Delaware ranks 10th in median household income despite a sharp drop as the state struggled to emerge from the recession, based on U.S. Census figures.
Delaware’s median household income declined from more than $62,000 in 2008 to $58,415 last year. Aiding the state was the a high percentage of jobs in banking an finance, an area with higher pay scales.
The decline in median income has been cited as a factor in the slow recovery of the state that has turned into a debate over the performance of the economy in recent weeks, with the release of a Moody’s Analytics report indicating that Delaware is the only state at risk of falling into a recession.
That assertion has been criticized by the administration of Gov. Jack Markell and others who point to other positive signs for the economy that include the still-high median income level.
Neighboring Maryland was the only state in the country with a median household income to exceed $70,000 in both 2011 and 2012.
Nearly 11% of households in Maryland earned $200,000 or more last year, the third-highest percentage in the nation and close to double the national rate of 5.9%. People in Maryland were more likely to be employed and to hold good jobs. Much of the economic wealth in Maryland is concentrated in the Washington, D.C. metro area.
Click on the link below for a look at the richest and poorest states from 24/7 Wall Street.