The 10 Richest States In The United States For 2024

The 10 richest States In America For 2024

1. Hawaii

Population: 1,450,589
Median Income: $94,814
Average Home Price: $830,193
Poverty Level: 9.6%
Unemployment Rate: 5.1%
More On Hawaii: Data | Rent

Of course, Hawaii had to be on this list. The average household in Hawaii makes about $94,814 a year. But, being ‘rich’ in Hawaii has its caveats. Sure, there are a bunch of people in Hawaii who are swimming in the dough. But there’s a boatload of broke people in the Rainbow State as well.

And, the cost of living here is through the roof. Homes cost about $830,193 each, which is about $125,000 more than the average home value in the rest of the country. A gallon of milk is 8 bucks. A combo meal at McDonalds is around $10. Even the dollar stores here are really expensive. Tech billionaires build vacation homes here. Residents whisper about which celebrity they glimpsed at dinner the other night. Houses in places like Mililani Mauka and East Honolulu consistently push seven digits.

But ask the average family about what it’s like to live in Hawaii, and you’ll hear about the punishing cost of living and how hard it is to buy a home. Most college grads live at home for a long time after they finish school. So Is Hawaii really that rich? Well, on paper, yes. With a 5.05% unemployment rate, and really high wages, Hawaiians are some of the richest people in the country, overall.

It’s just a weird sort of rich.

2. Massachusetts

Population: 6,984,205
Median Income: $96,505
Average Home Price: $589,253
Poverty Level: 9.9%
Unemployment Rate: 5.3%
More On Massachusetts: Data | Rent

Our next stop, Massachusetts, probably won’t come as a surprise to anyone who lives in the New England area. Households here make about $96,505 a year. One reason people are ‘rich’ in Massachusetts is the fact that people here are so smart. What the state lacks in oil reserves, coal mines, and other natural resources, it makes up for with high-performing schools and a well-educated workforce. This is home to Harvard, Oxford and Cambridge universities. In recent decades, this formula has worked remarkably well, with Massachusetts residents enjoying some of the largest economic gains of any state in the country

However, while Massachusetts residents have great pasts, their futures might be a little cloudy if they don’t start investing in their future educated workforce.

As with just about every state in the country, Massachusetts’ wealth is particularly evident in central Boston, the North Shore, Middlesex county, the I-95 corridor, and the Berkshires to name a few areas. Other regions, particularly northern central, are relatively poor. So while some kids in Massachusetts will cry on Christmas when they don’t get a new iphone, other kids in Massachusetts will cry when they don’t have a Christmas at all.

Sorry to get so poignant on you.

3. California

Population: 39,356,104
Median Income: $91,905
Average Home Price: $746,472
Poverty Level: 12.1%
Unemployment Rate: 6.4%
More On California: Data | Rent

Californians live a pretty good life when you look at the data. They rank as the third wealthiest state in the country for 2024. Some wealthy enclaves include Malibu and Atherton.

The Golden State ranks in the top 10 in every category we measured, and only 12.1% of the population here lives in poverty. On average, people earn about $91,905 a year, and only 6.41% of people here don’t have a job. For a state this large, that’s crazy low.

California has some of the most intelligent people in the US. It has some of the more prestigious universities in the world and is one of the country’s most up-to-date states in tech and entertainment. People come here to find jobs and a better quality of life.

4. New Jersey

Population: 9,249,063
Median Income: $97,126
Average Home Price: $495,846
Poverty Level: 9.7%
Unemployment Rate: 6.2%
More On New Jersey: Data | Rent

Back to the northeast we go, where we visit New Jersey, the fourth richest state in America. In Jersey, the average income per household is about $97,126. Much of the wealth comes from working in finance in the city or in biotech companies across the state.

If you look at a map, most of the rich people are in the north, and most of the poor people are down by Philly. New Jersey has the second-largest number of millionaires per capita in the United States (ratio of 7.49%), according to a study by Phoenix Marketing International. It ranked second in the nation for the number of places with per capita incomes above the national average — 76.4% of towns beat that mark. Nine of New Jersey’s counties are in the wealthiest 100 of the country.

Furthermore, New Jersey doesn’t have the same income disparity as you’ll see in other states, either.

Why do people with money flock to New Jersey? The proximity to New York City is one reason. Until the last decade, New Jersey was a low income tax state. NJ public schools in well-to-do areas are quite good. All of the pharmaceutical companies are in NJ which has created a fair number of highly educated Ph.D.s in the state.

5. Washington

Population: 7,688,549
Median Income: $90,325
Average Home Price: $568,346
Poverty Level: 9.9%
Unemployment Rate: 5.0%
More On Washington: Data | Rent

Washington is the fifth richest state in the United States for 2024 according to the most recent Census data on incomes, poverty levels, and unemployment. The wealthiest towns are concentrated around the Seattle metro area and include Duvall, Snoqualmie, and Sammamish.

Families in Washington average more than $90,325 every year. That’s more than 25% higher than what the families earn on average in the US. Less than 4.99% of people in Washington are out of work based on the most recent Census data. To be honest, I’m surprised anyone in Washington is out of work. This state is a really safe, clean, quiet place to live where it seems like just about everyone is quietly living the awesome life.

Washington has slowly been moving up our rankings over the years and cracking the top ten this year.

6. Colorado

Population: 5,770,790
Median Income: $87,598
Average Home Price: $531,605
Poverty Level: 9.6%
Unemployment Rate: 4.5%
More On Colorado: Data | Rent

The HomeSnacks money train takes it’s next stop out west in Colorado. Colorado has a ton of money. Overall, Coloradans earn $87,598 each year. That might sound like a decent chunk of change, but when you think about how much it costs to live here, suddenly, that might not seem like a lot. Food prices, even “legal green leaf” prices are really high.

But that aside, there are loads of opportunities in Colorado for people to make a lot of money. Outside of Denver, there are wealthy businessmen, farmers, entrepreneurs and more. When you have a hard-working population that’s saving money and living responsibly, it can be much easier to accrue wealth.

Is that the secret?

7. New Hampshire

Population: 1,379,610
Median Income: $90,845
Average Home Price: $448,250
Poverty Level: 7.3%
Unemployment Rate: 3.6%
More On New Hampshire: Data | Rent

How in the world is New Hampshire so rich? Besides making a bunch of maple syrup all winter long, what are they doing up there? They have to be doing something right in New Hampshire. Families earn about $90,845 a year up here in the middle of nowhere. New Hampshire as a whole has low unemployment, and the nation’s lowest poverty rate. Only about 1 in 11 people in New Hampshire lives in poverty. While that might seem high, for an entire state, it’s really low.

Do people work hard in New Hampshire? New Hampshire’s workforce is among the best-educated in the country. Better-educated workers tend to make more money. According to the US Department of Economic Development, New Hampshire specializes in producing dairy, cattle, apples and eggs. Did you know there’s no sales or income tax in New Hampshire? That’s right – every hour you work in whatever boring thing you do goes right in your pocket. Some of the richest towns in the state are Hampton and Londonderry — don’t get much fancier sounding than that.

While you won’t see people in New Hampshire driving around in fancy cars, odds are people you meet there are really comfortable. In fact, people in New Hampshire are more likely to downplay their money than show it off.

8. Maryland

Population: 6,161,707
Median Income: $98,461
Average Home Price: $404,251
Poverty Level: 9.3%
Unemployment Rate: 5.1%
More On Maryland: Data | Rent

Where’s our eighth richest state in America? That would be Maryland

Many people in Maryland are loaded. Everyone here earns on average $98,461 a year. There is a whole lot of federal government and government related contractors in the state, not to mention some of the best education and research facilities, some of the largest military bases, the NSA and its high-tech, high-paying jobs and contractors. Virtually all information in the world flows through Maryland, and through the NSA located in central Maryland.

Some parts of Maryland are just off the charts out of touch with reality. Places like Poolesville, Mount Airy, Somerset, and Chevy Chase have money that you and I will never see in our lifetimes. You drive through parts of Maryland, you’ll see lots of pool repair and landscaping trucks. You never see the police here unless the police are called – then they’re there in minutes. In many Maryland cities, you’ll see tons of soccer moms, who frequent Whole Foods, Starbucks, Core Power or LuLuLemon.

Except these ‘regular’ people who live in Baltimore. They don’t have much going on in life.

Maryland is actually pretty low-key. People from elsewhere don’t know much about it except for Baltimore and its problems, but it is definitely one of the best organized and managed states in the country. Is Maryland snobby? Maybe from an outsiders standpoint, but it might be more of a shallow suburban type of vibe.

9. Utah

Population: 3,283,809
Median Income: $86,833
Average Home Price: $510,835
Poverty Level: 8.5%
Unemployment Rate: 3.4%
More On Utah: Data | Rent

Here in Utah, things couldn’t be more… odd. Sure, Utah ranks as the ninth richest state in the country. With only 3.35% of residents out of work, and the average household bringing in $86,833 a year, Utah is quite the rich place. The Beehive State ranks well in every category we measured

You might get bored living here, but at least you can spend your days counting your cash, right? And you won’t even get bored if you work in Salt Lake City or hit the slopes in Park City. And you can always find a job at Frito-Lay or SkyWest Airlines, two of the biggest employers in the state.

10. New York

Population: 19,994,379
Median Income: $81,386
Average Home Price: $452,476
Poverty Level: 13.6%
Unemployment Rate: 6.2%
More On New York: Data | Rent

This state has two parts: the area around New York City and everywhere else. The area around New York City brings the whole state’s wealth up.

Families in New York average more than $81,386 every year. Less than 6.23% of people in New York are out of work, too.

So what makes New York the tenth richest state? Sure, the cost of living is high, but as a whole, most residents live within their comfort zone. There aren’t many very poor people in New York – many people are comfortable.

How We Determined The Richest States In The US For 2024

The first thing that comes to most people’s minds when they think about determining the wealthiest states is the amount people make.

However, one statistic only partially encompasses what it means to be one of the ‘richest states.’ So we used Saturday Night Science to compare this set of criteria from the newly released 2018-2022 American Community Survey and Zillow:

• Average Home Price
• Median Income

We ranked each state from 1 to 50 for each criterion, with one being the richest. We then averaged all the rankings for a state into a ‘Rich Score’ with the highest overall Rich Score crowned the ‘Richest State In The US For 2024.’ We updated this article for 2024. This list is our tenth time ranking the richest states in America.

You can learn more about the top ten below or skip to the end to see the rankings for every state, including which states are the poorest.

There You Have It — The Richest States In The Country

After measuring every wealth factor that makes sense, there isn’t a straightforward ‘region’ with the most wealth. But if we had to pick, the eastern seaboard is where the wealth is located. If you live in one of the states mentioned above, consider donating to charity.

Does being rich make you out of touch with reality? Perhaps. But money does indeed buy happiness — ask someone without it.

The richest states in the United States for 2024 are Hawaii, Massachusetts, California, New Jersey, Washington, Colorado, New Hampshire, Maryland, Utah, and New York.

In most of these states, people have it made financially. They have new homes, drive new cars, and have bright futures. But this comes at a cost. Long work hours mean more stress and less family time. Keeping up with friends and neighbors means private school, after-school activities, and two substantial car payments. For some, it’s the only way to live.

For the rest of America, we can feel better about ourselves when we define rich as love, friends, health, or the little things in life.

If you’re curious enough, here are the poorest states in the USA, according to science:

1. West Virginia
2. Mississippi
3. Arkansas

For more reading, check out:

• Best States In America
• Worst Places To Live By State
• Best Places To Live In America