Average Net Worth by State – Do You Stack Up?

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Last Updated:May 05, 2024

Average Net Worth by State – Do You Stack Up?

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Understanding your net worth is considered one of the pillars of financial freedom. If you don't know your net worth, how could you truly understand your finances? Your net worth is quite simply your assets minus your liabilities and obviously the higher the assets and lower the debts equates to a higher net worth.

But how does your number compare? No, we're not talking about comparing to the likes of celebs like Mark Wahlberg or Steph Curry. How do you fare in your state? Empower, a personal finance platform that combines all of your financial accounts into one place (making it easy to see your net worth on a daily basis), used its platform as a means of a survey of consumer finances the determine the median net worth of each state. Using recent data, see where you stand compared to your American neighbors.

In this article

Key Takeaways

It shouldn't be a surprise that California lands at the top of the list (considering the price of rent or owning a home is off the charts). The average net worth there is $884,003. Four of the six New England states land in the top 10, making New England the highest net worth region in the country.

On the flip side, the Great Plains and Southern states are most often at the lower end of the spectrum. North Dakota is the lowest in the country at $339,955.

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Net Worth Breakdown by State

It turns out that residents of Connecticut have the highest average net worth of any state in the country.

The average net worth of Connecticut families is $878,513. California ($787,755), Vermont ($782,375), New Jersey ($775,885), and Washington ($766,158) round out the top five states in average net worth.

On the opposite end of the spectrum, residents of North Dakota have the lowest average net worth of any state in the country. The average net worth of North Dakota families is $333,058.

This chart shows the average net worth of Americans in every state.

State	Rank	Net Worth
Alabama	44	$450,511
Alaska	19	$597,100
Arizona	25	$546,419
Arkansas	45	$441,629
California	2	$787,755
Colorado	14	$611,234
Connecticut	1	$878,513
Delaware	29	$536,089
Florida	13	$615,886
Georgia	34	$511,415
Hawaii	43	$450,577
Idaho	27	$542,760
Illinois	8	$660,233
Indiana	42	$472,002
Iowa	22	$576,512
Kansas	35	$510,458
Kentucky	38	$503,656
Louisiana	47	$422,908
Maine	37	$507,578
Maryland	20	$595,772
Massachusetts	6	$742,793
Michigan	30	$550,298
Minnesota	16	$534,030
Mississippi	49	$375,314
Missouri	40	$491,909
Montana	41	$477,140
Nebraska	39	$494,165
Nevada	11	$629,326
New Hampshire	7	$687,146
New Jersey	4	$775,885
New Mexico	31	$524,490
New York	9	$651,131
North Carolina	18	$597,834
North Dakota	51	$334,058
Ohio	32	$523,834
Oklahoma	46	$423,271
Oregon	21	$578,196
Pennsylvania	15	$608,886
Rhode Island	33	$520,574
South Carolina	28	$542,638
South Dakota	12	$617,773
Tennessee	36	$509,153
Texas	17	$599,236
Utah	48	$397,901
Vermont	3	$782,375
Virginia	10	$646,839
Washington	5	$766,158
West Virginia	50	$339,618
Wisconsin	24	$557,244
Wyoming	23	$565,122
Washington D.C.	26	$543,254

Related: The 20 Cheapest Places to Live

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Ways to Increase Your Net Worth

If your net worth isn't close to comparing or anywhere you want it to be, there are steps you can take to increase it. Note: The metrics in this report do not include age brackets or persons with college degrees versus those without.

Reduce debt

Debt is often the biggest factor in low net worth. Student loans, credit card debt, mortgages, auto loans? These are all liabilities subtracted from your assets. Paying these off is the first step in reaching a high net worth.

Note: Your mortgage may not be in the cards for a fast payoff, but as your home appreciates, that appreciation becomes home equity, which is considered an asset for homeowners. This goes for any real estate you may own and carry as investments, which is why many consider real estate one of the best investments. The lower the interest rate on your mortgage and other debts, the better, as the monthly money you pay into it goes further into lowering the debt rather than paying high interest.

Credit cards typically carry the highest interest rates so paying those off first should be a priority. Student loan debt should be your next target, even if the rates are low.

Save more

Your assets include any money you have set aside in savings accounts, retirement accounts, money market accounts, and investment accounts. The more you can soak away, the higher your net worth. Even better is savings in 401k and tax-deferred as the funds grow without being taxed. Bonus points for an employer match to your 401k – that's a free asset.

Another asset is a whole life insurance policy. Unlike a term life policy that ends at a specified date, whole life insurance holds real cash value; you can even borrow against it (but don't!).

The money you keep in your checking account contributes to your net worth, even if it changes constantly. Finding bank accounts that offer interest or that help you save with programs like a round-up that rounds up your spending to the next dollar and puts the change in a savings account is beneficial. You'll find these at Bank of America and Acorns, for example.

Spend less

Lastly, living a more frugal lifestyle can assist with having more money in the bank. Spending less on dining out, clothing, entertainment, and travel – all of the fun stuff – means more that can reduce debt or put into retirement savings and investments. Think of how much more fun you could have to put the $100 you would spend for dinner on the town that lasts a few hours into the stock market, where you could watch it grow 8% in two months? (Or is that just me?)

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The bottom line

Making the right financial decisions, turning to a financial advisor, and utilizing financial products like budgeting apps, emergency fund savings apps, and brokerage apps can help contribute to a higher household net worth. This isn't about bragging rights (although it's a perk). This is about financial freedom and stress-free retirement.

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Lissa Poirot is an award-winning journalist and editor with a focus on finance, travel and health. Her work has appeared online and in print, and she has often been cited as a source on both. She currently resides in Pennsylvania.

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