Percentage of Households Making Over 300k 2024

The distribution of high-income households, typically earning over $300,000 annually, varies significantly across states. Here, we explore the states with the highest and lowest percentages of households earning over $300,000 per year, providing insights into regional economic disparities.

States with the Highest Percentage of High-Income Households:

• In Massachusetts, close to 9% of households make over $300,000 per year.
• In Connecticut, approximately 8% of households earn above $300,000 annually.
• New Jersey follows closely, with around 8% of households surpassing the $300,000 income threshold.
• California boasts a substantial proportion, with roughly 7% of households earning over $300,000 per year.
• Maryland and New Hampshire both have close to 7% of households with incomes exceeding $300,000 annually.

States with the Lowest Percentage of High-Income Households:

• In Mississippi, only around 2% of households make over $300,000 per year.
• West Virginia exhibits a similar trend, with close to 3% of households earning above $300,000 annually.
• Alabama and Arkansas both have around 4% of households surpassing the $300,000 income threshold.
• Idaho follows suit, with approximately 4% of households earning over $300,000 per year.

Regional Disparities:

Across states, there exists a considerable variance in the percentage of households earning high incomes, typically above $300,000 annually. For example, states like Massachusetts and Connecticut boast significant proportions of affluent households, while others like Mississippi and West Virginia exhibit lower percentages. These disparities highlight the diverse economic landscapes present across the nation.

Economic Influences:

Economic factors such as the cost of living and industry composition play pivotal roles in shaping the distribution of high-income households. States with high costs of living, such as California and New York, tend to attract affluent residents due to their thriving urban centers and lucrative job opportunities. Conversely, states with lower costs of living, such as Iowa and Nebraska, may witness fewer households earning high incomes despite lower income thresholds being considered substantial in these regions.

Furthermore, industry dynamics significantly impact income levels. States with a strong presence in sectors like technology, finance, and healthcare tend to have a higher concentration of affluent households. For instance, California's Silicon Valley and New York's financial district contribute to their respective high percentages of households earning over $300,000 annually.