According to the US Census Bureau, income levels didn’t increase in every state in 2005. From 2004 to 2005 average income levels in 24 states dropped, with Virginia faring the worst, dropping 5.6%, followed by Kansas (-5.5%), Wisconsin (-4.6%) and Missouri (-3.8%).
Other states saw an increase over the same period, led by Maine (+5.5%), Vermont (+5.1%), Maryland (+4.4%), Hawaii (+4.0%) and Arkansas (+3.8%).
Utah saw an increase of 2.4%, which placed the Beehive State with the 9th highest median income in the nation at $53,693.
The highest median income in the country in 2005 belonged to New Jersey ($60,246), followed by Maryland ($59,762), Hawaii ($58,854 ), New Hampshire ($57,850 ), Connecticut ($56,889 ), Alaska ($56,398 ), Minnesota ($56,098 ), Massachusetts ($54,888 ).
The median income for the country in 2005 was $46,071, which was 0.4% higher than the previous year.
Higher Education makes a significant impact on how much most people earn.
Approximately 63% of the population who earn over $60,000/year have at least a college bachelors degree, with only 3% of those people not finishing high school. Of those people who did not finish high school, 69% make less than $30,000/year.
Of those people who have earned a graduate degree, almost 90% of them make over $30,000/year and 79% make over $40,000 annually.
And how much income do you need to make before you are considered to be rich? The largest number of people surved think earning between $100,000-$200,000 makes you rich.
(Charts by New York Times)