Maryland Posted The Highest Median Income in 2008
If you had to guess which state had the highest median income, which one would you choose?
New York, which is the financial center of the world and home to some of the planet's most obscenely wealthy people?
Or how about Connecticut, with its abundance of well-off people who work in New York but live in Connecticut to avoid the heavy New York State taxes?
Alaska? Florida? New Jersey? Virginia?
If you guessed any of these six, then you would be wrong.
The correct answer is - Maryland.
According to the U.S. Census Bureau, the median household income last year in Maryland was $71,000, which was slightly ahead of New Jersey.
It's interesting to note that the median household income in Maryland actually rose YoY (Year over Year) from 2007, despite the fact that most other states took one of their biggest dives ever.
How did Maryland manage to do so well in 2008?
The answer - expanding government.
Despite the fact that the economy has been contracting for nearly two years, the US government is engaged in a hiring binge, and the average pay of a federal worker continues to increase.
Where do many of these government workers live?
As long as the government continues to expand, average median income in Maryland will continue to increase, despite the "Great Recession".
Source: D.C. Region Incomes Hold Strong in Recession, Census Data Shows
Filed under: General Knowledge