“For over a decade, Utah’s unadjusted median household income ranked among the top third of states,” said Natalie Roney, research economist at the Gardner Institute and lead author of the brief. “In the more recent past, Utah’s household income ranked even higher, ranking first in 2022 and 2023 when adjusting for state-level cost of living. Utah’s jumps in ranking largely result from higher-than-average economic growth.”
Key findings from the brief include the following:
Utah’s Median Household Income – Utah’s real median income increased from $80,579 in 2000 to $93,421 in 2023, a nearly 16% increase.After adjusting for localized cost-of-living differences between states, Utah’s median household income of $98,336 ranks highest in the country, ahead of Maryland (2nd), Massachusetts (3rd), and New Hampshire (4th).
Utah Household Characteristics – Utah’s demographic composition partly explains Utah’s high ranking – Utah has the largest average household size and among the highest labor force participation rates. Larger households lend toward more workers, increasing the income potential for a given household.
The full policy brief is now available online.
In addition to the household income policy brief, the Gardner Institute has published a companion piece detailing how definitions of “income” differ and the importance of an appropriate definition when conducting policy analysis. That report is also available online.
