Being “rich” can mean different things to different people, but most people associate the term with wealth. For many, being rich means having more money than most other people.
According to the U.S. Census Bureau, about half of all U.S. households earn $65,700 or more per year. Only those households earning at least $131,350 per year are among the richest 20%, however. “But just as median income varies considerably by state, so does the amount needed to be in the richest 20% of households in each state,” financial website 24/7 Wall St. wrote.
The website analyzed the minimum income needed to be among the top 20% in each state. Data on household income came from the U.S. Census Bureau’s 2019 American Community Survey. In some parts of the country, an annual household income of $94,750 is enough. In others, a minimum household income of over $170,000 is required to rank among the highest earners, it found.
New Jersey residents need to make $171,760 per household to be in the top 20%, which is the highest in the nation. To be in that state’s top 5%, a household would need to bring in $250,000 or more, which was tied for the highest.
But we don’t live in New Jersey.
In Georgia, your household income would need to be at least $122,832, which is the 21st highest in the nation. Want to be in the 5%? You’ll need to get a raise to at least $233,979, which is 19th highest in the country.
The analysis of Georgia also found:
Income controlled by highest 20% of earners: 51.4% (seventh highest)
Median household income: $61,980 (22nd lowest)
Value of a dollar: $1.08 (24th highest)
Cost of living: 7% less expensive than U.S. average
Georgia has the 24th lowest overall cost of living, the website found.
Of the state’s 14 metropolitan areas, the most expensive in the state is the Atlanta-Sandy Springs-Roswell metro area, where the cost of goods and services is 2.7% lower than the national average and 4.3% higher than the statewide average.
