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It’s no secret that D.C. is an expensive place to live—one of the most expensive places to live in the country, in fact. But how much do you need to earn annually to be one of D.C.’s elite? The one percent of the city’s most wealthy residents? $688,000, according to some calculations from Business Insider.
Business Insider calculated what you need to earn annually to be a one-percenter in every state using the 2012 American Community Survey household income data pulled from the Minnesota Population Center’s IPUMS dataset. With that information, they “estimated what income a household would need to earn (rounded to the nearest thousand) in order to be in the top one percent of the income distribution in each state.”
Turns out that not only do you need to earn more than half a million dollars annually to be a one-percenter in D.C., but that that number is higher than any other state in the country. By a lot. You should probably move. Happy Tuesday.
Via Business Insider.