Special Report

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.

Source: Thinkstock

42. Provo-Orem, UT
> Median household income: $70,196
> Median income change 2016-2017: +$908 (+1.3%)
> Median home value: $296,600 (top 10%)
> Adults with a bachelor’s degree: 41.3% (top 10%)
> July unemployment: 2.9% (bottom 20%)

Source: Thinkstock

41. Ann Arbor, MI
> Median household income: $70,286
> Median income change 2016-2017: +$4,685 (+7.1%)
> Median home value: $258,700 (top 20%)
> Adults with a bachelor’s degree: 54.5% (top 10%)
> July unemployment: 2.8% (bottom 20%)

Source: a_little_brighter / Flickr

40. Santa Maria-Santa Barbara, CA
> Median household income: $71,106
> Median income change 2016-2017: +$3,670 (+5.4%)
> Median home value: $567,600 (top 10%)
> Adults with a bachelor’s degree: 35.2%
> July unemployment: 3.9%

Source: Jon Bilous / Shutterstock.com

39. Barnstable Town, MA
> Median household income: $71,235
> Median income change 2016-2017: +$3,337 (+4.9%)
> Median home value: $401,100 (top 10%)
> Adults with a bachelor’s degree: 44.6% (top 10%)
> July unemployment: 4.4%

Source: Thinkstock

38. Salinas, CA
> Median household income: $71,274
> Median income change 2016-2017: +$7,398 (+11.6%)
> Median home value: $517,200 (top 10%)
> Adults with a bachelor’s degree: 24.8%
> July unemployment: 6.2% (top 10%)

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