Average Income By State
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- Опубліковано 26 вер 2024
- Incomes vary - and there are a number of factors at play. Age, gender, location, etc. The same job in Washington can pay radically different in Tennessee. So where you live matters - and it certainly influences your paycheck.
And of course different states have different costs of living - and yes, whether you are in a city or out in the rural areas of a state will also matter as well.
As always, remember these videos are for entertainment purposes only. There are many factors at play when it comes to income - location is just one of them!
Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.
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I moved from MA to SC, and although I got a job at the same pay, I felt as if I got a huge raise due to the lower cost of living/housing when I moved. Of course, that has gone up since I've lived here, but it still is better than what it was.
@Arianna Bellamy us folks in red states don't want you here anyway
@Arianna Bellamy I live in MA for last 22 years...My college is now 200k~250k for 4 year degree..the average home-price in MA is now 550k..this is horrible for first time homebuyers..I have nephew who had a 4.0 in College (including grad school) that cannot afford to purchase any house in MA because he barely makes 100k/year which dq's his DTI for a 550k home..the only option for him and for anyone making less than 100k in MA is to buy in RI
I’m a high school drop out.
I spent my whole life in CA.
Then at 56 I moved to Texas.
In CA I felt poor.
In Tx I feel rich. I make $54k
Lol I make exactly that same amount in Texas. I moved from Maryland felt poor too in Maryland and ended up chewing a bit more than I could bite. but now I’m trying to live exactly like I did when I was in Maryland, and I’m definitely seeing a huge change in my bank account and investments.
@@ayoa228 awesome. I paid $23k cash for a house in Coleman TX
Man I feel you, I live in Sacramento CA and when I look at how much I make I am blown away that I can make so much money and still live paycheck to paycheck but when you stop and realize you medium rent or in my case mortgage for a basic house is well over $3500 per month and the crazy utilities oh and I commute to the Bay area so my fuel cost is $70 to 90 day depending on costs then you start to understand why you need to make over $100k per person in the house to live in ca. Luckily because I do commute to the Bay I am able to get the higher bay are income but it hardly makes it.
@@PInk77W1 what avenue did you take to find your house, did you go to a house auction?
@@ambitiousbeauty1013 no
I looked on Zillow every day for a year or so
Im 23 and live in Florida. Our house hold income is about 330k a year but we are all adults just living in my parents home still. we all do live separate lives and we spend on ourselves not our parents buying or paying for anything. My income as a truck driver is about 90k and I save most of it since my bills and expenses are pretty low. I sleep in the truck as I'm home about 4-6 full weekends at home so that's why I'm still living with mommy and daddy lol idc. Anyways , nice video keep it up !
Hello bro help me i need money
Nice..outta curiosity how much of 90k do you save a year?
A lot of good advice here in addition to figures. Would love to see a table by state of median income minus median cost of living. As you noted, that's the real bottom line.
I feel like there have been quite a few requests for factoring in the cost of living…I suppose I will be adding that video to the roster! Thanks for watching 😊
Thanks, Erin! You covered this topic from different angles.
Thanks for watching Bill!! Glad it was helpful! 😊
Thank you! We're from Maryland and my husband and I moved our family to Indiana to escape the high cost of living and competitive culture.
Thankfully you said you were going to discuss MEDIAN income right before I typed. Watching from Hilo, Hawaii here.
Hey Archie 👋 in Hilo!
Lived most of my life and career in San Diego, CA, but relocated to Idaho in 2021 during the pandemic. I was able to pay cash for my house and get ready to retire.
Colorado here (28 years now, my entire adult life). Also, I never completed college (didn't want the debt and wanted to get to working/saving earlier), I do love that the majority of my states residents are "well educated". Partly because of this, there are less DIY residents in my area and the earning potential in my trade (tile installation) pays well above the national average.
GA here. Looks like I am making 3x median income for my state. Great video!
Boom! Congrats!!! 👏👏👏
I'm from Oregon born and raised. This one was one of your best ones!! Thank you. Randy
I am 31 years old and have lived my entire life in the northeast corner of Tennessee. I work and live in Tennessee; but my commute takes me through Virginia each day.
Interesting and thanks for sharing! I would offer a bit more as to Florida's median income. 1. We are top heavy in retirees. 2. Many of our homeowners are snowbirds and no doubt have higher incomes than native retirees. That said Florida's cash flow is a bit higher than the
numbers suggest. Cheers!
Greetings from Alabama. Although interesting, making generalizations from this data is difficult. Not all college grads do well - especially if they have student loan debt. It’s interesting to exam those grads who pay off their student loans the quickest post graduation. It’s not what you make that’s important; it’s what you keep. In addition, skilled workers that work in the trades can do very well. The book “My Electrician Drives A Porsche?: Profiting From The Largest Migration In History” by Gianni Kovacevic makes a case for the skilled tradesman. Further videos that explore who ends up debt-free with actual wealth would be of interest. Keep up the good work and thanks to your spouse for his service!
I'm actually super passionate about this subject...so here's my thoughts.
I came from a family that highly prioritizes education. Literally my dad's favorite statement was, "education doesn't cost it pays." With my masters I am among the lowest degree earners in my family and I am constantly told that I should go back to school by my parents and other family members.
I too strongly value education - I believe that it can create so many opportunities and open so many doors. However, I am adamantly opposed to going to school for schools sake. The cost is too high for that. I believe in going to school with a specific end goal in mind. Decide what you want to be then go to school, don't go to school then decide at some point what you might want to be. Want to be a nurse, go to school for that...and accountant, go to school for that.
Further, apply for every scholarship and grant you can. Work a job that will cover your tuition - nowadays there are so many that will do that, think Walmart, Starbucks, McDonalds, etc. And choose an affordable school.
With that said, not all professions require degrees. Some do, certainly not all. Plumbers and electricians are phenomenal careers - personally I always say I would rather be a plumber - handling electricity terrifies me, water doesn't. Trade schools are wonderful and can certainly open the doors to well paying even 6 figure careers, there's no doubt about that.
Of course the trend is there that the more years you have in education the higher your salary is likely to be. It's unlikely that you are going to find a medical doctor, lawyer or toxicologist working for minimum wage at the local convenience store. Just as it's unlikely that you are going to find a high school graduate in a position that pays $400,000 per year.
Can it happen certainly. Is it the most likely scenario - probably not.
I say all of this because I am passionate about this subject. I actually very much agree with you.
A higher degree does not guarantee you a top paying job. Trade schools and apprenticeships are a wonderful path. Especially in todays day and age where the cost of university is prohibitively expensive. I think a degree can help to stack the deck in your favor. But I am an advocate for people going to school when they have a solid plan to pursue a career that requires a degree. If that is not someone's plan, I absolutely do not think they should go spend $20K per year to "figure it out."
On a side note, I think that's a cool video idea - comparing the over all net worth of those who have to carry the burden of student loans vs those that went the route of a career that required no degree.
Writing from Canada -- the province of British Columbia, just north of the state of Washington. Another great video, thanks Erin.
I love BC, it’s stunning!! 🇨🇦
Originally from Southern California but moved to East Tennessee early this year. I’m glad you mentioned “it’s not what you make but what you spend”. The only number that really matters is median income adjusted for cost of living. Or as economist call it, purchasing power. The only thing I would add to your videos is trades. It’s important to remember that electricians and plumbers can easily make six figures without having college debt and those jobs aren’t going anywhere. Great stuff, keep it up.
I actually am planning a video on the trades - there are some really wonderful careers that offer great earning potential. The railroads are a great option as well!!
Agreed. I've been in the trades for 19/20 years since I graduated high school. It's never done me wrong. I've worked as an electrician in a couple of countries and several states here. Never had any college debt accompanying it either
I live in New Mexico USA. I am making $85,000 base salary plus bonuses which bumps me up 5k-8k depending on company profits 📈. I live frugally and in 2020 I paid off all my debts including my mortgage. Plus I own rental property which is also paid off. That alone brings an additional 22K . NM has been really good to me! 😊
Also need to factor in that Arizona, Florida and many other “sunbelt” states are homes of many low income retirees who rely on passive income for daily life. I would think this skews those state’s income averages and medians way down. Thanks
Thanks for sharing!!
But if you look at average retirement savings by state, it's basically the same story: DC, CT, MA, NJ, etc. the northeast states top the chart. FL ranks lowly in this category as it does in income. Alaska ranks third, the only western state in the top 10.
I’m in Utah. Seems to be in a good spot from your statistics. Top 10 in both Average and median income and about the middle of the pack for cost of living. Utah is also a beautiful place to live as well. Great video once again, thanks.
I love Utah! It is a beautiful state!! Thanks for watching! 🙏
Can't help but notice the political leanings of those states.
Lower cost of living stupid
WV, 33 year veteran of the Aviation Maintenance industry making $75k
Watching from Washington state. Love watching your videos. Very informative, thank you Erin!
Thanks for watching! I miss Washington so much, thus far it has been my favorite place we have lived! 😊
@@ErinTalksMoney Thank you! Yes, Washington is my favorite so far also. Definitely keep making videos. They are awesome! You are very talented, knowledgeable and do an awesome job with your videos! Looking forward to your next one!Thank you again Erin and God bless you 😊
Erin, I don’t know if your give out autographs, but if you do, I would love to have an autographed picture of you. Have an awesome day 😊
Great video! It was very interesting to see how salaries compare. I couldn't agree more that knowing your housing and cost of living expenses are critical to decide how a job's salary compares. I'm watching from Duluth, Minnesota.
CT native here. I imagine the $177k is meant to be $117k. You are spot on about the HCOL. By this chart I am above average, yet I feel more broke than friends who live elsewhere earning much less. Time to research. . .
I just moved to RI....still pretty pricy here...but thank goodness it's not CT 😂 CT is so, so beautiful though!
Rural Canada here, love your content!
Awesome! Thank you! I love Canada!!! 🇨🇦
Illinois here. Seems my wife and I are doing pretty well compared to the average and median. our household income is $106k and we live in a very rural town with a population of 700 people. we both also work from home so we're not putting wear and tear on our cars and honestly only have to buy gas once or twice a month. I've even had 3 job offers in the past 6 months offering six figure salaries, but I turned them down because I'd have to drive to an office 30 miles away, they require out of town travel with overnight stays pretty frequently, and they require overtime work which can average about 60 hours a week. I don't need the extra money because I'm debt free and have a paid off house so I'm honestly coasting now.
As a person living in a lower cost of living area. The thing I think people miss about it is. We live in a smaller world now with technology. Yes stuff in my area maybe be cheaper, but we all order tons of stuff online and on Amazon, we all pay those same prices. Also we all want to go to similar places for vacations. People living in high cost/ high pay areas, pay the same for that trip as low cost/ low pay people, but its a much smaller percentage of their yearly income, than say me. My advice go get that high paying job in the city.
❤️ these. Currently residing in Florida.
At least it’s still warm for you! 😊 I had snow ❄️ two days ago!
Watching from Minnesota.
Erin, Great video! Raised in MA, but moved to NH 30 years ago. Surprised to see NH neck & neck with MA.
Well hello NH, my hubby is originally from Mass too! 😊
WA state is home and where I'm viewing. We love the Pacific Northwest, but the cost of living is higher. That sets up your next video-- Average cost of living by state. Thanks, Erin.
Great video. One thing that is interesting is that FL, TN, GA and KY are on the bottom of the list. That is surprising to me given the perception of the economies of those states.
As a resident of Florida, I can attest to the economy .. it is booming ... but almost all of it is in low paying jobs in service/tourism.
@@shade0762 Makes sense as to how the economy could be booming and median income still be low.
I live in MD…and the cost of living is pretty high on average. Great video
Great video as always Erin! Watching from South Carolina!
Thanks for watching South Carolina!! 😊
I am currently in AZ. I have lived all over North America. Including WA and a similar part of the hand as you... In Cadillac, MI. My wife is from MO.
Nice! Which state has been your favorite? Ever heard of the Petoskey area - that's where I'm from 😊
Currently live in DC. There are certainly a high number of high earners that live in DC; however, the cost of living is significantly higher than most states and areas in the U.S. Additionally, while not displayed on your education graphs, DC remains one of the most highly educated areas of the U.S.
Thank you for sharing!! I love DC - but I don't think I would ever want to live there because it is such a high cost of living area! But it is such a FUN and AMAZING area of our country.
RI, nice! I lived in North Attleboro for a decade and now over in c-mass. Love your videos! I send them to all my friends along with financial tortoise and Whiteboard Finance.
Thanks for sharing!!!!
Arizona, very inexpensive in the cities.The bus are free and easy to get around by bike. The great weather is free too. Easy to save here.
Hello from Virginia. Definitely have to keep cost of living in mind. I originally hail from Alabama and it’s definitely more expensive up here especially in the housing department.
spent 5 years in college in Indiana, and now in Chongqing, China. I currently work in a bank and make around 20k a year. as a family unit, me and my wife make 30k in total. is pretty decent considering the low cost of living in here.
Thanks for the great stats, and hello from Michigan.
Michigan!!!
Recently moved from NYC to Pennsylvania. Even though I made more $$$ in NY, the cost of living was too high
West Virginia Love your show
I'm in Georgia. I'm glad you did a median individual income. My son and his fiance live above my garage. Also, my teenage daughter works at school for a tiny salary. It makes our household income seem large when it's not.
I'm also wondering if investments are included in this data. For instance, rental property, dividends, and capital gains.
Raleigh, NC. Thanks to 401k, my income has increased at least 25% since I retired. This is really counterintuitive. I have a MS degree in Electrical Engineering and worked for a utility for 32 years. At the time, they had a pension program, so I'm really 'double dipping.'
Erin,
You do a very good job! Thank you for your videos.
Thank you so much, I'm glad you like them! 😊🙏
Houston TX
I live in Louisiana and I can concur money is hard to come by lol.
I lived in Missouri for a bit and I felt like Missouri was the was pretty similar
Woonsocket, RI here. I didn't see RI median income. However, my 83k income, has me comfortable.
Right on! A fellow Rhode Islander!
Id love to see places like Washington without Seattle, California without San Francisco/LA... New York without Manhattan. Where I live, there is a big city center with all kinds of money. Teslas and giant lifted Diesel trucks with 40' campers and "power toys" then just five miles outside the city, its car gardens, and dirt roads with one-room schools.. You can go to the local Walmart and park next to a brand new Mercedes, or a 1983 Civic, running on three cylinders.
Just because your home state is Michigan , I’ll ask you first to create a video of doing a financial practice run of living on your retirement proposal amount sometime within the last few years of working before you officially retire. Just to inform ourselves on how retirement will be.
Watching from Michigan!
Illinois. Looks like I'm above the individual median but below the household median, which makes sense since I'm the only earner in my household lol
Nice!!! Congratulations 🎈🎉
Love your videos
Southern Illinois here
Hey IL! Thanks so much!! 😊
Hey, me too!
California and I am well over the average. Retiring soon to Tennessee where I will keep a comfortable living situation.
Nice!! I hope you love Tennessee! 😊
Utah. Thanks for the video.
NH here. Kind of surprised that NH is top 10 in both, but probably shouldn't be. Southern NH has become a giant suburb for Boston based on no income or sales tax. Lots of technology here as well.
Great video! Texas here!
We have a handful of Texas peeps here!
Long island NY
I'm in Va. The average income, like the cost of living, is very different between the different areas of the state.
SF Bay Area. Been pondering the idea of what it would like to move to those lower median income states. Love the advise (t 8:00) I do the same with my team! Great info, now I’ll have to share this to one of my team member who wants to move back to Maryland
Idk why I like her she just does it for me. People always say I have weird taste so I don’t trust myself
Would've liked for you to include Puerto Rico in your analysis.
Rural Ohio … with a Fed job …. Great and secure position with much opportunity to save …
I’m from Philadelphia PA. I love your videos
Sooo, im a from Maryland. But i work for a company out of nc. Im a trucker, my average weekly gross is 15 to 2200 a week. Trades are good. Inflation doesn't really effect me. I buy i want I want.
Kentucky, from Mississippi- up here for a work assignment(living across the River in Ohio- just to make it more complicated!) 🤣
Mississippi is so rural and underdeveloped. When industry does move in, they usually pay very low compared to Auto Manufacturers in the North. Nissan was starting new employees off at $12/hr a couple years back(through a Contractor Bridge to full employment).
Loooooong Work Commutes are the norm since work is usually a ways away.
I remember, starting as a fresh RN out of college, $16.50/hr in Jackson, MS. Without a College Degree, Mississippi life is tough, get a Degree, you usually leave to make more traveling. But there’s no where else on Earth like it, and hope to be back home soon!
I had no idea DC was producing such high earners. 👀 I assumed NYC, Washington state, California and Connecticut.
I was surprised that the median income was still high. There are a few high earners living in D.C., but I've spent quite a bit of time in DC and nearly everyone I knew - lawyers, defense contractors, accounting professionals, etc. - all lived outside the beltway. Pretty interesting. But, there is definitely a very high concentration of very wealthy individuals living near the Capitol complex.
@@davidmalone9022 interesting. I always just viewed it as an international business and government jobs hot spot. I see it's much more now.
Erin.... We have a vacation home in Manistee, MI on Lake Michigan!
Great job! We are in TX.
I have never been to Texas..but one day I will make it there....and I will eat my body weight in BBQ when I do! 😂
I'm in a retiree enclave in NJ. The state doesn't tax my Military annuity. Sure everything else is wicked pricey but to be close to family has a price.
Erin, I hate to tell you this but NJ doesn't border with DC. VA and MD does
Currently living in West Virginia for the past 23 years. Originally from Kentucky
I would love if you could interview your mom on the show! I think she would have a lot of interesting things to say!
California, specifically the Bay Area, born and raised. Not moving anytime soon.
I love the Bay Area! It's so beautiful - and I love the weather there!! 😊
Proves that big government is profitable for those that build it
Take a look at MN….medium income by individual. It’s very high!
Love Minnesota! Except the weather can rotate already 😅. Mid March now, waiting for mid May for summer to start.
Southwest Michigan!
Hi Erin, right now watching your videos from the Middle Of The World, Guayaquil - Ecuador
Hi Francisco 👋 That's so cool!
Virginia. Near the toe of the boot. Curious to see ours because there is SO much wealth near DC but not really anywhere else.
I’m watching you from Kansas City mo.
We would see the average and median happiness levels by state
This is essentially meaningless without the inflation and average cost of goods and services/taxes by state.
From CA, interesting data, but not surprised CA is in the top 10. Lots of tech and medical jobs that pay top dollars compared to other states.
Hi Erin , Michael here , my wife & I live near a small Va town , Abingdon , I just recently discovered your videos & am enjoying them immensely & learning from them , Thankyou for sharing, I’m curious as to the small town where you were raised , I love small towns , but don’t disclose if your concerned about security risk , again Thankyou for sharing your financial knowledge.
Boyne City, Michigan. It's a beautiful town - I highly recommend a trip there in the summer time - check out all the neighboring towns too - Charlevoix, Petoskey, Harbor Springs, and Mackinaw Island. I absolutely love it there 😊
From Ohio! West of Cleveland!
Florida... but originally from P.A. I agree college was the key to my success.
This would be an interesting topic to review if the high income individuals were removed from the data and averaged again. Like drop out the 1%
median does that
@@psyskeptic9979 no, recalculate the median and average with the 1% removed.
Watching from Thailand. Originally from Alabama.
Good Job. GA
Proud Californian here, born and raised.
Nice!!! I like some state pride! 😊
IMO, College does not impart significant skills... rather it is a test that demonstrates one's ability to commit, work, learn and achieve challenging goals .. all desirable behaviors for employment, and good indicators of one's ability to earn money.
Hey, I am watching from the Mitten stater as well. I am in the southwest, and it looked like maybe you were from potentially the Cadillac or Big Rapids area. Thanks for the content.
Watching from Florida.
Baltimore, MD
I live in California. The state with the highest everything! Gas prices, sales tax, real estate prices etc
You are paying for the weather!
That's why I never want to move there!!! 🤯
@@ErinTalksMoney I don’t blame you Erin. The weather is incredible in California especially Southern California where I live. But everything else is too expensive for a young person to afford and get ahead here.
Thanks for the insights! WA
Vancouver, WA
Vancouver, WA!!! I lived there! I miss it!!
It's a great place to live. Booming population!!
From a millionaire
Erin,
I am from Ohio! On a side note, seeing where your MI hometown is located. May I suggest Headlands Int Dark Sky Park at the tip of the LP, if you are into dark sky and star viewing. It was recently shared with me and their is nothing like seeing the Milky Way IMO.
I always appreciate when you add in median with average. I agree with more skill > more $, but you must keep it and not spend it, like you said.
I've been there many times!! The cool thing about northern Michigan is that you are far enough from any city that you can see EVERYTHING. There are so many stars ⭐️ occasionally northern lights - it's just stunning. I even accidentally got locked into a park it the UP during college because I stayed too long looking at the stars. 😬 Gates lock promptly at 10!