Illinois Has One Of The Highest State Incomes In America For The Rich

Want to live where the money is?  These are the top states in America that have the highest incomes.  Including Illinois.

But, is that higher income happening for everyone in Illinois or just the top of the income food chain?

The States With The Highest Income Include Illinois

The median yearly income in the U.S. is approximately $81,000, according to the latest data from the Federal Reserve.

A new study figured out the top states for income using three key metrics.

• Average Annual Income of Top 5% (adjusted for cost of living)
• Median Annual Income (adjusted for cost of living)
• Average Annual Income of Bottom 20% (adjusted or cost of living)

When all those factors are added in Illinois is the 9th best state for Highest Income.

Those numbers shift a bit when you look at each metric being used in the study.

Illinois is actually 5th for the average annual income of the top 5%.  So that means the top of the income chain is doing great.

However, the median income is ranked 23rd in the nation.  So the average person isn't doing as great.

And, the bottom of the income ladder is also in a rough spot, ranked 23rd in the country.

So while each metric together paints a rosy picture for income in the state of Illinois, the breakdown shows that it's just the top of the chain making way above the national average.  The rest of the state is at the average.

Is This Common For All The Country Or Just Illinois?

According to the study, “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.”