Hardworking Texans are making less money per year than the national median, a new WalletHub study has revealed.

The just-released report, "States Where People Have the Highest Income," found Texas workers are making a median annual income of $73,718, compared to the national median of $81,000 per year.

The study examined the average annual income of the top five percent, the average income of the bottom 20 percent, and the median income for all residents in all 50 states and the District of Columbia. Income was adjusted for the cost of living.

Texas ranked 11th in the study's rankings of states where residents have the highest incomes, moving up one spot from its 2024 ranking. Virginia claimed the No. 1 spot, followed by New Jersey (No. 2) and New York (No. 3).

Based on WalletHub's findings, the top five percent of Texans are making more than $504,000 per year. Meanwhile, the bottom 20 percent of Texas residents are making only $17,461 annually.

In a major city like Dallas, income disparities may appear to be even wider than other Texas cities. Earning a "comfortable" wage in Dallas now costs $4,000 more than it did last year, and being a middle-class earner means making a minimum of $46,743 a year and as much as $140,242. Making a six-figure salary doesn't even go as far as it used to.

Yet Dallas still ranks among the top 10 wealthiest cities in America with 16 billionaires and 135 multi-millionaires calling the city home. Even Dallas' suburbs are attracting more high-income households than many other U.S. cities.

"The highest-earning 10 percent of individuals in the United States earn over 12 times more than those in the lowest-earning 10 percent, based on the latest Census data," said WalletHub analyst Chip Lupo. "By measuring the income of various percentiles against a state's median income, we can better identify where income disparities are more prevalent, which could help us better understand why residents of certain states struggle more to make ends meet."

The top 10 states with residents earning the highest income are:

• No. 1 – Virginia
• No. 2 – New Jersey
• No. 3 – New York
• No. 4 – Connecticut
• No. 5 – Washington
• No. 6 – Utah
• No. 7 – Minnesota
• No. 8 – Colorado
• No. 9 – Illinois
• No. 10 – Massachusetts