What you need to make to be in the 1% in Michigan
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If you want to become the wealthiest of the wealthy, Michigan is a pretty good place to live compared to other states.
Why it matters: Michigan and Detroit leaders have pitched the state and city as more affordable alternatives to the increasingly expensive coasts.
- We wouldn't consider entering the top 1% of households in the state as an attainable goal, but the state-by-state breakout reflects varying incomes across the country.
By the numbers: Michiganders need to make just over $611,500 to be in the top 1% of statewide households, according to IRS data.
- That's compared with nearly $800,000 nationally.
- In four states and D.C., residents need to make seven figures. Michigan, meanwhile, has the 38th highest income needed to breach the 1%.
Reality check: Analyzing the income needed to reach the 1% also draws a line under the ever-pervasive issue of wealth inequality, which has been widening.
- Michigan's median household income was estimated at $68,500 (in 2022 dollars), according to census data, while Detroit's was just under $38,000.
How it works: These figures are based on adjusted gross income reported on tax filings in the 2021 tax year, adjusted to 2024 dollars.
- In Michigan, just over 45,000 tax returns hit that 1% threshold.
Between the lines: The variance between states is tied in part to local economic factors, like job opportunities and wealth concentration.
- Last-place state West Virginia's floor for the 1% may be low at $426,000 — but the total adjusted gross income per tax return there was about $60,300 in 2021, compared to $112,500 for California.