America's Richest Cities
The U.S. Census Bureau released its annual report on income and poverty in the United States earlier this week. The report revealed that median household income climbed 4.7% nationwide, from $57,617 in 2016 to $60,336 in 2017. For many, the progress did not come as a surprise given the country’s near record-low unemployment rate and a booming stock market.
The latest Census release also reinforces another, less encouraging trend: the increasing concentration of wealth at the top of the income distribution. According to research conducted by the Economic Policy Institute, a nonprofit nonpartisan think tank, incomes for the top 5% of earners climbed six times faster than incomes for the bottom 20%.
American cities are economically diverse, home to both extreme wealth and abject poverty. Some cities, however, are far more likely to be home to a greater share of high-income residents. These cities tend to have healthy job markets, well-educated populations, and expensive real estate.
24/7 Wall St. reviewed 2017 data from the U.S. Census Bureau to identify the 42 metro areas where the typical household earns at least $70,000 annually. While these cities span the country from coast to coast, over half of them are in western states, including 11 in California.