This Michigan Income Means You’re Rich
Have you ever wondered what it takes to be officially rich these days? It’s kind of a superficial question, but it’s a common one. With inflation and the rising cost of living, it’s even more difficult to figure out just what “rich” means. So, what Michigan income makes you “rich” in the state? One new study will give you the answer.
GoBankingRates has released its list of what income you have to earn in each state to be considered rich. Of course, the numbers vary widely. That’s become the cost living changes drastically depending on where you live. “For example, if you live in New York or California, you’ll need to earn about four times the median income to crack the top 10%,” they explain. “In other states, like Utah, the top 10% of incomes are more like three times as large as median salaries.” So, to help highlight the disparities, GOBankingRates used U.S. Census Bureau data from the 2021 American Community Survey to find top quintile (20%) income and the amount earned by the top 10% of earners in each state. “GOBankingRates then compared this figure to the overall median household income in the U.S. for context,” they explain.
So, what Michigan income makes you “rich” in the Keystone State? According to the study, the median income in Michigan is $63,202. The top 10% income is $213,981. So, if you make above $213,981, then congratulations, because you’re officially rich. Are you surprised at that number? Here’s some information on how it stacks up. “If you’re a top 10% earner in Michigan, you’re pulling down 239% of what median income workers make,” GoBankingRates explains. They don’t really go into detail on how Michigan compares to other states, but our top 10% income seems slightly below average. Find the full study of what you need to earn to be rich in all of the states here.
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