America’s Richest Cities
25. Rochester, MN
> Median household income: $66,214
> Median home value: $170,200
> Unemployment rate: 2.9%
> Poverty rate: 9.5%
The Rochester, Minnesota metro area’s median income is among the highest in the United States. A typical household in the metro area earns $66,214 annually, compared to a national median of $53,657. As is often the case in areas with extremely high income, poverty is very minimal in the metro area. Just 9.5% of the city’s population lives below the poverty line, much lower than the national poverty rate of 15.5%. Low unemployment often results in greater wealth in an area, both because more residents are earning incomes, and because employers tend to offer more competitive wages to attract the best employees. In Rochester, just 2.9% of the region’s workforce is unemployed, compared to a national jobless rate of 5.1%. A very large share of the region’s residents is employed by the Mayo Clinic.
24. Denver-Aurora-Lakewood, CO
> Median household income: $66,870
> Median home value: $276,800
> Unemployment rate: 3.6%
> Poverty rate: 10.8%
A typical household in the Denver area earns $66,870 annually, more than $13,000 above the national median household income. In general, higher-paying occupations tend to require a college education. As is the case with many metropolitan areas with higher incomes, more than 40% of Denver area adults have a college education, more than 10 percentage points higher than the 30.1% of adults who have at least a bachelor’s degree nationwide. Employment can have a significant impact on an area’s income. Just 3.6% of the The Denver metropolitan area’s workforce is unemployed, compared to a national rate of 5.1%.
23. Kahului-Wailuku-Lahaina, HI
> Median household income: $66,987
> Median home value: $534,300
> Unemployment rate: 3.4%
> Poverty rate: 13.2%
Property values in a region are often indicative of highly desirable — and highly affluent — housing markets. The Kahului-Wailuku-Lahaina metro area is no exception. The typical home in the Hawaii metro region, located on the islands of Maui, Lanai, and Moloka’i, is $534,300 — nearly three times the national median home value and higher than all but four other U.S. metropolitan areas. The area’s median income is among the highest in the United States. Low unemployment often results in greater wealth in an area — both because more residents are earning incomes, and because employers tend to offer more competitive wages to attract the best employees. Just 3.4% of the region’s workforce is unemployed, significantly lower than the national rate of 5.1%.
22. New York-Newark-Jersey City, NY-NJ-PA
> Median household income: $67,066
> Median home value: $396,700
> Unemployment rate: 5.1%
> Poverty rate: 14.6%
The Greater New York metropolitan area, which includes parts of New Jersey and Pennsylvania, has a population of nearly 20 million people. While the region includes some areas of extreme poverty, it still has — on the whole — a higher median household income than the vast majority of U.S. metropolitan areas. A typical metro area household earns $67,066 annually compared to a national median of $53,657. While all metropolitan areas have at least a few households earning very high incomes, the wealthiest metropolitan areas have disproportionately high shares of very wealthy households. In the New York metro area, 10.4% of households earn $200,000 or more each year, nearly double the 5.3% of households earnings as much nationwide.
21. Santa Rosa, CA
> Median household income: $67,771
> Median home value: $469,400
> Unemployment rate: 4.3%
> Poverty rate: 11.3%
The Santa Rosa, California metropolitan statistical area, located roughly an hour north of San Francisco, is one of the wealthiest metro areas in the country, with a median income of $67,771, roughly $14,000 above the typical U.S. household’s income. Like many of the wealthiest metropolitan areas, Santa Rosa’s real estate is among the most expensive in the country. A typical home in the area is worth nearly $470,000, the 10th highest median home value of any metropolitan area and more than 2.5 times the value of a typical U.S. home. Also, 7.4% of the area’s homes are worth at least $1 million, or roughly three times the share of million dollar homes on a national level.