If you\u2019re trying to make it in one of the world\u2019s biggest cities, you may be facing two financial realities: those who are able to build wealth, and those who are just getting by.\u00a0<\/p>\n
In New York, the divisive nature of those two economies couldn\u2019t be more evident. A new analysis by GoBankingRates<\/a> has just revealed that to make it to the city\u2019s top five percent, households need to bring in $619,178 annually,<\/p>\n In comparison, average household earners in the Big Apple<\/a> are racking in just $84,578; They will need to earn over seven times that amount to make it into the top-earning households.\u00a0<\/p>\n Making over $80,000 may sound like a promising salary for some, but the paycheck would struggle to keep up with New Yorkers\u2019 cost of living. For example, an average studio is estimated to be $3,795 a month, according to data from Zumper<\/a>. That is $45,540 a year, meaning rent alone would take up roughly 54% of gross income\u2014well above the standard 30% affordability threshold<\/a>.<\/p>\n West Virginia households have the lowest income requirements to make its top 5%<\/p>\n Although New York required its top earners to make over seven times the average wage, it\u2019s not the highest pay sum on the list.\u00a0<\/p>\n In Connecticut, households are expected to bring in $637,673 to make it to the top five percent. In comparison, the average median household income is around $93,760, 580% higher (or nearly seven times more) than what it takes to make it to the top five percent.\u00a0<\/p>\n Following that were California ($619,938), Massachusetts ($691,385), New York ($619,178) and New Jersey ($616,334).\u00a0<\/p>\n West Virginia was the state with the easiest path to make it to the ultra-wealthy club, with an income requirement of $330,270. On average, the median household income is $57,917.\u00a0\u00a0<\/p>\n Unlike New York, housing costs are about 27% lower than the national average, according to data from RentCafe<\/a>, though wages trail behind<\/a> the national average.\u00a0\u00a0<\/p>\n The growing wealth gap: 20% of households control over 70% of U.S. wealth\u00a0<\/p>\n Yet even as some states have a lower bar for the ultra-wealthy, wealth itself is becoming more concentrated, leaving most Americans further behind.\u00a0<\/p>\n