Everyone wants to make a lot of money, right? If your goal is to earn the highest possible income, it may make sense to live in one of the states with the highest average income. After all, these states likely have plenty of nice paying jobs. And, because residents are doing so well, the state probably has a lot of resources to fund public services, so your quality of life should be pretty good.
There's a big caveat though. When you compare average income by state, you'll find one common trend: most of the states where income is high also have very high costs of living.
This makes sense, since people with a lot of money tend to drive up the price of housing and stores that open in wealthy areas tend to cater to high-paying clientele. Of course, that means a generous salary becomes a prerequisite to live well in the states where incomes are highest.
How generous, exactly, are the salaries in the states with the highest average income? Let's find out.
Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.