Arizona ranks No. 30 nationally for average household income
PHOENIX — If you’re looking for a state to make the most money possible, Arizona shouldn’t be high on the list.
A GOBankingRates study ranked Arizona No. 30 for average household income at $73,735 annually.
The personal finance ranked all 50 states and Washington D.C.
“I imagine the mean income [for Arizona] will go up over the years, but right now it’s only at [number] 30 so there’s room for improvement,” Andrew DePietro, lead researcher and data analyst with Go Banking Rates, told KTAR News 92.3 FM on Monday.
DePietro said despite the low ranking, Arizona has been steadily improving on average household income.
Arizona isn’t far off from cracking the top half of states. Georgia, ranked No. 25, had an average household income of $74,763.
“Arizona is doing quite well,” DePietro said. “It still has room for improvement, especially for a southwest state that is expanding and also drawing in more people.”
D.C. topped the list with an average household income of $116,090, while Mississippi was the lowest at $58,371.
The median household income in Arizona was $53,510 and for residents under age 25, it dipped to $32,519.
Men earn more than women on average in Arizona.
The median income for men was $47,692 compared to $40,121 for women.
KTAR News 92.3 FM’s Taylor Kinnerup contributed to this report.