Florida households must make at least $117,017 to be in state’s top 20%

In order to be in the top one-fifth of Florida’s income earners, households need to earn a minimum of $117,017 per year, according to a new 24/7 Wall St. analysis examining the threshold of “richness” in all 50 states.

The total share of household income in Florida controlled by that top 20 percent of earners is 51.9 percent, 24/7 Wall St. reports. Nationwide, the richest 20 percent of households earn at least $131,350 annually, according to the analysis.

And to be in the top 5 percent of income earners in Florida, households need to make at least $226,319 per year. The state’s current median household income stands at $59,227 annually, the report says.

To determine the income needed to be classified as rich in each state, 24/7 Wall St. examined household income data from a 2019 survey conducted by the U.S. Census Bureau. In those states where the top 20% income threshold is higher than most – such as Massachusetts –  residents face a higher cost of living, the analysis concluded.

What Households Must Earn to Be in Top 20%

State Minimum Annual Income to Be in Top 20% of Earners Share of Income Controlled by Top 20% Minimum Annual Income to Be in Top 5% Median Household Income
Alabama $106,225 50.5% $189,695 $51,734
Alaska $144,736 47.6% $242,208 $75,463
Arizona $120,982 49.7% $220,936 $62,055
Arkansas $98,014 51.0% $176,997 $48,952
California $162,657 52.0% $250,000 $80,440
Colorado $147,217 49.3% $250,000 $77,127
Connecticut $161,063 53.4% $250,000 $78,833
Delaware $134,594 48.7% $235,059 $70,176
Florida $117,017 51.9% $226,319 $59,227
Georgia $122,832 51.4% $233,979 $61,980
Hawaii $153,431 47.5% $250,000 $83,102
Idaho $111,822 47.6% $199,218 $60,999
Illinois $137,248 51.2% $250,000 $69,187
Indiana $110,606 49.5% $194,407 $57,603
Iowa $113,238 48.1% $199,328 $61,691
Kansas $117,303 48.9% $211,256 $62,087
Kentucky $103,349 50.8% $185,241 $52,295
Louisiana $107,505 52.3% $199,417 $51,073
Maine $111,898 48.7% $202,639 $58,924
Maryland $164,179 49.1% $250,000 $86,738
Massachusetts $171,613 50.9% $250,000 $85,843
Michigan $115,802 50.0% $209,099 $59,584
Minnesota $138,273 48.2% $244,552 $74,593
Mississippi $94,744 52.0% $172,337 $45,792
Missouri $111,802 49.9% $201,541 $57,409
Montana $108,877 49.6% $187,867 $57,153
Nebraska $117,570 48.0% $203,793 $63,229
Nevada $119,790 50.6% $221,626 $63,276
New Hampshire $145,865 48.0% $250,000 $77,933
New Jersey $171,760 51.2% $250,000 $85,751
New Mexico $105,652 50.8% $192,480 $51,945
New York $151,926 54.4% $250,000 $72,108
North Carolina $113,302 51.0% $213,009 $57,341
North Dakota $121,975 49.1% $220,611 $64,577
Ohio $113,789 50.1% $204,940 $58,642
Oklahoma $107,252 50.9% $194,523 $54,449
Oregon $129,218 48.6% $229,747 $67,058
Pennsylvania $124,987 50.9% $233,467 $63,463
Rhode Island $133,423 49.5% $235,524 $71,169
South Carolina $112,365 50.9% $204,826 $56,227
South Dakota $111,512 47.6% $190,156 $59,533
Tennessee $109,765 51.1% $205,063 $56,071
Texas $128,878 51.0% $241,212 $64,034
Utah $132,560 47.1% $235,835 $75,780
Vermont $120,270 48.4% $212,823 $63,001
Virginia $153,003 50.5% $250,000 $76,456
Washington $151,396 49.6% $250,000 $78,687
West Virginia $97,399 49.6% $171,816 $48,850
Wisconsin $117,929 47.8% $202,582 $64,168
Wyoming $120,196 47.2% $199,944 $65,003

Source: 24/7 Wall St.

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