It takes a decent income to live well in NoVA, but if you want to be in the elite 1 percent in Virginia, it takes $760,610 — slightly less than the national average of $787,712, according to SmartAsset, an online financial site. But that’s quite a bit less than DC, where you need to pull in $1.21 million to be a top earner.
DC ranked as the place where you needed to make the most to be in that 1 percent, while Virginia came in 15th and Maryland 16th with an income requirement of $741,501.
Connecticut was the top state with earners needing $1.15 million to be on the top floor. It was one of three where you needed $1 million to be in that 1 percent. The other states were Massachusetts ($1.11 million) and California ($1.04 million).
SmartAsset analyzed 2021 IRS data, and found that 1.49 million tax returns in the U.S. met the criteria to be in the top 1 percent in 2021. To make it into the top 5 percent nationwide, you needed a yearly salary of at least $290,185.
In Virginia, 38,483 people filed tax returns in 2021 that indicated they were in that 1 percent earning category. Those in the top 5 percent had to make at least $322,794. For comparison, those in Maryland’s top 5 percent earned $311,722.
Nationwide, SmartAsset said the median income is $75,000, with half of people making less than that.
Feature image by Nattakorn/stock.adobe.com
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