Are you considering a move to Bay State?
Or are you just curious about the median income in Massachusetts?
No matter what brought you here, you’ll learn much more than you’ve asked for. That’s for sure!
We all know that the Bay State is particularly fond of higher education institutions. Many well-known American politicians are connected to Massachusetts.
We also know that Boston is its capital. But we don’t have an idea about the exact income numbers of the local population—medians, averages, households, or individuals.
That’s what we’ll investigate today and maybe a bit more.
So let's get to it right away:
Facts About Massachusetts Median Income & Demographics (Editor’s Choice):
- Massachusetts (MA) is the state with the fourth-highest median household income in America.
- In 2019, the median property value in MA was $418,600.
- In April 2022, Massachusetts's median single-family home price was $560,000.
- Massachusetts’s real median annual household income in 2020 was $86,725.
- In 2022, the median yearly household income in MA is $81,215.
- Currently, over 6.9 million people live in Massachusetts.
- The Massachusetts average yearly salary is $105,000.
- Massachusetts is the home of the oldest American university—Harvard.
Overview of the Median Income in Massachusetts in 2022
Many Americans decided to move to a different state due to the pandemic.
The situation with Massachusetts is more on the move-out side.
Let's take a closer look:
1. Massachusetts is among the top ten states Americans moved away from in 2021.
(Source: US News)
In 2021, many Americans decided to move south or to Vermont. Their decision was definitely affected by the pandemic.
So Massachusetts's outbound percentage is 58%. However, the highest move-away rate goes to New Jersey—71%.
The state with the most inbound percentage is Vermont—74%.
The top-five move-in states are:
- Vermont
- South Dakota
- South Carolina
- West Virginia
- Florida
So how many people live in Massachusetts now?
2. Presently, Massachusetts's population is 6,922,107 people.
(Source: World Population Review)
According to the US Census Bureau, 7,029,917 people lived in Massachusetts in 2020. Simple math tells us that now they are 107,810 fewer.
It looks like those domestic migration processes are taking their toll after all.
3. Five US presidents are connected to the state of Massachusetts.
(Source: US News)
The population of Massachusetts may be currently on the decline. Still, some of the most popular US political figures have connections to this state, including five presidents—John F. Kennedy, John Quincy Adams, Calvin Coolidge, John Adams, and George H.W. Bush.
Time for a fun fact:
4. Massachusetts’ name means “large hill place.”
(Source: Net State)
That unique name was given by the Massachusetts Indians who lived there back in the day.
There’s also a story behind the nickname “The Bay State.” It may refer to the hook-embraced Cape Cod Bay or the Massachusetts Bay Company that promoted settlements in the area in 1629.
Median Household Income: Massachusetts Stats
Bay Staters are supposedly highly educated people.
Is that true, or is it just a myth?
Does it affect their income?
How about the poverty rates?
Let’s investigate a bit further:
5. Massachusetts is the state with the most educated people.
(Source: World Population Review)
Higher education is greatly honored there. It’s considered the state with the highest percentage of people holding bachelor's, graduate, and professional degrees.
Massachusetts’ higher education percentages:
- 24.09% have a bachelor's degree.
- 19.6% own a graduate degree.
- 15.44% attended some college.
- 7.61% hold an associate's degree.
6. The median household income in Massachusetts is $81,215.
(Source: World Population Review)
Such earnings rank Massachusetts fourth among all US states. It’s right behind Maryland, New Jersey, and Hawaii. We’ll get back to state income a bit later.
The city with the highest median annual household income within the state of MA (over $250k) is Dover.
According to the US Census Bureau, Massachusetts’s real median yearly household income in 2020 was $86,725. Real household income is adjusted for inflation.
In comparison:
7. The estimated US median household income for January 2022 was $74,099.
(Source: Seeking Alpha)
Our fellow MA residents’ median household earnings of $81,215 are obviously more than those $74,099. So we can assume that higher education goes well with a higher paycheck.
Speaking of…
8. Employees with a bachelor's degree make 24% more than those attaining only a diploma or certificate.
(Source: Salary Explorer)
The high median income in Massachusetts may reflect Bay Staters’ record education level.
Moreover, if you hold a master’s degree, your salary will be up by 29% compared to those with a bachelor's degree. Ph.D. holders earn 23% more than master's degree owners.
9. Maryland is the US state with the highest median family income.
(Source: World Population Review)
If you remember from a previous stat, Massachusetts ranks fourth in the US for yearly median household earnings.
How are things going for the other states in the top five?
Median income by state (refers to households, first five positions):
- $84,805—Maryland
- $82,545—New Jersey
- $81,275—Hawaii
- $81,215—Massachusetts
- $78,444—Connecticut
10. In 2020, the poverty rate in Massachusetts rose by 0.4%.
(Source: Statista)
In 2019, Massachusetts’s poverty rate was 9.4%. Then, a year later, it rose to 9.8%. That was the first increase since 2017, and it may have a thing or two to do with the pandemic.
In 2020, the US poverty threshold was under $12,760 for a single person.
Median Income per Capita in Massachusetts
Now that we know how much households make in Massachusetts, we can move to individual earnings.
So let's get down to it:
11. In 2021, the personal income per capita in Massachusetts was $82,475.
(Source: Statista)
In comparison, in 2020, individual earnings were $77,021. So the good news is that we have a yearly increase of $5,454.
But today’s Massachusetts median income stats get even better:
Since 2013, the MA personal income per capita has only been growing.
12. Massachusetts has the lowest percentage of residents without health insurance.
(Source: World Population Review)
Only 3% of Massachusetts residents don’t have health insurance.
Next in line is Rhode Island with 4.10%, followed by Hawaii and Vermont with 4.20% and 4.50%, respectively.
13. Massachusetts median income for a householder under 25 years old is $44,222.
(Source: Income by Zip Code)
MA householder's median income distribution by age is as follows:
- Householders over 65—$52,973
- Householders aged 45 to 64—$103,973
- Householders aged 25 to 44—$96,311
14. The unemployment rate in Massachusetts dropped by 3.7% in 2021.
(Source: Statista)
In 2020, Massachusetts's unemployment rate was the highest since 1992—9.4%. We’re not pointing fingers here, but this might be the pandemic again, and it probably is.
Fortunately, in 2021, that metric dropped to 5.7%.
Median Income: Massachusetts Demographics
Massachusetts isn’t big by territory, and it’s the third most densely populated state.
It was also one of the first settled US states and played a significant role in early American history.
But before we continue with the stats, let’s mix it up with a fun fact:
15. Massachusetts's other nickname is “The Baked Bean State.”
(Source: Net State)
The Puritans who lived on these lands used to serve baked beans and brown bread on Sunday. That’s why Boston’s baked beans are so popular.
16. In 2020, the average household income in Massachusetts was $115,964.
(Source: Income by Zip Code)
In comparison, that same year, the average US family income was nearly $97,974.
Since Massachusetts is among the wealthiest states by household income, a difference of $17,990 in its favor is entirely normal.
17. Massachusetts’s median single-family home price reached an all-time record in April 2022.
(Source: Wbur)
Prices have really been going up lately. If you want to be a homeowner in Massachusetts, you may have to pull in $560,000—the median price for a single-family house.
In April 2021, that median was $510,000. A year earlier, a single-family home would cost $430,000.
18. The average salary in Massachusetts is $105,000.
(Source: Salary Explorer)
Average salaries in MA range between $26,700 (lowest) to $471,000 (highest).
The median yearly Massachusetts salary is $110,000.
So here’s another “fun” fact:
19. Women in the US earn 6% less than men.
(Source: Salary Explorer)
The average yearly salary for American men is $97,500, while women get only $92,100.
The average of 6% difference is derived from all career sectors.
Is it fair or not? You decide.
20. 25% of the Massachusetts population is earning under $61,400.
(Source: Salary Explorer)
The good news is that 75% of Bay Staters earn over $61,400.
On the other hand, only 25% earn more than $302,000 in MA, while 75% make less.
21. The living wage of a family of four in Massachusetts is $31.60 per hour.
(Source: MIT)
$31.60 hourly living wage refers to a family with two children where both parents are working full time. That sum is for each working individual in the household, not for both parents together.
22. The richest Massachusetts zip code is 02030.
(Source: Income by Zip Code)
The 02030 zip code belongs to Dover, MA. The mean income there is $379,360.
The average income for the other top five wealthiest zip codes in Massachusetts is as follows:
- $341,106—02481
- $324,534—02468
- $308,880—02493
- $283,939—02110
23. 10.1% of Boston residents earn over $200,000 a year.
(Source: Best Places)
However, the highest percentage of people in Boston make under $15,000—17.9%.
Next are those earning between 100K and 150K—15.1%.
Wrap Up
The median income in Massachusetts is higher than in most other US states. That didn’t stop people from moving away in 2021, though. So there must be other factors involved, one of which is the COVID-19 pandemic.
However, higher income means living in a more expensive state in our case.
But if you can get a Massachusetts salary while working remotely and living in a less expensive state, why not do it?
The choice is yours.
Sources
With an eye for research, Aleksandra is determined to always get to the bottom of things. If there’s a glitch in the system, she’ll find it and make sure you know about it.
