How Much Money Do You Need To Be Rich In North Carolina?
Nowadays it feels like getting rich in North Carolina is a goal that’s becoming more and more difficult to achieve. A salary that may have had you sitting pretty 15 or 20 years ago doesn’t even feel like enough to cover a month’s worth of groceries now. But how much money does one need to make in order to be considered “rich” in North Carolina?
How To Determine The Definition of “Rich in North Carolina”
A new report from the banking company GOBankingRates analyzed finance information from American Community Surveys between 2017-2022, as provided by the United States Census Bureau. The report determined its definition of wealth by comparing each state’s median income, average income of the top 20% earners, and average income of the top 5% earners across those five years.
Basically speaking, if you’re in the top 5% of earners in a given state, you are considered “rich” by that state’s standards. As the report shows, the income required to be classified as rich has taken a dramatic hike in every state, with a few states even reporting an increase of over 40% over the past 5 years.
How Much Money Do North Carolinians Need To Be Rich?
According to the study, in order to be rich in North Carolina you now need an average yearly income of $429,071. Your stomach also dropped reading that, right?
This notes an increase of over 31% from North Carolina’s 5% earners in 2017, which was an average income of $324,148.
Which State Has The Lowest Threshold for Being Rich?
The report concluded that West Virginia is the state with the lowest threshold for being considered rich. In 2022 the average income of the top 5% earners in West Virginia was $329,620.
This makes sense given how low the cost of living is in the Wild and Wonderful. I actually lived in West Virginia for five years, and while I never attained a life of fabulous wealth due with my broadcaster budget, I was able to live within my means and still have enough leftover to splurge on other expenses.
So if you wish to be considered especially wealthy, West Virginia would be your best bet. And if you ever do end up becoming rich in North Carolina, I think we should definitely become best friends.