Massachusetts ranked No. 6 on the list of America’s richest states. Financial news and opinion platform 24/7 Wall St. identified the richest and poorest states with the highest and lowest median household income, using the U.S. Census Bureau’s 2014 American Community Survey (ACS) in its research.
Data on poverty, food stamp recipiency, health insurance coverage, employment by industry and income inequality also came from ACS. Annual average unemployment data from the Bureau of Labor Statistics (for 2013 and 2014) was also reviewed.
Here are the survey statistics for Massachusetts:
- Median household income: $69,160
- Population: 6,745,408
- Unemployment rate: 5.8 percent
- Poverty rate: 11.6 percent
The average Massachusetts household earned just over $69,000 in 2014, sufficiently greater than the national median income of $53,657. High median incomes presumably increased home values. Few states had a higher quantity of high-income households than Massachusetts, where 9.3 percent earned $200,000 or more last year.
Massachusetts’s comparatively high education attainment rate likely accounts for the high incomes in the state. More than 41 percent of adults had completed at least a bachelor’s degree as of last year (compared to 30.1 percent of adults nationally).