating income in the state and demographics similar to California’s.
Massachusetts
Massachusetts’ economy is strong and driven by industries like technology, healthcare, education, and finance. In Massachusetts, a household may need between $100,000 and $200,000 annually to be considered in the top 10% of incomes. However, the high cost of living in places like Boston and Cambridge would likely increase the 10% threshold badly.
Georgia
Georgia’s economy is extensive and diverse. Georgia is among the top states for several economic factors that make living in Georgia exciting. Some factors include logistics and transportation, manufacturing, and technology, which knock almost every rank out of the park. To live in the top 10% of households in Georgia, you must make around $150,000 or more. Georgia is in the middle of the cost of living compared to the Northeast and the West Coast but with still has high income disparities, especially in the major cities like Atlanta.
Virginia
Virginia’s economy has a diverse base. The state is strong in technology, defense contracting, and other business sectors. Machine-made products, food products, tourism, and tobacco are the primary industries in the western and southern parts of the state and, along with federal and state governments, have been the primary employers since the late 20th century. If your annual income is at least $175,000, there is a 10% chance you make more money than you need 90% of all Virginians. There are 607,000 households in the state, so there are 60,700 Virginians who make more money than you. The National Institutes of Health in Bethesda, the Food and Drug Administration in Rockville, and the Naval Medical Center in Bethesda also contributed to average income levels in the region.
Pennsylvania
Pennsylvania has many different types of jobs, including healthcare, education, finance, manufacturing, and energy. If you are in the top 10% of Pennsylvania households, your annual income will be $160,000 or more. As mentioned above, your location sometimes affects the money you need to meet essential needs. In Pittsburgh, you will require more money than in the Johnstown area.
North Carolina
North Carolina is very diversified due to the multiple industries in which the economy has its strengths, like technology, banking, healthcare, and the agricultural sector. On average, living in a North Carolina household that yields $150,000 per year can place you in the state’s top 10%. The notable level of wages in the Research Triangle Park region tends to influence these state numbers.
Michigan
In Michigan, the typical income needed to be in the top 10% of households is around $160,000. Because of the prominent automotive industry, many top-level households are located in Metropolitan areas such as Detroit and Grand Rapids. Due to the rural regions of the Upper Peninsula and low population, the income would be the weakest of the four states if not for the Canada-origin trading. Besides the automotive industry, Michigan boasts a diverse economy that includes manufacturing, healthcare, technology, and agriculture, keeping quite a few households above the median average, leading to higher income.
New Jersey
New Jersey has a diverse economy where pharmaceuticals, finance, technology, healthcare, and manufacturing are all top industries. To be in the top 10% in New Jersey, you would likely need to make about $200,00 or more annually. The state’s proximity to New York City and Philadelphia and the high cost of living in New Jersey are solid reasons for the state’s income thresholds.
