How Much You Need To Be ‘Rich’ on the West Coast of the United States
from GoBankingRates, November, 2021 (excerpts)
When it comes to wealthy states, few can compete with California. Despite Elon Musk’s move to Texas, California still has more billionaires than any state in the country. However, there is a big difference between being a billionaire and merely being among the wealthiest in a state or region.
Not only that, but the West Coast is large and varied. If we look to not just California but also to Oregon and Washington and even parts of the Mountain West, we can see there is much more to it than a handful of billionaires. Indeed, there are many levels of income and wealth throughout the region.
To hone in on how much you would need to be “rich” on the West Coast by being among the top 20% of earners or even the top 5%, GOBankingRates conducted a study of U.S. Census Bureau and American Community Survey data. Here, we’ll take a look at a few states on the West Coast (and beyond) that show just how varied the necessary levels of wealth actually are.
We may not always think of Hawaii as a West Coast state since it is completely separated from the lower 48. But, of course, Hawaii is the westernmost state in the U.S. and is surrounded by the Pacific Ocean. The cost of living in Hawaii is known to be particularly high, and incomes follow. The minimum income to be in the top 5% in Hawaii is $150,863; that is second only to California among West Coast states. The averages for the top 20% and the top 5% in Hawaii are $247,294 and $413,913, respectively….
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