How Much You Need To Be in the Top 5% in Every State

The top 5% of wealthy Americans in 12 states earn more than half a million dollars annually. By comparison, the median household income for those 12 states does not exceed more than $102,000. 

To determine the amount of income needed to be among the top 5% in each state, GOBankingRates sourced factors including household median income, lower limit of household income and average household income for each quintile. The states are sorted into rankings showing the highest average income for the top 5% of household earners.

• The top 5% earn $600,000 or more in Connecticut, California, Massachusetts, New York and New Jersey. These states rank first to fifth in GOBankingRates’ study and are known for having high cost of living.
• There are 12 states where the top 5% earns more than half a million dollars annually: Connecticut ($637,673), California ($619,938), Massachusetts ($619,385), New York ($619,178), New Jersey ($616,334), Washington ($573,110), Colorado ($535,056), Virginia ($534,776), Maryland ($522,117), Illinois ($514,347), New Hampshire ($510,730) and Hawaii ($505,977).
• New York is the only state where the top 5% make seven times more than median households. The top 5% make six times more than median households in 24 states and five times more in 25 states.

From highest to lowest, this is the amount needed to be in the top 5% in every state.

• Average income for the top 5%: $637,673
• Median household income: $93,760
• How much more the average 5% make than median households: 6.8x

• Average income for the top 5%: $619,938
• Median household income: $96,334
• How much more the average 5% make than median households: 6.4x

• Average income for the top 5%: $619,385
• Median household income: $101,341
• How much more the average 5% make than median households: 6.1x

• Average income for the top 5%: $619,178
• Median household income: $84,578
• How much more the average 5% make than median households: 7.3x

• Average income for the top 5%: $616,334
• Median household income: $101,050
• How much more the average 5% make than median households: 6.1x

• Average income for the top 5%: $573,110
• Median household income: $94,952
• How much more the average 5% make than median households: 6x

• Average income for the top 5%: $535,056
• Median household income: $92,470
• How much more the average 5% make than median households: 5.8x

• Average income for the top 5%: $534,776
• Median household income: $90,974
• How much more the average 5% make than median households: 5.9x

• Average income for the top 5%: $522,117
• Median household income: $101,652
• How much more the average 5% make than median households: 5.1x

• Average income for the top 5%: $514,347
• Median household income: $81,702
• How much more the average 5% make than median households: 6.3x

• Average income for the top 5%: $510,730
• Median household income: $95,628
• How much more the average 5% make than median households: 5.3x

• Average income for the top 5%: $505,977
• Median household income: $98,317
• How much more the average 5% make than median households: 5.2x

• Average income for the top 5%: $499,872
• Median household income: $71,711
• How much more the average 5% make than median households: 7x

• Average income for the top 5%: $496,581
• Median household income: $87,556
• How much more the average 5% make than median households: 5.7x

• Average income for the top 5%: $494,328
• Median household income: $76,292
• How much more the average 5% make than median households: 6.5x

• Average income for the top 5%: $489,811
• Median household income: $86,372
• How much more the average 5% make than median households: 5.7x

• Average income for the top 5%: $477,949
• Median household income: $82,855
• How much more the average 5% make than median households: 5.8x

• Average income for the top 5%: $477,622
• Median household income: $89,336
• How much more the average 5% make than median households: 5.4x

• Average income for the top 5%: $471,960
• Median household income: $74,985
• How much more the average 5% make than median households: 6.3x

• Average income for the top 5%: $468,606
• Median household income: $91,750
• How much more the average 5% make than median households: 5.1x

• Average income for the top 5%: $468,603
• Median household income: $76,081
• How much more the average 5% make than median households: 6.2x

• Average income for the top 5%: $467,103
• Median household income: $74,664
• How much more the average 5% make than median households: 6.3x

• Average income for the top 5%: $464,386
• Median household income: $80,426
• How much more the average 5% make than median households: 5.8x

• Average income for the top 5%: $461,017
• Median household income: $76,872
• How much more the average 5% make than median households: 6x

• Average income for the top 5%: $460,558
• Median household income: $75,561
• How much more the average 5% make than median households: 6.1x

• Average income for the top 5%: $453,461
• Median household income: $78,024
• How much more the average 5% make than median households: 5.8x

• Average income for the top 5%: $452,480
• Median household income: $72,421
• How much more the average 5% make than median households: 6.3x

• Average income for the top 5%: $443,291
• Median household income: $69,904
• How much more the average 5% make than median households: 6.3x

• Average income for the top 5%: $435,495
• Median household income: $67,097
• How much more the average 5% make than median households: 6.5x

• Average income for the top 5%: $420,968
• Median household income: $69,922
• How much more the average 5% make than median households: 6x

• Average income for the top 5%: $419,871
• Median household income: $66,818
• How much more the average 5% make than median households: 6.3x

• Average income for the top 5%: $418,188
• Median household income: $74,636
• How much more the average 5% make than median households: 5.6x

• Average income for the top 5%: $418,095
• Median household income: $75,670
• How much more the average 5% make than median households: 5.5x

• Average income for the top 5%: $417,374
• Median household income: $69,680
• How much more the average 5% make than median households: 6x

• Average income for the top 5%: $415,677
• Median household income: $71,773
• How much more the average 5% make than median households: 5.8x

• Average income for the top 5%: $410,472
• Median household income: $68,920
• How much more the average 5% make than median households: 6x

• Average income for the top 5%: $409,636
• Median household income: $71,149
• How much more the average 5% make than median households: 5.8x

• Average income for the top 5%: $400,534
• Median household income: $73,147
• How much more the average 5% make than median households: 5.5x

• Average income for the top 5%: $400,071
• Median household income: $74,815
• How much more the average 5% make than median households: 5.4x

• Average income for the top 5%: $399,162
• Median household income: $75,949
• How much more the average 5% make than median households: 5.3x

• Average income for the top 5%: $398,469
• Median household income: $72,639
• How much more the average 5% make than median households: 5.5x

• Average income for the top 5%: $393,813
• Median household income: $70,051
• How much more the average 5% make than median households: 5.6x

• Average income for the top 5%: $392,351
• Median household income: $63,603
• How much more the average 5% make than median households: 6.2x

• Average income for the top 5%: $389,605
• Median household income: $60,023
• How much more the average 5% make than median households: 6.5x

• Average income for the top 5%: $388,183
• Median household income: $62,027
• How much more the average 5% make than median households: 6.3x

• Average income for the top 5%: $378,797
• Median household income: $62,125
• How much more the average 5% make than median households: 6.1x

• Average income for the top 5%: $372,886
• Median household income: $62,417
• How much more the average 5% make than median households: 6x

• Average income for the top 5%: $364,124
• Median household income: $58,773
• How much more the average 5% make than median households: 6.2x

• Average income for the top 5%: $344,395
• Median household income: $54,915
• How much more the average 5% make than median households: 6.3x

• Average income for the top 5%: $330,270
• Median household income: $57,917
• How much more the average 5% make than median households: 5.7x

Methodology: For this study, GOBankingRates analyzed US states to find how much income you need to be in the top 5% earners in every state. For each state a number of factors were found including total population, population ages 65 and over, total households, household median income, the lower limit of household income for each quintile, and the average household income for each quintile, all were sourced from the US Census American Community Survey. The cost-of-living indexes for each state were recorded from Missouri Economic and Research Information Center and using the national average expenditure costs from the Bureau of Labor Statistics Consumer Expenditure Survey for all households, the average expenditure costs for each state was calculated. The average single family home value was sourced from Zillow Home Value Index and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage and expenditure costs the total cost of living can be calculated and is included as supplemental information. The states were sorted to show the highest average income for the top 5% household earners. All data was collected on and is up to date on April 30th, 2025.