What Hoosier household income qualifies as Indiana’s top 1% of earners?
(WISH) — Compared to other states, an analysis says, Hoosiers don’t have to make that much money to be considered in the top 1% of earners.
That’s not necessarily a good thing or a bad thing.
An analysis released July 17 from SmartAsset looked at data from the IRS and the US. Bureau of Labor Statistics. Indiana ranked 42nd among the states for the amount of income it takes for a household of Hoosiers to be in the state’s top 1% of earners.
The analysis put Indiana’s top 1% income threshold for a household at $473,685. Compare that to the national threshold of $652,657.
The SmartAsset analysis said, “Washington D.C.’s top 1% earn more than $1 million. If our nation’s capital were a state, it would rank No. 1 overall in our study. That’s because households aren’t considered part of the top 1% if they don’t earn at least $1,013,698 in 2023.”
Connecticut, Massachusetts, California, New Jersey and Washington state ranked in the top five. State below Indiana’s 42nd ranking were, from 43rd to 50th, Alabama, Oklahoma, Louisiana, Arkansas, Kentucky, New Mexico, Mississippi and West Virginia.
CNBC said of the analysis, “While residents in more urban states tend to earn more, they also generally have a higher cost of living, which somewhat offsets those larger incomes.”