To determine the average income residents earn in each state and Washington, D.C., financial website GOBankingRates analyzed data from the U.S. Census Bureau's 2017 American Community Survey and the Economic Policy Institute's income inequality report.
Here's what how much you have to earn to be in the top 5% in New York state:
- Average top 5% annual income: $480,780
- Minimum threshold needed to make the top 5%: $250,000
"New York is one of the eight states (including Washington, D.C.) that require at least $250,000 in income to crack the top 5%," GOBankingRates reports. The list also includes notoriously pricey places such as California, Connecticut and New Jersey.