MA Incomes Among Highest In Country: Report

MASSACHUSETTS — The Bay State has the 10th-highest income in the country, according to a study from personal finance website WalletHub.

The study compared the 50 states and the District of Columbia across three key metrics: the average annual income of the top 5%, the average for the bottom 20%, and the median for all of each state’s residents.

Based on those metrics, Massachusetts had a total score of 57.39. Virginia came in first with a total score of 69.59.

When it comes to median income alone, Massachusetts ranked at No. 3 with a median income of $127,760. Washington, D.C. was first at $162,265.

The median income across the country is $74,600, according to the latest data from the Federal Reserve. However, WalletHub noted, "there is a great deal of income disparity, with some people making vastly more than that while others are unfortunately stuck in poverty."

WalletHub Analyst Cassandra Happe said, "The highest-earning 10% of individuals in the United States earn over 12 times more than those in the lowest-earning 10%, based on the latest Census data. By measuring the income of various percentiles against a state's median income, we can better identify where income disparities are more prevalent, which could help us better understand why residents of certain states struggle more to make ends meet.”

Here are the top 10 highest-income states with the score Wallet Hub gave for each:

1. Virginia (69.59)
2. New Jersey (68.85)
3. New York (67.60)
4. Connecticut (67.42)
5. Washington (62.29)
6. Utah (61.60)
7. Illinois (59.64)
8. Minnesota (59.48)
9. Colorado (57.55)
10. Massachusetts (59.48)

Read the full study at WalletHub.