Are Residents in New York State Financially Comfortable?

The cost of living keeps on going up and up. The median yearly income in the United States is approximately $81,000, according to the latest data from the Federal Reserve posted at WalletHub. Where does the average New Yorker fall among the income scale?

Measuring income and wealth across New York state can be a bit tricky. Some areas are doing quite well, as the state's Gross Domestic Product ranked third overall in the country, according to numbers collected through the NY State Comptroller's website.

See Also: Best and Worst Small Towns in New York to Start a Business

But other towns are hurting. Officials from anti-poverty organizations have stated that "poverty across New York State remains unconscionably high".

Are Residents in New York State Financially Comfortable?

To give some insight of how New Yorkers and other Americans are faring across the country, the website WalletHub analyzed all 50 states and the District of Columbia based on three key factors: the average annual income of the top 5%, the average income of the bottom 20%, and the median income for all residents.

According to the findings, New York is the state where people have the third-highest income, after taking into account the top 5%, bottom 20% and median earnings.

The average annual income of the top 5% of earners in New York is $575,505, which WalletHub says is the highest in the country. However, the bottom 20% of earners make an average of $13,647 per year, which ranks 45th out of the 50 states and D.C.

WalletHub reports that the median annual income in New York is $95,033, which ranks as the 15th-highest in the nation.