Study: Indiana ranks 32nd in overall income

(WIBC) — Indiana is in the bottom half of states when it comes to overall income, according to a new study from the financial website Wallethub.

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 of each state’s residents.

Indiana ranked 32nd in that study. Wallethub researchers said Indiana’s average annual income in the top 5% was $399,270 while the average for the bottom 20% was $16,670. The median income came in at $64,170, which is 15th best in the U.S.

“The highest-earning 10% of individuals in the United States earn over 12 times more than those in the lowest-earning 10%, based on the latest Census data. By measuring the income of various percentiles against a state’s median income, we can better identify where income disparities are more prevalent, which could help us better understand why residents of certain states struggle more to make ends meet,” said Wallethub financial analyst Cassandra Happe.

Virginia was ranked #1 in the study with an average annual income in the top 5% as $518,296 and the average for the bottom 20% at $18,694. Its median income was $89,393.

West Virginia came in last.