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Yahoo
08-07-2025
- Business
- Yahoo
Study ranks Arkansas eighth out of 50 states for income inequality
LITTLE ROCK, Ark. – A recent study found Arkansas near the top for income inequality. A study by personal finance site found that Arkansas ranked eighth out of the 50 states for income inequality. Arkansas Gov. Sarah Huckabee Sanders initiates Community Assistance Grant Program The study utilized data from the U.S. Census American Community Survey to develop a Gini index. A Gini index is a mathematical calculation of a state's income dispersion. After the formula is run, a number between one and zero is the result, where zero is perfect income equality. According to the index, Arkansas' Gini coefficient is 0.4807. The study's authors found that the average income for the bottom 20% of Arkansans was $13,044, while the top 20% brought home an average of $212,270. Narrowing it further, the top 5% of the state's population has an income of $385,873. Little Rock makes 'Top 100 Best Places to Live' list Breaking down the Arkansas income numbers, the study showed the bottom 20% have a 3.16% share of wealth, while the top 20% have a 51.43% share. The top 5% holds a 23.37% share. For bordering states, Mississippi was one spot higher than Arkansas at seventh with a 0.4840 Gini score. Louisiana was ranked third, with a Gini score of 0.4944. Missouri, Oklahoma, and Texas were ranked 22nd, 26th, and 16th, respectively, in the study. New York, where the top 5% earned an average of $600,000, ranks first in the study with a 0.5152 Gini score, and Utah came in at 50 with a 0.4277 score. Arkansas ranks 45th for child well-being in national report, despite modest gains The study found that out of the 50 states, 41 had the bottom 20% making less than $20,000 on average, while the top 20% were over $250,000 in 25 states. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-04-2025
- Business
- Yahoo
Magic number? Here's how much money you need to retire in New Jersey, site says
With the markets swinging wildly and the economy uncertain, many people are thinking about their retirement funds. The experts at calculated just how much money you need to retire in each state. The amount depends on the cost of living in each area. "In some areas of the country, a nest egg of a bit more than $500,000 may be sizable enough for retirement. In other regions, you have to build up your savings even more to reach at least $1.5 million in retirement funds − except for Hawaii which crosses the $2 million mark," the website reads. analyzed the cost of living in each state for those 65 and older for categories including groceries, healthcare, utilities, transportation and housing, using information from the Missouri Economic & Research Information Center and the Bureau of Labor Statistics Consumer Expenditure Survey. They subtracted the average Social Security income to find the annual cost of living, and then calculated the needed savings, assuming a downdraw of 4 percent a year. The state with the least savings needed was West Virginia. Assuming an annual cost of living of $49,260.94 ($27,123.82 after adding Social Security income), the amount needed to retire is $678,095.40. Hawaii was the state with the most needed to retire, with an annual cost of living of $103,609.86 ($81,472.74 after Social Security). That means you would need $2,036,818.40 saved to retire. What about New Jersey? The Garden State ranked 37th-highest in the amount needed to retire. With an annual cost of living of $63,773.25 for seniors ($41,636.13 after Social Security income), you'd need $1,040,903.40 saved up to retire, according to This article originally appeared on Asbury Park Press: Saving for retirement in NJ? Here's how much you'll need
Yahoo
24-03-2025
- Business
- Yahoo
If you live in Milwaukee, here's the household income you need to be financially stable, report says
Acquiring financial stability in the largest cities in the U.S. now requires a household income of more than six figures, according to a new report from Researchers found that enjoying a comfortable lifestyle requires a minimum of earning $102,000 annually across the 50 largest U.S. cities, including Milwaukee. Meanwhile, Milwaukee residents are facing increasing rent prices and concerns about food insecurity, especially in younger people. The report determined the household income necessary to thrive in the U.S. by analyzing the 50 largest cities based on population, along with key factors like annual grocery and child-care costs, and monthly mortgage expenses. Here's a look at how much money you'll need to live comfortably in Milwaukee in 2025. RELATED: Wisconsin's most expensive lake homes for sale include new construction, Victorian style Milwaukee residents need a household income of $134,193 to live comfortably, according to Milwaukee ranked 20th-highest among the 50 cities in the report. Home owners in Milwaukee have an annual mortgage cost of $14,323, according to the report. The annual price of grocery totals $8,418, health care costs $7,103 and child care costs $31,929 annually. According to the median household income needed to be middle class in Wisconsin is $72,458. The lowest end of the middle-class income range is $48,305, with the highest end at $144,916 annually. These are the top five most expensive cities in the U.S. to achieve financially stability, according to Washington, D.C. (Income needed: $189,306) Boston ($175,628) New York ($173,006) San Francisco ($172,340) San Jose, California ($167,958) RELATED: Home prices differ greatly between Milwaukee County, suburbs. Which are most affordable? This article originally appeared on Milwaukee Journal Sentinel: This is Milwaukee household income needed to be financially stable
