Average Income by State (2024)
The most recent report from the United States government reveals that the average US annual gross income surged past $94,000 in 2022, marking a continued upward trajectory since 2018.
Given the substantial differences in the cost of living across states, it's evident that average incomes can vary significantly from one state to another. Understanding the income levels of potential buyers is crucial for businesses aiming to tailor effective pricing strategies. Here's an overview of the average income by state to aid in crafting a more informed approach.
Average income by state: key highlights
- As of Q1 2024, Massachusetts is the state with the highest annual income, with $89,665, or $7,472 per month.
- Only 16 states have an average income higher than the national average of $70,275.
- At $49,320, Mississippi is the state with the lowest income.
Average income by state (Q1 2024): states ranked by highest income
|
State |
Average income (Q1 2024) |
State |
Average income (Q1 2024) |
|
1. Massachusetts |
$89,665 |
26. Oregon |
$66,820 |
|
2. Connecticut |
$89,242 |
27. Wisconsin |
$65,796 |
|
3. California |
$82,672 |
28. Montana |
$65,461 |
|
4. New Jersey |
$82,377 |
29. Kansas |
$65,217 |
|
5. Washington |
$82,361 |
30. Utah |
$64,863 |
|
6. New York |
$81,553 |
31. Maine |
$64,757 |
|
7. Colorado |
$81,072 |
32. Iowa |
$63,385 |
|
8. Wyoming |
$79,763 |
33. Arizona |
$63,108 |
|
9. New Hampshire |
$79,155 |
34. Missouri |
$62,857 |
|
10. Maryland |
$75,878 |
35. Tennessee |
$62,373 |
|
11. Virginia |
$75,340 |
36. North Carolina |
$62,190 |
|
12. Alaska |
$73,681 |
37. Ohio |
$61,999 |
|
13. Minnesota |
$73,615 |
38. Indiana |
$61,559 |
|
14. North Dakota |
$73,509 |
39. Michigan |
$61,016 |
|
15. Illinois |
$72,748 |
40. Idaho |
$60,505 |
|
16. South Dakota |
$71,172 |
41. Georgia |
$60,193 |
|
National average |
$70,275 |
42. Oklahoma |
$60,141 |
|
17. Florida |
$69,784 |
43. Louisiana |
$58,983 |
|
18. Pennsylvania |
$69,754 |
44. South Carolina |
$57,618 |
|
19. Nebraska |
$68,888 |
45. New Mexico |
$56,383 |
|
20. Vermont |
$68,578 |
46. Kentucky |
$55,566 |
|
21. Rhode Island |
$67,890 |
47. Arkansas |
$55,013 |
|
22. Hawaii |
$67,657 |
48. Alabama |
$54,797 |
|
23. Nevada |
$67,655 |
49. West Virginia |
$54,482 |
|
24. Delaware |
$67,152 |
50. Mississippi |
$49,320 |
|
25. Texas |
$66,901 |
Average income by state (Q1 2024): states ranked alphabetically
- Alabama: $54,797
- Alaska: $73,681
- Arizona: $63,108
- Arkansas: $55,013
- California: $82,672
- Colorado: $81,072
- Connecticut: $89,242
- Delaware: $67,152
- Florida: $69,784
- Georgia: $60,193
- Hawaii: $67,657
- Idaho: $60,505
- Illinois: $72,748
- Indiana: $61,559
- Iowa: $63,385
- Kansas: $65,217
- Kentucky: $55,566
- Louisiana: $58,983
- Maine: $64,757
- Maryland: $75,878
- Massachusetts: $89,665
- Michigan: $61,016
- Minnesota: $73,615
- Mississippi: $49,320
- Missouri: $62,857
- Montana: $65,461
- Nebraska: $68,888
- Nevada: $67,655
- New Hampshire: $79,155
- New Jersey: $82,377
- New Mexico: $56,383
- New York: $81,553
- North Carolina: $62,190
- North Dakota: $73,509
- Ohio: $61,999
- Oklahoma: $60,141
- Oregon: $66,820
- Pennsylvania: $69,754
- Rhode Island: $67,890
- South Carolina: $57,618
- South Dakota: $71,172
- Tennessee: $62,373
- Texas: $66,901
- Utah: $64,863
- Vermont: $68,578
- Virginia: $75,340
- Washington: $82,361
- West Virginia: $54,482
- Wisconsin: $65,796
- Wyoming: $79,763
What are the highest-income states in 2024?
According to the latest data by the US Bureau of Economy Analysis, Massachusetts is the state with the highest per capita income. As of Q1 2024, workers there reported an average annual income of $89,665, which translates to around $7,472 per month. This marks a 3.3% increase from the previous year, when workers there said they earned an average of $86,841. Consequently, individuals in Massachusetts earn a remarkable 27.6% more than the national average, which is recorded at $70,275 per year, or $5,856 per month.
Second on the list ranking average incomes is Connecticut, another state in the New England region. The average worker there earns $89,242 per year, a slight margin of $423 less than their counterparts in Massachusetts.
California is the state with the third-highest income, with $82,672. New Jersey and Washington round out the five highest-income states—workers there earn $82,377 and $82,361, respectively.
Sixth on the ranking of per capita income by state is New York, with $81,553. Colorado follows, with an average annual income of $81,072. These seven states mentioned so far are the only ones with an average annual income surpassing $80,000.
Numbers eight and nine on this list ranking average incomes are Wyoming and New Hampshire. Workers there earn an average of $79,763 and $79,155. Maryland rounds out the top 10, with $75,878.
Lowest per capita income states: bottom three
At the opposite end of the spectrum, Alabama, West Virginia, and Mississippi stand out as the states with the lowest average incomes. In Mississippi, individuals earned an average of $49,320, while in West Virginia and Alabama, the average annual income was $54,482 and $54,797, respectively. Notably, these are the only three states where annual incomes are below $55,000.