South-Carolina

How much money do you need to make to be in the top 5% in South Carolina?

Published

7 months ago

June 22, 2024

How much money do you need to make to be in the top 5% in South Carolina?

(NEXSTAR) – The disparity between the income that an average U.S. resident brings in yearly compared to those sitting at the top of earners in each state has always been a major topic of discussion.

In fact, WalletHub states that “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.”

And while looking up what the “average salary” is across the country, ($74,600, according to the latest data from the Federal Reserve), appears to give a solid idea of how far off most Americans are from the 5% club, a closer look at the high-end salaries reveals that the disparity is even more stark.

WalletHub broke down the income of all 50 U.S. states and Washington D.C into three different groups: the average annual income of the top 5%, the average for the bottom 20%, and the median for all of each state’s residents.

Landing at No. 1 was New York where the top 5% makes about $553,000 a year. That’s almost $35,000 more than the next two highest states and nearly $100,000 more than the 10th-ranked state.

While the top 5% is thriving in the Empire State, its bottom 20% is falling well short, ranking 44th in salary with $13,301.

Right behind New York is Connecticut and Virginia where the average is about $518,000 apiece. Followed by New Jersey and Illinois which are both hovering around $505,000.

The state with the lowest top 5% threshold is Alaska, where earning roughly $321,000 will get you into the club. Hawaii and Vermont aren’t far behind where the top 5% makes about $334,000.

Check out what you need to make in your state:

Rank	State	Average Annual Income of Top 5%	Median Annual Income	Average Annual Income of Bottom 20%
1	New York	$553,436	$91,366	$13,301
2	Connecticut	$518,757	$114,156	$14,576
3	Virginia	$518,296	$89,393	$18,694
4	New Jersey	$505,621	$117,847	$16,445
5	Illinois	$504,800	$78,304	$16,192
6	Georgia	$487,870	$66,612	$16,472
7	Texas	$481,483	$70,513	$16,802
8	Washington	$474,067	$103,748	$18,223
9	Florida	$470,308	$68,818	$15,375
10	Massachusetts	$466,208	$127,760	$13,689
11	Minnesota	$464,981	$86,364	$19,797
12	Colorado	$456,603	$97,301	$18,451
13	California	$454,829	$123,988	$13,949
14	Tennessee	$453,539	$59,077	$15,679
15	District of Columbia	$450,892	$162,265	$9,011
16	North Carolina	$450,592	$63,025	$15,836
17	Utah	$448,195	$89,786	$22,491
18	Michigan	$446,114	$62,446	$17,019
19	Missouri	$446,069	$59,715	$16,821
20	Pennsylvania	$445,261	$74,711	$15,801
21	Ohio	$436,922	$61,904	$16,188
22	Maryland	$427,135	$124,693	$16,647
23	Arizona	$424,913	$74,375	$16,604
24	Kansas	$423,517	$68,489	$17,176
25	Nebraska	$416,325	$72,384	$17,380
26	Arkansas	$416,224	$51,032	$14,069
27	South Carolina	$412,771	$62,909	$13,996
28	Kentucky	$411,897	$55,629	$13,800
29	Oklahoma	$405,113	$57,215	$15,205
30	Idaho	$403,737	$70,041	$18,372
31	Delaware	$402,989	$87,173	$16,930
32	Wisconsin	$402,256	$72,602	$17,973
33	Nevada	$401,062	$80,366	$14,472
34	New Hampshire	$400,343	$110,205	$18,075
35	Indiana	$399,270	$64,170	$16,670
36	Alabama	$398,584	$55,480	$13,242
37	Montana	$395,720	$68,937	$15,337
38	Louisiana	$395,155	$56,282	$11,504
39	Iowa	$395,093	$68,974	$17,621
40	South Dakota	$393,809	$69,266	$17,252
41	North Dakota	$387,548	$79,874	$15,661
42	Wyoming	$387,280	$76,307	$16,199
43	Oregon	$377,399	$91,100	$14,720
44	Mississippi	$377,040	$46,880	$12,168
45	Rhode Island	$353,721	$104,252	$12,668
46	New Mexico	$351,972	$58,911	$11,944
47	West Virginia	$345,239	$52,719	$12,477
48	Maine	$338,866	$79,800	$13,749
49	Vermont	$334,470	$89,695	$14,477
50	Hawaii	$334,369	$141,832	$14,014
51	Alaska	$321,634	$113,934	$15,646

(Credit: WalletHub)

As for what state’s residents make the most money on average, Washington D.C. finished with the highest median income of $162,265. Unfortunately, D.C. also finished with the lowest salary for the average annual income of the bottom 20%, with $9,011.

Other states that had a high median income were Hawaii ($141,832), Massachusetts ($127,760), Maryland ($124,693), and California ($123,988).

These states with a smaller gap between the average earner and the top 5% make it easier to make the jump, but it’s still difficult.

According to GoBankingRates, it will take a variety of factors to make that jump. First, you need a steady increase in income. This could mean you are making better financial decisions, investing wisely, or perhaps experiencing career advancements.

Another factor is maybe having a solid investment strategy, look to see that you are getting positive returns on your investment and that you have a well-diversified portfolio.

Finally, prioritize your long-term financial stability. Look to prioritize saving over short-term pleasures.

And if you’re looking to go even higher than the top 5%, Forbes found that to be one of the top 1% of earners in the U.S., you need to bring in an annual salary of at least $597,815, so start saving up!

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South-Carolina

WATCH: Oklahoma HC Porter Moser, Players South Carolina Postgame

Published

3 minutes ago

January 19, 2025

Press Room

WATCH: Oklahoma HC Porter Moser, Players South Carolina Postgame

CARSON FIELD

Carson Field has worked full-time in the sports media industry since 2020 in Colorado, Texas and Wyoming as well as nationally, and he has earned degrees from Arizona State University and Texas A&M University. When he isn’t covering the Sooners, he’s likely golfing, fishing or doing something else outdoors.
Twitter: https://x.com/carsondfield

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South-Carolina

‘Arctic air’: Officials urge South Carolina to prepare for extreme cold

Published

8 hours ago

January 18, 2025

Press Room

‘Arctic air’: Officials urge South Carolina to prepare for extreme cold

COLUMBIA, S.C. (FOX Carolina) – On Saturday afternoon, officials with South Carolina’s State Emergency Division urged the state’s residents to prepare for winter weather and extreme cold.

Officials stressed the importance of taking action now to ensure safety during the cold.

“Arctic air is expected to move into the state Sunday night, with the possibility of snow and ice impacting parts of the state on Tuesday and Wednesday,” officials said.

Officials encouraged residents to take the following precautions:

Assemble an emergency kit with non-perishable food, water, medications, flashlights, batteries, a first-aid kit, and important documents. Ensure the kit can sustain your household for at least three days.
Insulate exposed pipes and let faucets drip overnight to prevent freezing and bursting.
Prepare alternative heating sources, such as ensuring you have enough dry, seasoned wood for your fireplace. Keep fire extinguishers accessible, and make sure everyone knows how to use them.
Keep kerosene heaters and generators outside, properly vented, and away from flammable materials. Never use a portable generator indoors.
Check on pets and ensure they have access to food and water, while also protecting them from the cold by keeping them indoors if possible.
Keep an emergency supply kit in your vehicle with essentials like water, snacks, and a flashlight for unexpected situations.
Be cautious when walking or driving on ice, particularly black ice.
Limit travel, especially during freezing conditions or overnight when temperatures are expected to drop.
If travel is essential, slow down, increase your following distance, and remain alert.
In the event of a minor collision without injuries, move your vehicle off the road and call local law enforcement or dial *HP (*47) for assistance.
Share your travel plans with family or friends, including your destination and estimated time of arrival.

You can download the FOX Carolina First Alert Weather app for more updates on incoming weather.

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South-Carolina

Dawn Staley’s $25M extension ensures she will remain force in women’s basketball

Published

16 hours ago

January 18, 2025

Press Room

Dawn Staley’s M extension ensures she will remain force in women’s basketball

The notification popped up on Aliyah Boston’s phone late Friday morning, moments before she left the locker room and headed to the Unrivaled practice court.

South Carolina’s legendary coach Dawn Staley had signed a $25 million extension that locked her in through the 2029-30 season and made the Hall of Famer the richest coach in women’s college basketball history.

Boston almost texted Staley to ask where her college coach was planning to take her to dinner to celebrate. But Boston’s congratulatory message would have to wait until after shootaround.

“That’s pretty dope,” Boston said. “What Coach Staley has done for women’s basketball and how much she just advocates for us, especially, for one, being an investor in Unrivaled, you see how much she puts into the sport, and so I’m so glad that it’s coming back for her.”

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