Minnesota Median Household Income Change Underperforms US, Still Top 12 State
Minnesota median household income ranking slipped from 10th in 2014 to 12th in 2015 according to new data released by the United States Census Bureau.
Washington and Colorado have surpassed Minnesota with growth ahead of the United States’ as a whole. While the nation’s median household income grew by 3.8 percent from 2014 to 2015, Washington grew at 4.7 percent, and Colorado at 4.2 percent. Minnesota ranked 21st overall in growth percentage, achieving 3.2 percent growth. Minnesota’s median household income is now $63,488. This is more than $13,000 behind leader Maryland, but nearly $23,000 above basement dwelling Mississippi.
Of neighboring states, only Iowa failed to improve its median household income ranking, sliding down 4 spots to 25th. Wisconsin, South Dakota, and North Dakota all improved their rankings. South Dakota and Wisconsin outperformed both Minnesota and the United States as a whole, growing at 3.9 and 5.6 percent respectively. As percentage increases, North Dakota and Iowa ranked lower than Minnesota. While Minnesota’s 3.8 percent ranked 31st and 44th respectively, though Wisconsin ranked seventh in the nation.
Minnesota’s $1,952 increase ranks better than its percentage rank, at 21st. Neighboring states fall around Minnesota in the same way as with the percentage rankings, with Iowa’s $965 increase ranking 42nd, and Wisconsin’s $2,929 increase still placing seventh. The United States averaged a $2,062 increase from 2014 to 2015.
The Minneapolis-St. Paul-Bloomington metropolitan area performed slightly worse than Minnesota as a whole, both in total dollars and in percent change. The Twin Cities area saw a $1,825 increase, up to a total of $71,008. The 2.6 percent growth rate was well off of the United States as a whole.
New Jersey saw the worst change from 2014 to 2015, at just $228, or 0.3 percent. Idaho was the only other state not to achieve at least one percent growth. Hawaii’s $3,871 increase was the best in the nation, while Montana’s ranked number one in growth percentage at 6.8 percent.