Middle-class incomes are rising at a massive rate in these 10 cities
Middle-class incomes are rising at a massive rate in these 10 cities
By Jade ScipioniPublished February 19, 2019Real EstateFOXBusiness
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While the average household incomeOpens a New Window. in the U.S. is just over $55,300, according to the U.S. Census Bureau, some citiesOpens a New Window. across the country are far exceeding that -- giving massive income boosts to its middle class.
According to new research from GoBankingRates.comOpens a New Window., cities such as San Francisco, Oakland and Fremont -- all of which are based in California -- have seen massive percentage income growths within its middle class over the last five years.
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To determine the list, the personal finance website analyzed 200 of the largest U.S. cities using several key factors from the U.S. Census Bureau's 2017 American Community Survey.
Here are the six factors it looked at to determine where the middle class is thriving: (1) median household income in 2017; 2015 and 2012; (2) two-year median household income growth; (3) five-year median household income growth; (4) mean income for third quintile (40 percent- 60 percent) of household earners, 2017, 2015 and 2012; (5) two-year quintile income growth; (6) five-year third quintile income growth.
Surprisingly, San Francisco topped this year's list, despite other major cities having higher income levels. The main driver for its ranking was its income growth, which grew more than 30 percent from $73,802 to $92,265 since 2012, ending in 2017.
Here are 10 cities were middle-class incomes are rising the most, according to GoBankingRates.com.Opens a New Window.
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1. San Francisco, California
Median household income: $96,265
Five-year median income growth: 30.4%
Middle-class income range: $64,177 to $192,530
2. Oakland, California
Median household income: $63,251
Five-year median income growth: 22.4%
Middle-class income range: $42,167 to $126,502
3. Fremont, California
Median household income: $122,191
Five-year median income growth: 23.2%
Middle-class income range: $81,461 to $244,382
4. Seattle, Washington
Median household income: $79,565
Five-year median income growth: 25.4%
Middle-class income range: $53,043 to $159,130
5. Salt Lake City, Utah
Median household income: $54,009
Five-year median income growth: 21.3%
Middle-class income range: $36,006 to $108,018
6. San Jose, California
Median household income: $96,662
Five-year median income growth: 18.8%
Middle-class income range: $64,441 to $193,324
7. Denver, Colorado
Median household income: $60,098
Five-year median income growth: 22.4%
Middle-class income range: $40,065 to $120,196
8. Sunnyvale, California
Median household income: $118,314
Five-year median income growth: 22.1%
Middle-class income range: $78,876 to $236,628
9. Bellevue, Washington
Median household income: $105,402
Five-year median income growth: 19.7%
Middle-class income range: $70,268 to $210,804
10. Portland, Oregon
Median household income: $61,532
Five-year median income growth: 20.1%
Middle-class income range: $41,021 to $123,064
https://www.foxbusiness.com/features...mes-are-rising
