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Old 09-30-2015, 07:21 PM
 
Location: USA
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According to Forbes, here's the Top 10 richest and poorest states as of 2014.

The 10 Richest And Poorest States In 2014 - In Photos: The 10 Richest And Poorest States In 2014 - Forbes

Thought it'd be interesting to share.
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Old 09-30-2015, 07:25 PM
 
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DC is a city but interesting list.
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Old 09-30-2015, 08:25 PM
 
Location: Boston Metrowest (via the Philly area)
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Adjusting for cost-of-living, many of the "wealthiest" states definitely aren't as wealthy as raw numbers would indicate, particularly states like California, New York and Hawaii.

Certainly the super-wealthy congregate on the coasts, but in terms of median income, adjusted by each state's cost-of-living index, many would be surprised to learn that the Midwest/plains states largely win out in terms of having more of a robust, higher-earning middle-class.
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Old 09-30-2015, 08:56 PM
 
Location: Colorado
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Quote:
Originally Posted by Duderino View Post
Adjusting for cost-of-living, many of the "wealthiest" states definitely aren't as wealthy as raw numbers would indicate, particularly states like California, New York and Hawaii.

Certainly the super-wealthy congregate on the coasts, but in terms of median income, adjusted by each state's cost-of-living index, many would be surprised to learn that the Midwest/plains states largely win out in terms of having more of a robust, higher-earning middle-class.
Good point. Hawaii is always high on these lists but it's clear to see that they easily have the lowest standard of living in the country thanks to the outrageous COL.
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Old 10-01-2015, 06:53 AM
 
Location: Howard County, Maryland
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I live in the third richest state! Woo-hoo! That must mean I'm rich! (Right?)

The hidden drawback to living in a place perceived as being "rich" is that the politicians tend to think that this means everyone just has piles of money sitting around, waiting to be taxed. But in reality, a high median income might just mean that wages have to be inflated to deal with the high cost of living. Furthermore, rising property values are meaningless (in terms of disposable income) for as long as you own your home, and actually hurts because property taxes keep going up.

I'd like to see a list (I'm sure it's out there, but I'm too busy counting my money to go and look it up) that shows the places with the greatest positive ratio between median income and median cost of living.
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Old 10-01-2015, 07:28 AM
 
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Quote:
Originally Posted by bus man View Post
I live in the third richest state! Woo-hoo! That must mean I'm rich! (Right?)

The hidden drawback to living in a place perceived as being "rich" is that the politicians tend to think that this means everyone just has piles of money sitting around, waiting to be taxed. But in reality, a high median income might just mean that wages have to be inflated to deal with the high cost of living. Furthermore, rising property values are meaningless (in terms of disposable income) for as long as you own your home, and actually hurts because property taxes keep going up.

I'd like to see a list (I'm sure it's out there, but I'm too busy counting my money to go and look it up) that shows the places with the greatest positive ratio between median income and median cost of living.
lol. exactly. Maryland is always number one in these charts usually but median income is a really poor indicator of quality of life unless you factor in the cost of living.

What I find interesting is the very small population growth in the highest rated states in this article like connecticut and new jersey and maryland and mass. I just find it harder and harder to justify living in a high cost state when you could have so much more for your money in alot of the sunbelt states
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Old 10-01-2015, 07:59 AM
 
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If you live in one of the affluent cities/states where obviously the CoL is higher the smartest thing to do is live very below your means, that's the only way you'll be able to really get ahead so to speak.
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Old 10-01-2015, 08:30 AM
 
Location: Tennessee
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It's because of the affluent that those places remain affluent.
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Old 10-01-2015, 08:48 AM
 
Location: Boston Metrowest (via the Philly area)
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Quote:
Originally Posted by bus man View Post
I'd like to see a list (I'm sure it's out there, but I'm too busy counting my money to go and look it up) that shows the places with the greatest positive ratio between median income and median cost of living.
I was curious myself, also, so I tracked down 2014 numbers from the Census Bureau's latest Current Population Survey for 2014 median household income and divided it by the Missouri Economic Research & Information Center (MERIC's) cost-of-living index 2014 average for each state (for an apples-to-apples comparison). The results are pretty interesting--literally all over the map. For example, the adjusted MHI for NY is shockingly the lowest in the US. California and Hawaii are also in the bottom 10.

Sorry for the rough cut-and-paste, but you can get the gist:

State | MHI-Census Current Population Survey | COLI (2014 Annual Average-MERIC)| Adjusted MHI
Utah 63,383 92.2 68,745.12
Virginia 66,155 97 68,201.03
Minnesota 67,244 101.5 66,250.25
Maryland 76,165 118.9 64,058.03
New Hampshire 73,397 115.6 63,492.21
Iowa 57,810 92.5 62,497.30
Nebraska 56,870 92 61,815.22
Missouri 56,630 93.3 60,696.68
North Dakota 60,730 100.7 60,307.85
Colorado 60,940 101.3 60,157.95
Wisconsin 58,080 97.5 59,569.23
Wyoming 55,690 93.6 59,497.86
Idaho 53,438 90.2 59,243.90
Kansas 53,444 92 58,091.30
Texas 53,875 92.8 58,054.96
Washington 59,068 103.2 57,236.43
Illinois 54,916 96.1 57,144.64
Michigan 52,005 91.8 56,650.33
Delaware 57,522 104.8 54,887.40
Pennsylvania 55,173 102.1 54,038.20
Georgia 49,555 92.9 53,342.30
Indiana 48,060 90.4 53,163.72
Ohio 49,644 94.1 52,756.64
Oklahoma 47,199 90.8 51,981.28
South Dakota 53,053 102.3 51,860.22
New Jersey 65,243 126.7 51,494.08
Massachusetts 63,151 123.4 51,175.85
Vermont 60,708 119 51,015.13
Alaska 67,629 133.2 50,772.52
Montana 51,102 100.8 50,696.43
New Mexico 46,686 92.4 50,525.97
Arizona 49,254 100.2 49,155.69
Nevada 49,875 101.6 49,089.57
Tennessee 43,716 89.3 48,954.09
Arkansas 44,922 92.2 48,722.34
North Carolina 46,784 96.5 48,480.83
Connecticut 70,161 145.2 48,320.25
Rhode Island 58,633 122.4 47,902.78
Oregon 58,875 125.1 47,062.35
Kentucky 42,786 91 47,017.58
California 60,487 128.7 46,998.45
South Carolina 44,929 95.6 46,996.86
Maine 51,710 110.1 46,966.39
Florida 46,140 99.8 46,232.46
Alabama 42,278 92 45,954.35
Louisiana 42,406 95 44,637.89
Hawaii 71,223 163.9 43,455.16
Mississippi 35,521 85.9 41,351.57
West Virginia 39,552 96.9 40,817.34
New York 54,310 133.3 40,742.69
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Old 10-01-2015, 09:10 AM
 
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Median hourly pay is a better measure. The size of the households wary and so does the number of hours worked.
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