Massachusetts is the sixth richest state in the country, according to data released by the U.S. Census Bureau and reported by 24/7 Wall St.
Massachusetts’ median household income in 2012 was $65,339 compared to Maryland’s $71,122, which topped the list. Two other New England states were in the top 10: Connecticut number 4 and New Hampshire number 7.
Mississippi came in last with a median household income of $37,095.
Massachusetts’ unemployment rate (6.7%) ranked 16th lowest and percent below poverty line (11.9%) was the 11th lowest.
“Massachusetts was one of just four states with a significant increase in median household income between 2011 and 2012. Last year, median household income rose to $65,339, from $64,311 the year before. The many colleges and universities in the Boston area are a major source of high-paying jobs in the state. Nearly 28% of working residents in Massachusetts were employed in education, health care or social assistance, the most in the nation. Additionally, just 3.9% of the state’s population lacked health insurance last year, lowest of all 50 states and well below the 14.8% figure nationwide. This may be partly because of the state’s own health care reform measures, passed in 2006. These reforms are often seen as a model for the federal government’s 2010 Affordable Care Act,” according to 24/7 Wall St.
Low unemployment rates play a key role in the wealth of a state.
"When we're talking about average families and poor families, the vast majority of income comes from wages. So it's about jobs,” Elsie Gould, director of health policy for Economic Policy Institute, told USA Today.