Texas

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

Published

7 months ago

June 23, 2024

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

(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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Texas

Arctic blast to cause three First Alert Weather Days in North Texas

Published

13 minutes ago

January 19, 2025

Press Room

Arctic blast to cause three First Alert Weather Days in North Texas – CBS Texas

Watch CBS News

First Alert Weather Days have been issued from Sunday to Tuesday due to an incoming Arctic blast. North Texas is expected to experience significantly colder temperatures and potentially hazardous conditions during this period.

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Texas

After a battle that split the GOP, Texas leaders select a new Speaker of the Texas House

Published

8 hours ago

January 18, 2025

Press Room

After a battle that split the GOP, Texas leaders select a new Speaker of the Texas House

After a contentious battle that split Texas House Republicans, State Representative Dustin Burrows of Lubbock was elected Speaker. In the second round of voting, he defeated his fellow Republican David Cook of Mansfield, 85 to 55 votes.

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Texas

Texas football: Which former Longhorns are paying in the NFL postseason?

Published

16 hours ago

January 18, 2025

Press Room

Texas football: Which former Longhorns are paying in the NFL postseason?

The Texas football season is over, but the NFL playoffs are underway.

The Longhorns sent a record 11 players into the NFL with the 2024 NFL draft and will send even more in 2025. The ultimate goal for those potential draftees will be to make the playoffs — just like a couple of Texas-exes who will be playing with a chance to advance past the divisional round this weekend.

WATCH TEXANS VS CHIEFS HERE

The upcoming games include the Houston Texans vs the Kansas City Chiefs and the Washington Commanders vs the Detroit Lions on Saturday and the Los Angeles Rams vs the Philadelphia Eagles and the Ravens vs the Bills on Sunday. The victors this week will move onto the conference title games, just one win away from the Super Bowl.

From big contributors to backups on the roster, here are the former Texas players left in the NFL playoffs.

Xavier Worthy, Kansas City Chiefs WR

The Kansas City Chiefs drafted Xavier Worthy in the first round of the 2024 NFL draft after the former Texas receiver ran the fastest 40-yard dash in NFL combine history.

When he was initially drafted fans believed Worthy would unlock Mahomes’ deep ball, reminiscent of Tyreek Hill’s prime days with the quarterback. However, Worthy’s role has been in the short passing game. He has 638 receiving yards this season with 416 of them coming after the catch according to Pro Football Focus. Worthy and the Chiefs will face the Houston Texans in the divisional round.

Charles Omenihu, Kansas City Chiefs DL

After tearing his ACL in the AFC Championship against the Baltimore Ravens, Charles Omenihu has returned to the lineup for another playoff run with the Chiefs.

Omenihu has played in six games this year and has collected six tackles and a sack. Last season, however, Omenihu was having a career season on the defensive line. The former Longhorn had 28 total tackles and seven sacks before the injury took him out for the Chiefs’ Super Bowl matchup against the San Francisco 49ers.

Jordan Whittington, Los Angeles Rams WR

Drafted in the sixth round by the Los Angeles Rams in 2024, Jordan Whittington earned a spot on the roster through his gritty playstyle and willingness to do whatever the team needs. He has 293 yards on 22 catches this season.

With wide receivers Puka Nakua and Cooper Kupp receiving the Lions’ share of targets, Whittington won’t see much pass-catching action in the playoffs. The Rams mostly use him as a run blocker and on special teams. He and the Rams will face the Philadelphia Eagles in the divisional round.

Justin Tucker, Baltimore Ravens K

One of the best kickers of all time, Justin Tucker has not been his usual stellar self.

He’s made 22 of his 30 attempts this season, for a 73.3% hit rate. It’s nearly 10% lower than his previous career low of 82.5% and it’s already cost the Ravens a few wins. The good news for Baltimore fans is Tucker has gone 21-of-21 on extra points and field goals since a disastrous three-of-six outing against the Eagles in early December.

The Ravens matchup with the Buffalo Bills in the divisional round.

Sam Cosmi, Washington Commanders OL

Drafted in the second round of the 2021 NFL draft by the Commanders, Sam Cosmi has quietly become one of the more reliable offensive guards in the league.

The Commanders’ offensive line has seen shuffle after shuffle over the past few seasons. Cosmi has been incredibly reliable for Washington, and they subsequently rewarded him with a four-year, $74 million deal this past offseason. The Commanders will face the Detroit Lions in the divisional round.

Andrew Beck, Houston Texans FB

Beck alternates between the Texans’ practice squad and their roster. He does not have a solid role and has played in four games this season.

Kris Boyd, Houston Texans DB

He has eight tackles on the season and likely won’t see much action against the Chiefs in the divisional round unless there is an injury.

Boyd has played sparingly for the Texans as the second-string cornerback behind Derek Stingley Jr., who’s having an All-Pro caliber season.

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