Household incomes have been on the rise in the United States for a while! According to the U.S. Census Bureau, the average American household income is $57,617 a year. In some metros, more than half of the households earn more than $70,000 per year! The median household income in a city is made up of a number of factors - number of citizens with higher education, a healthy job market and a large concentration of industries that pay higher wages.
The wealthiest metros tend be geographically concentrated. The are located primarily along the East and West Coasts - this includes cities in Alaska and Hawaii.
24/7 Wall Street reviewed income levels in 382 major metropolitans across the U.S. to find the 25 richest cities in America. In the wealthiest cities, median household incomes range from $71,700 to over $100,000 annually. A large number of the wealthiest cities in the US are on the West Coast, and nearly all in California.
The Seattle-Tacoma-Bellevue area of Washington state comes in at #9 in the nation. Here, the median household income is $78,612 and 11% of households earn $200,000 or more per year. In this part of the country, we have a high concentration of adults holding at least a bachelors degree at 42%. Fortunately, we are in close proximity to many high-ranking schools! Jobs in the tech industry tend to pay well and the greater Seattle area is home to some of the largest tech companies in the world. This also factors in to the median household income for the area. Finally, in March, the unemployment rate in our area was 3.9%.
The greater Seattle area is a tech & academic hub, which are two huge factors in determining median household income. We can expect to see these trends continue and hopefully increase the quality of life in our area.