"The latest edition of the report tracks pay for key segments of the workforce in May 2024. The figures reveal a key pay boost that enables many Californians to afford a costly lifestyle. Yet that same cash flow also inflates the price of many California goods and services most notably, housing. Let me explain, starting with the annual pay for the typical worker using the median wage."
"California ranked No. 9 among the states at $56,900. That's 18% above the 50-state median of $48,400. That's not very impressive pay, considering the Golden State's expensive living. Top pay? Massachusetts at $62,300, Washington state at $61,600, and Alaska at $59,400. Lowest? Mississippi at $39,100, Arkansas at $41,000, and West Virginia at $43,300. Additionally, California's economic rival, Texas, ranked No. 30 at $47,500. Another competitor, Florida, ranked No. 35 at $46,900."
California's median annual wage is $56,900, ranking ninth among states and 18% above the 50-state median of $48,400. Massachusetts, Washington and Alaska report higher median wages while Mississippi, Arkansas and West Virginia report the lowest. California's 75th-percentile income is $96,300, 29% above the national $74,400 and ranks fourth nationwide. Higher 75th-percentile pay reflects premiums for high-skill positions and increases purchasing power for many residents. Elevated incomes in California also push up prices for goods and services, most notably housing. Texas and Florida report lower median and 75th-percentile wages in comparison.
Read at www.ocregister.com
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