Boost Your Financial Health: Exploring the Average Net Worth in Every State

Your net worth is a crucial financial metric that provides a snapshot of your overall financial health. It's the difference between what you own (assets) and what you owe (liabilities). Tracking your net worth can help you determine whether you're building wealth or accumulating debt over time. In this article, we'll explore the average net worth in the United States, how it varies by state, and how you can increase your own net worth. According to the Federal Reserve’s 2022 Survey of Consumer Finances, the median net worth for all families in the United States is $192,300. The mean (or average) net worth is $1.06 million. However, it's important to note that the mean can be skewed higher by extremely wealthy individuals. That’s why it’s helpful to look at the median, which is less affected by extreme outliers and gives a more realistic picture of a typical person's net worth. Several factors can impact your net worth, including:

1. Cost of living: Higher living costs in some states make it harder for residents to save or invest because more of their income goes toward paying for essentials.
2. Property values: Home equity often makes up the bulk of net worth. So, in states with higher property values, net worths also tend to skew higher.
3. Income: States with higher incomes on average also typically have higher average net worths.
4. Local economy: Strong economies and more employment opportunities in certain states tend to positively impact overall financial well-being.

Average Net Worth by State The map below shows both median and mean figures for net worth in each state:

5 States with the Highest Net Worth

1. Hawaii: Median net worth is $472,600. High property values and a high average salary ($65,030) contribute to this high figure.
2. Washington: Median net worth is $375,100. The state has a moderate debt-to-income ratio (DTI) of 1.5 and an average property value of $603,837.
3. Massachusetts: Median net worth is $308,400. Lower debt levels and higher incomes and home values contribute to this figure. The average DTI is 1.2, and the average salary is $80,330.
4. Maine: Median net worth is $307,100. Despite lower property values ($400,642), Maine still has a high median net worth due to lower debt levels and an average DTI of 1.48.
5. Utah: Median net worth is $305,600. The state has the third-highest average property value on this list at $530,787, contributing to its high median net worth.

5 States with the Lowest Net Worth