Between skyrocketing inflation, the ever-increasing cost of living, and the turbulence of President Donald Trump’s international tariff policies, there’s likely never been a better time in recent memory to have a healthy amount of cash on hand. This begs the question: How much cash do most Americans keep in the bank?
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SmartAsset (via Visual Capitalist) recently set out to answer that question by analyzing median banking data state-by-state from the Bureau of Labor Statistics. While the Bureau’s most recent information was from 2022, SmartAsset then brought the totals up to 2024 levels by adding a 6.34% inflation rate. (Note: Banking information was not available from Alaska, Delaware, North Dakota, South Dakota, Vermont and Wyoming.)
What they found was intriguing. Perhaps unsurprisingly, Hawaii was ranked #1 with the highest median household bank balance ($43,599), which makes sense, as the Aloha State has the highest cost of living in the nation.
More surprising, though, were the rankings of similarly large-economy states like Texas and New York, both of which fell near the middle of the list. Visual Capitalist mused this could be due to a wide wealth disparity in both Texas and New York, or simply that residents are investing their savings rather than keeping them in the bank.
Read on to find where your state falls on the list.
1. Hawaii
Median household bank balance: $43,599
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2. New Jersey
Median household bank balance: $21,268
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3. Washington
Median household bank balance: $19,035
4. Massachusetts
Median household bank balance: $17,387
5. California
Median household bank balance: $17,046
6. Minnesota
Median household bank balance: $16,834
7. Virginia
Median household bank balance: $16,695
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8. Maine
Median household bank balance: $15,951
9. Colorado
Median household bank balance: $14,888
10. Montana
Median household bank balance: $14,388
11. Utah
Median household bank balance: $13,984
12. Oregon
Median household bank balance: $13,909
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13. Kansas
Median household bank balance: $13,293
14. Wisconsin
Median household bank balance: $13,218
15. Maryland
Median household bank balance: $13,186
16. Michigan
Median household bank balance: $12,867
17. Illinois
Median household bank balance: $12,761
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18. North Carolina
Median household bank balance: $12,229
19. Pennsylvania
Median household bank balance: $11,963
20. Connecticut
Median household bank balance: $11,697
21. Iowa
Median household bank balance: $11,697
22. New York
Median household bank balance: $11,697
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23. South Carolina
Median household bank balance: $11,453
24. Arizona
Median household bank balance: $11,293
25. Florida
Median household bank balance: $10,634
26. New Hampshire
Median household bank balance: $9,873
27. Idaho
Median household bank balance: $9,571
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28. Ohio
Median household bank balance: $9,571
29. Nebraska
Median household bank balance: $9,039
30. Nevada
Median household bank balance: $9,039
31. Rhode Island
Median household bank balance: $8,507
32. Indiana
Median household bank balance: $7,603
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33. Texas
Median household bank balance: $7,550
34. Arkansas
Median household bank balance: $7,444
35. Tennessee
Median household bank balance: $7,444
36. Missouri
Median household bank balance: $6,380
37. Louisiana
Median household bank balance: $6,061
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38. Kentucky
Median household bank balance: $5,955
39. Georgia
Median household bank balance: $4,785
40. New Mexico
Median household bank balance: $4,594
41. West Virginia
Median household bank balance: $4,307
42. Oklahoma
Median household bank balance: $3,477
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43. Alabama
Median household bank balance: $2,339
44. Mississippi
Median household bank balance: $1,914
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Sources
SmartAsset, “Household Net Worth is Highest in These States – 2025 Study“
Visual Capitalist, “Ranked: States Where Americans Have the Most Cash in the Bank“
This article originally appeared on GOBankingRates.com: This Is How Much Cash People Keep in the Bank in Your State
