States with highest, lowest personal incomes: See where Minnesota ranks

MINNEAPOLIS (FOX 9) - Which state has the residents with the highest and lowest personal incomes?

Personal finance website WalletHub has compiled a list of states where people have the highest income in 2024.

To compile the list, WalletHub compared the 50 states and the District of Columbia across three key metrics: the average annual income of the top 5%, the average for the bottom 20%, and the median for all residents of each state.

But where does Minnesota rank? Turns out No. 8.

The average median income in Minnesota is $86,364, with the average income of top 5% earners being $464,981.

Virginia tops the list for highest income when balancing the median, top 5%, and bottom 20% of earners. The top 5% in Virginia make an average of $518,296 per year, while the bottom 20% make an average of $18,694 – both the third-highest in the nation.

New Jersey came in second, with the top 5% of residents earning an average of $505,621 annually.

The median yearly income in the U.S. is around $74,600, according to the Federal Reserve Bank of St. Louis. The median income in 2019 before the coronavirus pandemic was $78,250.

The bottom three on the list were Kentucky (No. 1), Alaska (NO. 2) and Alabama (No. 3).