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New Jersey residents have the second-highest income in the United States, according to a recent study by WalletHub. The financial services website evaluated all 50 states and Washington, D.C., based on three key metrics: the average annual income of the top five percent, the average income of the bottom 20 percent, and the overall median income.
In New Jersey, the top five percent of earners make an average of $522,128 annually, which ranks as the fourth-highest in the nation. The state's median income is $122,447, placing it sixth overall. However, those in the bottom 20 percent earn an average of $17,083 per year, which is slightly above average compared to other states.
According to Fox 29, New Jersey's income levels are second only to Virginia, which holds the top spot. Virginia's top five percent earn $533,522 annually, while the bottom 20 percent earn $19,293. The median income in Virginia is $93,275.
Live Now Fox reports that New York ranks third, with the highest top five percent income at $575,505, but a lower median income of $95,033. The study suggests that the high-income bracket has more influence on rankings than the low-income bracket.
The findings highlight income disparities and provide insight into the economic landscape across different states. New Jersey's high income levels reflect its economic strength, though challenges remain for those in lower income brackets.