Incomes climbed faster in 2017 for the typical American household than they have in years. The median household income of $60,336 in 2017 marked a 4.7% increase from the previous year — more than doubled the 2.1% inflation rate over the same period.
The 2017 median household income of $60,336 marks a historic high and generally means greater wealth and buying power than in recent years. Clearly, however, incomes are not even nationwide, and while some areas are undoubtedly poorer, in dozens of thriving American cities, the majority of households earn over 20% more than the national median.
24/7 Wall St. reviewed median household income data from the U.S. Census Bureau for 381 U.S. metro areas to identify the 25 richest American cities. Though spread across the country, from New England to Alaska, the cities on this list tend to have much in common.
The vast majority of these cities are home to a well-educated, highly skilled workforce. Nationwide, 32.0% of adults have a bachelor’s degree, and in all but a handful of cities on this list, the bachelor’s degree attainment rate is greater. Many of the cities on this list rank as the most educated city in their state.
With a wide talent pool to draw from, these cities are attractive places for major companies to do business, particularly those in the traditionally high-paying technology sector. Several cities on this list have near-nation leading concentrations of high-tech jobs. Being a magnet for major employers has the added benefit of reducing unemployment. In the majority of cities on this list, the unemployment rate in March was below the 3.8% national rate the same month.