Dec 9, 2024 - News
How much you need to make to be in Oregon's 1%
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If you want to be part of the upper crust — Oregon's top 1% of earners — you'll need to bring in a yearly salary of at least $691,884, according to an analysis of IRS tax filer data.
Why it matters: Wealth inequality has increased over the last 30 years, according to the Congressional Budget Office, with families in the top 10% holding 60% of all wealth in 2022, up from 56% in 1989.
- The amount of wealth held by families in the bottom half of wealth distribution has held steady at a dismal 6%.
Zoom in: The median income in Portland last year was $86,057, per data from the U.S. Census Bureau.
- In 2021, median income was around $78,400.
- Still, it's just about 12% of what's needed to join the 1%.
- It's also well short of the roughly $150,000 yearly salary you need to afford a typical home in Portland.
Zoom out: Nationwide, the hardest place to find yourself in the 1% is Washington D.C., where you'll need to pull in more than $1.2 million a year.
- The easiest place to do so? West Virginia, where a yearly salary of $425,816 will put you among the state's financial elite.