New York Households Need $351,650 to Reach Top 10% Earners

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A new study from MoneyLion found that New York households need to make $351,650 a year to be among the state's top 10% of earners. This is lower than the income thresholds in neighboring states like Connecticut ($370,003) and New Jersey ($361,445), which top the nation for the highest incomes needed to reach the top 10% of earners. West Virginia has the lowest income threshold at $201,400 annually.

Why it matters

The findings highlight the high cost of living in the tri-state area, with New York, New Jersey, and Connecticut ranking among the most expensive states to be in the top 10% of earners. This reflects the significant wealth and income inequality in the region, as well as the challenges faced by middle-class and lower-income families trying to make ends meet.

The details

MoneyLion used data from the Bureau of Labor Statistics' 2024 American Community Survey to determine the income thresholds for the top 10% of earners in each state. In New York, the median annual household income is $85,820, meaning the top 10% make at least 4.10 times that amount, or $351,650. The income thresholds are even higher in neighboring states, with $361,445 needed in New Jersey and $370,003 in Connecticut to reach the top 10%.

• The Bureau of Labor Statistics' 2024 American Community Survey data was used for this analysis.