It is no secret that wages often fail to keep pace with rising costs. A new study published by SmartAsset confirms that in 2024, the median household income rose only 1.3% nationwide from the previous year, considerably short of the 3% inflation rate determined by the U.S. Bureau of Labor Statistics during the same time period.
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While many people felt the pinch of soaring costs from the pump to the grocery store, some cities saw double-digit growth in household income, helping residents rise above the increasing cost of living. Here are seven cities where household income has grown the most, according to SmartAsset.
Tampa, Florida
Floridians residing in Tampa, the state’s third-most populous city, experienced the highest growth in household income over a one-year period. The average household income in 2024 was $84,114, representing a nearly 15.5% increase from the previous year.
While the growth was likely driven by a 17.4% increase in senior income, it was not distributed evenly among all demographics. Median household income for families with children decreased 6.2%, dropping to $97,219.
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Long Beach, California
Residents of Long Beach, California saw the second-highest jump in household income, according to the research. The Southern California city boasted an 11.9% increase in median household income from 2023 to 2024. In 2023, the median household income was $81,606, before jumping to $91,318 in 2024. Both seniors and families saw increases, growing in household income over 14.7% and 16.6%, respectively.
San Francisco, California
Another California city to top the list was San Francisco. The home of the 49ers saw a 10.31% change in median household income for the one-year period from 2023 to 2024. In 2023, the median household income in the city was $126,730, before reaching $139,801 the next year. Households of families with children saw the biggest jump, increasing 27.51% during the same timeframe.
Fresno, California
Not only did the median household income in Fresno, California increase about 10.2%, growing from $67,603 in 2023 to $74,491 overall, households with families were some of the biggest beneficiaries. Family income rose from $63,013 in 2023 to $81,314, representing a 29% change.
Louisville, Kentucky
Rounding out the top five cities to see a significant, positive change in median household income was Louisville, Kentucky. The famed-city saw a 9.37% change in household income from 2023 to 2024, increasing from $61,488 to $67,251. However, not all demographics saw positive growth. While family household income grew from $69,977 to $76,692, senior income decreased by 1.26%.
San Jose, California
San Jose, California also saw significant growth in household income during a 12-month period from 2023 to 2024. As reported by SmartAsset, the city saw an 8.8% positive change in household income during that time period. Overall income increased from $136,229 in 2023 to $148,226 in 2024. Both seniors and households with families saw growth, increasing more than 7.6% and 13.7%, respectively.
Baltimore, Maryland
Ranking seventh on the list was Baltimore, Maryland. Residents saw the median household income in the city increase from $59,579 in 2023 to $64,778 in 2024, an 8.73% change. Seniors and families both benefitted from positive growth, each seeing around a 2% increase for their demographics.
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This article originally appeared on GOBankingRates.com: 7 Cities Where Household Income Has Grown the Most
