This is how much money you must earn in NC to be considered rich, new report shows

Job salaries and the cost of living can vary greatly across the country, and a new report is revealing just how much money you need to earn in each state to be considered rich.

Using data from the U.S. Census Bureau, GOBankingRates’ study details how the ‘definition of being rich’ has changed over five years between 2017 and 2022. According to the study, the average income may be $500,000 or more for those in the top 5 percent in some parts of the U.S.

But how does North Carolina compare, and how much is needed to earn to be considered rich in our state?

How has the definition of ‘rich’ changed North Carolina?

• Five-year change in average income of top 5%: 32.37%

• 2022 average income of top 5 percent: $429,071

• 2017 average income of top 5 percent: $324,148

Of all the states, North Carolina was among the top 20 that had the largest increase in average income of the top 5%, the report shows.

In comparison, Washington is at the top of the list with the biggest five-year percentage increase in average income of the top 5 percent — $544,518 being the average income in 2022 versus $378,374 in 2017.

North Dakota is the state with the lowest increase in average income with $418,541 as the average income in 2022 versus $364,954 in 2017.

Here’s a look at which other states had the most income increases between 2017 and 2022:

Top 10 States with Largest Income Increases:

Washington

• Five-year change in average income of top 5 percent: 43.9%

• 2022 average income of top 5 percent: $544,518

• 2017 average income of top 5 percent: $378,374

Nevada

• Five-year change in average income of top 5 percent: 40.41%

• 2022 average income of top 5 percent: $449,872

• 2017 average income of top 5 percent: $320,403

Idaho

• Five-year change in average income of top 5 percent: 40.34%

• 2022 average income of top 5 percent: $402,743

• 2017 average income of top 5 percent: $286,974

South Carolina

• Five-year Change in average income of top 5 percent: 37.65%

• 2022 average income of top 5 percent: $408,138

• 2017 average income of top 5 percent: $296,503

California

• Five-year change in average income of top 5 percent: 37.21%

• 2022 average income of top 5 percent: $613,602

• 2017 average income of top 5 percent: $447,207

Utah

• Five-year change in average income of top 5 percent 36.96%

• 2022 average income of top 5 percent: $463,437

• 2017 average income of top 5 percent: $338,384

Oregon

• Five-year change in average income of top 5 percent: 36.15%

• 2022 average income of top 5 percent: $448,649

• 2017 average income of top 5 percent: $329,517

Arkansas

• Five-year change in average income of top 5 percent: 36.02%

• 2022 average income of top 5 percent: $377,043

• 2017 average income of top 5 percent: $277,187

Montana

• Five-year change in average income of top 5 percent: 35.89%

• 2022 average income of top 5 percent: $411,205

• 2017 average income of top 5 percent: $302,605

Nebraska

• Five-year change in average income of top 5 percent: 35.77%

• 2022 average income of top 5 percent: $420,169

• 2017 average income of top 5 percent: $309,480

You can find the full report on how wealth has changed in each state across the U.S. online at www.gobankingrates.com.

This story was originally published June 5, 2024 at 7:00 AM with the headline "This is how much money you must earn in NC to be considered rich, new report shows."

Chyna Blackmon

The Charlotte Observer

Chyna Blackmon was a service journalism reporter for The Charlotte Observer. A native of the Carolinas, she grew up in Columbia, SC, and graduated from Queens University of Charlotte. She’s also worked in local television news in Charlotte, NC, and Richmond, VA. Support my work with a digital subscription