While we’d all love to be millionaires and not have to worry about money, you don’t necessarily have to have such a huge bank account to be considered rich. The truth is, it all depends on where you live, and a new report reveals that in some states you can make less than $100K and still fall into that category of “rich.”
A GoBankingRates study finds there are actually 20 states where it is possible to earn less than $100K, and still be considered rich. They defined rich as having income in the 80th percentile of all households within a state, and then took into consideration things like home prices, and cost of living expenses, like groceries, transportation and more.
So, where can you live “rich” on less than $100K a year? Well, Mississippi is the state where that money will go the farthest. In fact a person only has to make $81,038 to fall into the rich category. Plus, in Mississippi, median top-tier homes cost only about $218,000, while the state has the overall lowest cost of living in the U.S.
Top 10 States Where You Can Be “Rich” For Less Than $100K(The amount of money you need to make to be “rich”)
- Mississippi ($81,038)
- Arkansas ($81,917)
- West Virginia ($82,384)
- Idaho ($86,701)
- Kentucky ($87,408)
- Montana ($88,241)
- Tennessee ($88,339)
- Alabama ($88,984)
- Oklahoma ($89,267)
- South Carolina ($89,604)
Click here to see the complete Top 20.