How Large Is the Texas Income Gap? You Might Be Surprised
The median Texas household income is $51,926, but the richest 1 percent of Texans average almost $1.5 million annually.
While that’s a staggering income gap, it’s not necessarily uncommon when looking at what the nationwide average is.
Moneytips lays it all out in a chart showing the household median incomes compared with the top 1 percent in every state. Texas ranks toward the bottom of the second quarter of the richest states in the US.
According to this chart, one of the most interesting figures is why the top 1 percent of income earners seem to live in, of all places, Wyoming. (Think: Power…natural gas, coal, wind)? Logic might have it that the so-called “rich kids” might choose to reside in the Big Apple, exotic Hawaii or maybe in the Golden State of California. However, like Texas, both Hawaii and California are also seated in the second quarter, while New York is actually below us in the third quarter with a median income of only $47,680.
The good news is that Texas has a great cost of living, and chances are if you’re right in the Texas median income level, you are making more than our neighbors in New Mexico, Oklahoma and Louisiana, and more than folks with far higher costs of living in states like Florida, Oregon, Nevada and the above mentioned New York.
Considering a move? Try Maryland and maybe become a crab fisherman? The median income tops the list there at $71,836.
Word to the wise: Avoid at all costs a relocation that takes you out of the Lone Star State and plops you down in Mississippi, as the median income there is only $36,641.