South Dakota Has More than 1 in 20 $1 Million Households
You wouldn't think that South Dakota would be a haven for million-dollar households, but there are far more seven-figure households in the Mount Rushmore state than you might expect.
Kiplinger has released new data from Phoenix Marketing International that shows South Dakota with nearly 19,000 million dollar households (18,905) - that's 5.33 percent of the total households in the state (354,470). The median income for South Dakota households is $56,274, while the median home value is $171,500.
That percentage beats out 11 other states (Montana, Tennessee, Idaho, New Mexico, Oklahoma, Alabama, Louisiana, Kentucky, Arkansas, West Virginia, and Mississippi) but is less than the national average of 6.71 percent. Across the country, the number of millionaire households is up for the 11th straight year.
So who is living in these million-dollar households in South Dakota? The report says marketing managers and financial managers are doing well in the state.
They also tout the favorable financial conditions in with the state with a cost of living 12 percent lower than the national average, as well as South Dakota's lack of state income tax.
There's also a mention of South Dakota's number-two ranking nationally for fiscal soundness, according to a recent report from George Mason University's Mercatus Center.
For the second straight year, New Jersey leads the list with the highest percentage of million-dollar households (9.76%). The rest of the top ten are Maryland (9.72%), Connecticut (9.44%), Massachusetts (9.38%), Hawaii (9.20%), Washington DC (9.12%), California (8.51%), New Hampshire (8.47%), Virginia (8.31%), and Alaska (8.18%).