By Kamaron McNair
Copyright cnbc
Long Beach, California, had the second-fastest median income growth in the country at about 12%. But senior and family incomes rose similarly there, at rates of about 15% and 17%, respectively. Rather, in California, many of the cities with the fastest income growth are also home to some of the highest-earning households in the country.
San Jose and San Francisco had the highest and second-highest median household incomes in the U.S., respectively, in 2023 and retained those positions in 2024, according to SmartAsset’s analysis. Both major tech hubs ripe with high-paying roles, the cities already had median incomes significantly higher than other cities and experienced major growth over the year.
“High profits [at tech companies] turn into high competition for talent for businesses to stay ahead, and so employers in the Silicon Valley area may hike pay to retain or attract talent on a continuous basis,” DeJohn says.
On the other hand, the income growth in five cities with some of the fastest rises in the country still wasn’t enough to bring median incomes up to or above the national median household income of $83,730.
In Baltimore, for example, the median household income rose 8.73% — the seventh-fastest growth of a major city. But it started at just $59,579 in 2023, so it remained just below $65,000 in 2024.
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