The American Dream is a concept as old as time — or at least as old as America, but you get the point.
Everyone wants it, but not everyone can attain it.
How do Americans define the dream nowadays, and where are they most likely to be able to achieve it?
A study published by Neil Jesani Wealth Management provides some answers, including a top 10 that has entrants from (almost) coast to coast.
Top 10 states
Massachusetts leads the way according to this study, which NJWM termed covering the “New American Dream” based on surveys indicating the average American saying they need to make at least $100,000 to feel financially secure or comfortable.
The Bay State scored a 99 on its “prosperity index” despite having the highest cost-of-living index.
Massachusetts also scored highest on quality of life index (60.5) and average salary ($80.K) while being near the top in median net worth and households with net worth of $100K.
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Washington and New Jersey also scored above 90 and coming second and third, while Minnesota, Utah, Maine, Maryland and Virginia all scored in the 80s.
Colorado and Connecticut round out the top 10 with scores of 77 and 75.
Prosperity Index top 10:
- Massachusetts 99
- Washington 93
- New Jersey 91
- Minnesota 85
- Utah 84
- Maine 83
- Maryland 82
- Virginia 80
- Colorado 77
- Connecticut 75
“The modern American Dream is less about a white picket fence and more about stability, balance, and freedom of choice,” NJWM CEO Neil Jesani said in a press release announcing the findings. “Rising costs have shifted priorities, making financial security, manageable living expenses, and overall well-being the true markers of prosperity.
“States that can deliver on both economic opportunity and quality of life are the ones most aligned with this evolving vision.”
What factors were considered?
NJWM compared living and financial conditions across the United States to come up with this list.
These factors were taken into account: cost of living index, quality of life, average salary, median net worth, life expectancy, and percentage of households with a net worth above $100K.
Rankings were derived from combining the factors into a “prosperity index.”
Washington had the highest median net worth ($399K), while Massachusetts, Maine, Maryland, Utah, and Colorado also exceeded $300K.
Maine had the highest percentage of households with a network above $100K while Massachusetts and Washington tied for second at 71.3%.
Utah and Minnesota made it into the top five overall despite having lower average salaries, but also a lower cost of living.
