The competition over which state is the richest has Connecticut edging New Jersey $56409 to $56356 (based on median household income).
But that’s just income. I wanted to know who is richest after adjusting for cost of living and state/local taxes. After all, the extra income doesn’t help much if you don’t get to spend it, or have to spend a lot more of it to get the same stuff.
So I’ve taken cost-of-living adjustments from this report (equally weighting the four studies), and state/local tax rates from here , and crunched some numbers. Connecticut and New Jersey still do reasonably well (6th and 7th, respectively), but the big winner is New Hampshire, followed by Maryland, Minnesota, Virginia, and Colorado.
Feeling like you overdid it on pumpkin pie?
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