America’s Richest (and Poorest) States

24/7 Wall Street September 18, 2014

To identify the richest and poorest states with the highest and lowest median household income, 24/7 Wall St. reviewed state data on income from the U.S. Census Bureau’s 2013 American Community Survey (ACS). Median household income for all years is adjusted for inflation. Data on health insurance coverage, employment by industry, food stamp recipiency, poverty, and income inequality also came from the 2013 ACS. Income inequality is measured by the Gini coefficient, which is scaled from 0 to 1, with 0 representing perfect equality and 1 representing perfect inequality. We also reviewed annual average unemployment data from the Bureau of Labor Statistics (BLS) for 2012 and 2013....

5. Hawaii

> Median household income: $66,259

> Population: 1,392,313 (11th lowest)

> Unemployment rate: 5.8% (12th lowest)

> Pct. below poverty line: 11.6% (8th lowest)

Over 16% of people in Hawaii worked in arts and entertainment, recreation, accommodation and food services last year, the second highest percentage in the country. This reflects the state’s strong retirement and tourism economy. The unemployment rate in Hawaii declined only slightly in 2012 from the year before, but remained well below the U.S. rate, at just 5.8%. Over that time, Hawaii was also one of a handful of states to see a meaningful increase in income. Median household income rose by more than $3,000, to $66,259....

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