This map highlights the average net worth in every state

Your nett worthy is the quality betwixt what you ain (assets) and what you beryllium (liabilities). This fig is important due to the fact that it provides a wide snapshot of your wide fiscal health. Tracking your nett worthy helps you find whether you're gathering wealthiness oregon accumulating indebtedness implicit time.

According to the Federal Reserve’s 2022 Survey of Consumer Finances (the astir caller survey available), the median nett worthy for each families successful the United States is $192,300. The mean (or average) nett worthy is $1.06 million.

Several factors tin interaction your nett worth, including wherever you live. Curious however your nett worthy compares to the remainder of the country? Learn much astir the mean nett worthy successful each authorities and wherefore it varies.

The representation beneath shows some median and mean figures for nett worthy successful each state.

Keep successful caput that the mean/average tin beryllium skewed higher by highly affluent individuals. That’s wherefore it’s adjuvant to look astatine the median, which refers to the mediate fig successful a sorted information acceptable — precisely fractional of the information points are supra it and fractional below. The median is little affected by utmost outliers, truthful it gives a much realistic representation of a emblematic person's nett worth.

Why does nett worthy alteration truthful overmuch betwixt states? There are respective factors that tin interaction the emblematic nett worthy successful a definite area:

• Cost of living: Higher surviving costs successful immoderate states marque it harder for residents to prevention oregon put due to the fact that much of their income goes toward paying for essentials.

• Property values: Home equity often makes up the bulk of nett worth. So, successful states with higher spot values, nett worths besides thin to skew higher.

• Income: States with higher incomes connected mean besides typically person higher mean nett worths.

• Local economy: Strong economies and much employment opportunities successful definite states thin to positively interaction wide fiscal well-being.

Hawaii ranks arsenic the authorities with the highest nett worthy wherever the median is $472,600. Although Hawaii has a higher outgo of surviving than astir different states, the mean wage is besides rather precocious astatine $65,030, according to information from Empower. Additionally, homeowners bask elevated spot values; the mean location worth successful Hawaii is $841,274, according to Zillow, versus the nationalist mean of $361,263.

The second-highest median nett worthy successful the U.S. belongs to Washington astatine $375,100. The mean debt-to-income ratio (DTI) successful Washington sits astatine astir 1.5, which is considered mean compared to different states. The mean wage successful Washington is besides $78,130, portion the mean spot worth is $603,837 — astir treble the nationalist average.

Massachusetts residents person a median nett worthy of $308,400, acknowledgment to little indebtedness levels and higher incomes and location values. The mean DTI successful Massachusetts is 1.2, portion the mean wage is 1 of the highest connected our database astatine $80,330. The mean spot worth successful the authorities is $635,252.

4. Maine: $307,100

Maine residents person a median nett worthy of $307,100, with an mean DTI of 1.48. The mean wage successful Maine ($60,000) is connected the little extremity compared to different states connected this list. Property values are besides little compared to different states, but astatine $400,642, they're inactive good supra the nationalist average.

In Utah, residents person a median nett worthy of $305,600. The mean DTI successful Utah is 1.8, and the mean income is $61,070. Utah has the third-highest mean spot worth connected this database astatine $530,787.

Read more: How overmuch wealth is considered rich?

West Virginia is the authorities with the fifth-lowest median nett worthy astatine $96,740. The mean DTI successful West Virginia is conscionable nether 1.2, and the mean wage is $52,200. The mean spot worth is $167,589, which is little than fractional the nationalist average.

In Arkansas, the median nett worthy is $93,480 — little than fractional the nationalist average. The mean DTI is 1.2, and the mean wage is $51,250. Property values successful Arkansas are somewhat higher than West Virginia astatine $210,633.

In Alabama, the median nett worthy is $90,200 — besides little than fractional the nationalist average. The mean DTI successful Alabama is implicit 1.3, and the mean wage is $53,400. Despite having little mean salaries and higher levels of debt, homeowners successful Alabama are astatine a flimsy vantage compared to the erstwhile 2 states due to the fact that the mean spot worth is $228,669.

Mississippi has a median nett worthy of $82,440. Residents person an mean DTI of 1.4, portion the mean wage is connected the little extremity astatine $47,570. Property values successful Mississippi are immoderate of the lowest successful the state astatine $181,232, connected average.

The authorities with the lowest nett worthy is Louisiana, with a median nett worthy of $71,900. The mean wage successful Louisiana is $53,440, and the mean DTI is 1.3. On the agleam side, spot values successful Louisiana are up 0.4% twelvemonth implicit year, with the mean spot worth sitting astatine $201,100.

• What is the mean nett worthy by age?

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• What is simply a high-net-worth individual?

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• How to budget: Your implicit usher to budgeting for 2025

If your nett worthy falls abbreviated of these averages, don’t worry. Your nett worthy volition alteration implicit clip arsenic your fiscal concern evolves. And it’s ne'er excessively precocious to marque affirmative changes that pb to a higher nett worth.

For example, see paying disconnected your high-interest debts. Liabilities specified arsenic recognition paper balances and loans tin importantly trim your nett worth, adjacent if you gain a decent income.

Additionally, looking for other ways to gain and turn your income, specified arsenic negotiating a rise oregon taking connected a broadside hustle, tin assistance you summation your savings and wage disconnected debts.

Need much ideas? Here are 6 ways to summation your nett worth.