Texas Is One of the Richest States in America
So, how much money do you make? Compared to much of the country, Texas is filthy rich, and things are only going to get better.
We've had so many negative and semi-scary stories over the past year, it's nice to find a bright side when it comes to jobs, income, and prosperity. Is it possible that we could be in a better position when this is all over, compared to where we started?
Based on incomes and home values, Texas is one of the richest states in America, and we're going to grow over the next five years. We're in the top half at #8, keeping pace with states on both coasts.
Within the next five years, the average income in Texas will be more than $61,000 per year, and the average home value will be $331,000, according to a new index by Moneypenny. "Real GDP" also factored into our final score, and our high school economics classes taught us that's the value of goods and services. (Don't worry, I had to Google it too. Just to be sure.) The good news is, prices here mean Texas is generally an affordable place to be.
California is the richest state in America, according to Moneypenny, and Massachusetts places second using personal income per capita and Zillow home data. Washington, New York, and Hawaii round out the top five richest states. Oklahoma ranks #47 and Arkansas is #48.
Moneypenny used the numbers to predict the richest states in America by 2025, and apparently, we're in a great place. Texas is stable and growing, while some other states are watching their GDP (gross domestic product) shrink. The bottom five states on the rich table are Alabama, Oklahoma, Arkansas, West Virginia, and Mississippi. Home values in those states average between $123,000 and $231,000.
The obvious question is, will Texans be able to afford a $331,000 home on a $61,000 salary? Um, probably not. But with two incomes and a side hustle, maybe. And we have a lot better shot at it than 42 other states.