South-Carolina

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

Published

5 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

Top 2027 signal-caller recaps 'perfect' couple of days at South Carolina

Published

8 hours ago

November 19, 2024

Press Room

Top 2027 signal-caller recaps 'perfect' couple of days at South Carolina

Jupiter (Fla.) Spanish River quarterback Champ Smith is one of only a handful of quarterbacks in the 2027 class with an offer offer from South Carolina and the 6-foot-1, 175-pound signal caller was in Columbia over the weekend to get an in-depth look at the program as it took down Missouri in a thriller.

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South Carolina just outside top 12 in ESPN FPI rankings

Published

15 hours ago

November 18, 2024

Press Room

South Carolina just outside top 12 in ESPN FPI rankings

South Carolina football coach Shane Beamer has his Gamecocks at 7-3 and ranked in the top 20. Both the AP Poll and the USA Today Coaches Poll dropped on Sunday, USC is No. 19 in each ranking. The College Football Playoff Rankings will be updated on Tuesday, and Carolina will be in the top 20 there, too.

However, the ESPN FPI (Football Power Index) has been higher on the Gamecocks for a while. In fact, the latest FPI update slotted South Carolina just outside of College Football Playoff territory.

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Based on ESPN’s FPI rankings, the Gamecocks are the 13th-best team in college football.

The move to 13th is just a one-spot jump for South Carolina. However, with an upcoming matchup against No. 12 (Clemson) and several top teams having to play each other (Indiana vs. Ohio State, etc.), the small step closer to the top 12 represents hope. Making the College Football Playoff is still a bit of a longshot, but the odds are shortening.

The Gamecocks’ No. 13 ranking stems from a nice combination of efficiency numbers. According to ESPN, strong recent play has bumped USC to No. 46 nationally in offensive efficiency. South Carolina ranks 5th in ESPN’s defensive efficiency metric. Special teams isn’t weighted as heavily, but the Gamecocks are 70th. Because of those numbers, Carolina is 17th in the ESPN FPI overall efficiency.

With the update, the FPI gives the garnet and black a much better chance of a great season. The predictive model now projects a final record of 8.4-3.6. South Carolina has won at least nine games in a season just seven times. They’ve won at least 10 games in just four seasons; those years were 1984, 2011, 2012, and 2013. Reaching both the 9-win and 10-win thresholds are on the table.

Based on ESPN’s percentages, the Gamecocks have a 41.9% chance to win their remaining regular season games. That includes a 99% chance to knock off Wofford and then a 42% chance to beat the rival Clemson Tigers. The outlet also gives Carolina a 10.9% chance to win out AND make the College Football Playoff at 9-3. Even if they don’t make the 12-team field, USC should find themselves in a nice bowl game this winter.

[Win two tickets to the South Carolina-Wofford football game]

Because they are an FCS team, the Wofford Terriers are unranked in the FPI. However, the Spartanburg-based squad is 5-6 on the season and 3-5 in SoCon play.

Saturday will be South Carolina’s final home contest of the season, and the Gamecocks and Terriers will kick off at 4:00 p.m. Fans not in attendance will have to stream the game on ESPN+ or SEC Network+.

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South-Carolina

South Carolina's latest bowl projections following another SEC win

Published

23 hours ago

November 18, 2024

Press Room

South Carolina's latest bowl projections following another SEC win

Shane Beamer’s South Carolina football team is 7-3 (and 5-3 in conference play). The Gamecocks have won four games in a row and have finished their SEC slate with a winning record for the first time since 2017.

Carolina’s most recent win—a wild ride that concluded with a Rocket Sanders touchdown and subsequent celebration that registered as an earthquake on seismographs—saw the Gamecocks finally defeat the Missouri Tigers after losing five straight Mayor’s Cup games in a row.

Thanks to the win streak, including three straight ranked wins, the national perception around South Carolina is improving.

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ESPN’s Mark Schlabach and Kyle Bonagura released their updated bowl season projections on Sunday. Like last week, both analysts picked the Reliquest Bowl (formerly called the Outback Bowl) as the Gamecocks’ winter destination. However, the colleagues traded their predicted USC opponents. Previously, Schlabach thought the Gamecocks would play Illinois, while Bonagura foresaw a meeting with the Iowa Hawkeyes. In this week’s update, Schlabach went with Iowa, while Bonagura picked Illinois. South Carolina and Illinois have never played, but the Gamecocks have played Iowa once previously.

CBS analyst Jerry Palm, who was late to acknowledge South Carolina as a bowl team, now projects USC to play against the Louisville Cardinals in the Gator Bowl. Carolina’s most recent trip to the Gator Bowl came in a 2022 loss to Notre Dame. The Gamecocks also fell three times in the Gator Bowl in the 1980s. Despite being old Metro Conference rivals in basketball, South Carolina and Louisville have never met on the gridiron.

Steve Lassan of The Athletic projected the Gamecocks to the Reliquest Bowl. The Tampa-based postseason contest has hosted USC five times previously. In Lassan’s view, the 2024 South Carolina football squad will match up with the Iowa Hawkeyes in the Reliaquest Bowl. Though Carolina is 4-1 in previous Reliaquest/Outback Bowls, the program’s one loss in the game came to Iowa. The loss following the 2008 season was the only time the Gamecocks and Hawkeyes have played.

Brett McMurphy of the Action Network also thinks South Carolina will end up in Tampa playing the Iowa Hawkeyes in the Reliaquest Bowl.

[Win two tickets to the South Carolina-Wofford football game]

Now with seven wins and likely at least one more remaining, South Carolina football fans expect their favorite team to play in a nice bowl. In fact, if a lot of things break the Gamecocks’ way, the College Football Playoff could come calling. The chances are small, but following the team’s recent strong play, those chances are improving.

Next up for South Carolina is an in-state battle against the FCS Wofford Terriers. The Terriers will make the drive down I-26 to Columbia for a 4:00 p.m. kickoff. ESPN+ and SEC Network+ will stream the game as it is not available on traditional television.

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