This is how much average MS residents have saved for retirement, new Census data shows
Mississippi is one of the lowest states for median household income and has the lowest median retirement savings out of any state, a new analysis found.
The report by SmartAsset, a financial technology company, ranked 43 states with available data by median household income.
“A household’s net worth can reveal a lot about their overall financial wellbeing,” SmartAsset analysts said. “Liquid assets can provide better odds for approval for home loans or other lines of credit, cushioning for unpredictable life events and the potential to make your money work for you through investments.”
The median net worth in the United States ranges from $62,500 to nearly $700,000, according to the analysis.
Mississippians have the lowest median retirement savings in the country, at $35,000, the analysis found. That’s about 77% lower than Hawaii, the state with the highest net worth.
Here’s how Mississippi’s net worth compares to other states.
Which states have the lowest median household net worth?
Mississippi is one of six states where the median net worth is below $100,000, the analysis found. These are the 10 states with the lowest median household net worth, according to SmartAsset:
1. Arkansas
Median net worth: $62,500
Median retirement savings: $54,490
Median deposit account balance: $3,000
Median home equity: $95,000
Households with a net worth of $100K or more: 44.4%
2. New Mexico
Median net worth: $77.500
Median retirement savings: $50,000
Median deposit account balance: $6,780
Median home equity: $132,000
Households with a net worth of $100K or more: 49%
3. Oklahoma
Median net worth: $78,510
Median retirement savings: $39,450
Median deposit account balance: $5,000
Median home equity: $125,000
Households with a net worth of $100K or more: 45.9%
4. Kentucky
Median net worth: $81,900
Median retirement savings: $50,000
Median deposit account balance: $3,700
Median home equity: $94,000
Households with a net worth of $100K or more: 46%
5. Louisiana
Median net worth: $85,230
Median retirement savings: $50,000
Median deposit account balance: $3,320
Median home equity: $100,000
Households with a net worth of $100K or more: 45.9%
6. Mississippi
Median net worth: $87,280
Median retirement savings: $35,000
Median deposit account balance: $2,500
Median home equity: $108,000
Households with a net worth of $100K or more: 45.8%
7. Alabama
Median net worth: $103,500
Median retirement savings: $46,000
Median deposit account balance: $3,643
Median home equity: $137,000
Households with a net worth of $100K or more: 50.9%
8. West Virginia
Median net worth: $115,000
Median retirement savings: $54,400
Median deposit account balance: $5,000
Median home equity: $150,000
Households with a net worth of $100K or more: 51.5%
9. Missouri
Median net worth: $118,700
Median retirement savings: $57,000
Median deposit account balance: $7,500
Median home equity: $144,500
Households with a net worth of $100K or more: 55.2%
10. South Carolina
Median net worth: $129,900
Median retirement savings: $50,300
Median deposit account balance: $10,000
Median home equity: $150,000
Households with a net worth of $100K or more: 55.5%
Which states have the highest median household net worth?
These are the top five states with the highest median household net worth, according to SmartAsset:
1. Hawaii
Median net worth: $692,700
Median retirement savings: $149,000
Median deposit account balance: $37,050
Median home equity: $600,000
Households with a net worth of $100k or more: 78.9%
2. Washington
Median net worth: $456,500
Median retirement savings: $143,400
Median deposit account balance: $16,500
Median home equity: $392,000
Households with a net worth of $100k or more: 75.4%
3. New Hampshire
Median net worth: $412,600
Median retirement savings: NA
Median deposit account balance: $22,000
Median home equity: NA
Households with a net worth of $100k or more: 70.5%
4. Massachusetts
Median net worth: $394,900
Median retirement savings: $150,000
Median deposit account balance: $22,700
Median home equity: $400,000
Households with a net worth of $100k or more: 68.7%
5. Colorado
Median net worth: $370,000
Median retirement savings: $100,000
Median deposit account balance: $10,000
Median home equity: $350,000
Households with a net worth of $100k or more: 67.1%
How did financial technology company conduct analysis?
Using the most recent U.S. Census Bureau data, SmartAsset compared household net worth and asset data for the ranking. Data for Alaska, Delaware, North Dakota, South Dakota, Rhode Island, Vermont and Wyoming was not available, analysts said.
