Maryland Still Drowning in Opulence

As your Maryland neighbor for a loan

By Mike Tunison
|  Wednesday, Sep 23, 2009  |  Updated 11:16 AM EDT
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Maryland Still Drowning in Opulence

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The next time you hit the town with someone from Maryland, make sure they pony up for food and drinks. And let them hail the cab with their diamond-topped walking cane. Or maybe even charter their private jet home.

Because Marylanders apparently are so flush with cash they couldn't spend it all even if they wanted. After all, they come from what has been named again the richest state in the nation based on median household income.

The state's median household income for 2008 was $70,545, an increase of about $1,500 from the previous year and slightly higher than New Jersey's figure ($70,378). Maryland also had the highest median household income in 2007 and has been among the national leaders for much of the decade.

The downside for Old Line Staters: Maryland usually also has one of the highest poverty rates in the nation (those rankings are typically released around the same time as the income list) and was one of 22 states that saw a drop in median home value.  Median home value in Maryland fell from $347,000 in 2007 to $341,000 last year.

You'll be pardoned for not weeping for the slight misfortune of the fabulously wealthy.

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