In America’s richest cities, median household incomes range from $70,196 in Provo-Orem, Utah to $117,474 in San Jose-Sunnyvale-Santa Clara, California. One factor that differentiates these metro areas — and many of the others on this list — from most other U.S. cities is the concentration of jobs in high-paying industries.
For example, because of the presence of major computer software companies, Provo and San Jose are in regions known as Silicon Slopes and Silicon Valley, respectively. Major employers in and around those areas include Adobe, Facebook, Google, and eBay — all companies that commonly pay six-figure salaries.
It is likely no coincidence that many high-paying employers have major operations in the cities on this list. High salary jobs tend to require highly skilled personnel with advanced degrees, and the majority of cities on this list have large college-educated talent pools for companies to hire from. In all but seven cities on this list, the share of adults with a bachelor’s degree or higher exceeds the 32% national college attainment rate. In four cities on this list, over half of all adults have a bachelor’s degree or higher.
Jobs in general, high paying or not, tend to be widely available in America’s wealthiest cities. In 29 of the 42 cities on this list, the unemployment rate in July was at or below the 3.9% national jobless rate.
The high incomes in the America’s wealthiest cities have driven up property values. Similarly, high property values make many of these cities prohibitively expensive for lower-income Americans. In all but two cities on this list, the median home value is higher than the $217,600 median home value nationwide. In 13 cities on this list, over half of all homes are worth over half a million dollars.
To determine the richest cities in America, 24/7 Wall St. reviewed data from the U.S. Census Bureau’s 2017 American Community Survey. We identified the 42 U.S. metropolitan statistical areas with median annual household incomes of at least $70,000. Poverty rates, median home values, and educational attainment rates also came from the ACS. Unemployment rates are from the Bureau of Labor Statistics and are seasonally adjusted for July 2018, the most recent period for which data is available.
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