Massachusetts Is One Of The Richest States In America, Report Says
BOSTON (CBS) – There's a new report identifying the richest and poorest states in America, and Massachusetts ranks right near the top.
The ranking from financial news website 24/7 Wall St. looks at the median household income of each state. With a median household income of $77,385, Massachusetts came in at No. 4 on the list.
The Bay State has the 10th-lowest poverty rate at 10.5 percent and an unemployment rate of 3.7 percent. The rate of people without health insurance is the lowest in the country.
The report says education plays a big role in Massachusetts' ranking, with 43.4 percent of adults in the state having at least a bachelor's degree.
"Adults with at least a bachelor's degree tend to be qualified for a wider range of careers — many of which pay higher salaries," 24/7 Wall St. says.
Maryland is ranked as the richest state in the country, followed by New Jersey and Hawaii. Connecticut and New Hampshire are right behind Massachusetts. The poorest state is West Virginia, according to the ranking.