While the typical American household earns a median income of $57,617 annually, there are some cities where more than one-half earn more than $70,000 per year. As usual, I invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market or a National Economy. The same is true about incomes.
To identify the wealthiest cites across the country (which in this study means those with greatest median household income), 24/7 Wall St examined household income levels in 382 Metropolitan Statistical Areas (MSAs). Metrics reported in addition to household median income included:
- Percent of Households earning $200,000 and up
- Percent of adults having earned as least a Bachelor’s degree
- Unemployment rates as of March 2018
Also included are the job growth rates for the 12-months ending March 2018. The following table shows the 10 MSAs with the greatest median household income. Income, however, should be viewed with respect to the cost of living in that locale.
While San Jose has a median income greater than $110,000, they also have among the highest cost of living in the U.S. The median price for existing homes in Santa Clara County (home to San Jose) was a whopping $1.2 million in March 2018 according to Corelogic, making home prices a factor of 10 times income. In comparison, the Seattle-Tacoma-Bellevue MSA had a quarterly median home price of $471,700 per the National Association of Realtors®, with home prices at a factor of six times median household income.
To read the article including the 25 cities with the greatest median income click https://www.usatoday.com/story/money/economy/2018/05/17/25-richest-cities-in-america/34991163/
High incomes do not necessarily correspond to a better quality of life. Nor do high income levels guaranty a perpetual higher job growth rate as 50 percent of the top-10 income MSAs currently have a job-growth rate less than the U.S. as a whole.