What makes a city a rich one? It is all about the average median salary in the city. And in the era of technology, cities with companies in technology make the top of the list. For example, the capital of Silicon Valley, San Jose, ranks at the top of the list. With a median household income over $117,000, San Jose’s citizens earn nearly twice as much as the average median income in the country.
Households across American have increased their income by a few percent in the past few years. Much of that comes from California, a state where income rises.
Most of the richest cities in America represent tech hubs. They crack the top 10 and dominate it. Besides San Hose, you will also find San Francisco and California on this list. Educational hubs also dominate the list.
Wall Street reviewed median household income in the country, giving us an idea of the richest cities in the US. Here they are.
San Jose, California
Median household income – $117,000
Located on the southern shore of San Francisco Bay, San Jose is the capital of Silicon Valley. It is also the largest Northern California city by population and area.
The city has one of the fastest-growing GDP in the world, thanks to the rise of tech companies and startups. But the cost of living in the city is also among the highest in the country. The median home value is at more than $1 million.
The city has a population of more than 1 million. It is notable as a center of innovation for its affluence. The Mediterranean climate also makes it a desirable city for residents. The only downside is the extremely high cost of living.
San Francisco, California
Median household income – $101,000
San Francisco recently got their basketball team, the Golden State Warriors back in the city. Residents of this city earn more on average than any other major city residents in the country. But there is a reason for it. San Francisco’s residents have the highest education among major city residents. Seattle holds the top position, but San Francisco has the second-highest percentage of college-educated residents.
Some of the major companies in the city include Airbnb, SalesForce, Adobe, Dropbox, and major financial institutions like Wells Fargo.
The city holds the fourth position by most population in California, with 881,549 residents as of 2019. It is the second-most densely populated large US city.
As a popular tourist destination, San Francisco offers cool summers, steep rolling skills, an eclectic mix of architecture, landmarks, and of course, the ability to watch the Golden State Warriors in live-action.
Median household income – $91,000
With a location within commuting distance to New York City, Bridgeport – Stamford – Norwalk area is the wealthiest city in New England. It is also the richest city on the East Coast.
The historic seaport city is the fifth-most populous in New England. The area is also part of the New York megacity.
The first Subway restaurant opened in Bridgeport in 1965. The city is also the home of Frisbie Pie Company. Many consider the city as the birthplace of the Frisbee.
Median household income – $86,000
Napa has only 80,000 residents, but it is still the second-largest city in California’s wine country after Santa Rosa. Thanks to its Mediterranean climate, Napa has an ideal climate for growing grapes and other crops. The city employs more agricultural workers than most American cities.
The city is now the center of the regional wine industry. Wineries like Stag’s Leap Wine Cellars and Chateau Montelena can rank with some wineries from France.
The city appears in popular culture. For example, Bottle Shock draws inspiration from an important event in the history of Napa Valley winemaking.
Median household income – $85,000
Boston is a popular center on the East Coast. The city remains the place for the Boston Marathon, Fenway Park, the famous baked beans, and much more.
But what makes Boston a rich city is the rich palette of educational institutions. Home to faculties and institutions like Harvard, Massachusetts Institute of Technology, Boston College, Northeastern University, Boston University, the area has one of the highest concentrations of adults with a BA or higher degree.
Boston is the most populous city in New England, and serves as an economic and cultural anchor of the metropolitan area famous as Greater Boston.
It is also one of the oldest municipalities in the US, founded in 1630 by Puritan settlers from an English town of the same name.
Thanks to the many colleges and universities, today Boston remains the thriving center of scientific research.
Median household income – $83,000
The city in Ventura Country, California, has an economy fueled by manufacturing agriculture, and international trade. The Port of Hueneme is the only deepwater commercial port between Los Angeles and San Francisco.
Located 60 miles west of downtown Los Angeles, the city is part of the larger Greater Los Angeles Area. The city’s agriculture produces lima beans, strawberries, and other vegetable crops. But it main source of income remains the port. It is a major transportation hub in Southern California. Companies that use the port include BMW, Land Rover, Jaguar, Del Monte Foods, Chiquita, and many more.
As a city close to Los Angeles, Oxnard earns money from tourism as well.
Median household income – $82,000
The Seattle metro area is one of the fastest-growing ones in the country. The city is also home to the most highly educated population. More than 40% of the adult residents have a BA degree or higher.
The success of the area stems from companies like Amazon, Microsoft, and Boeing. They are large employers, employing thousands of people.
Besides these big companies, the economy profits from new economy Internet and technology companies, service, design, and clean technology.
Another important factor is the Port of Seattle. It operates the Seattle – Tacoma International Airport, a major gateway for trade with Asia and cruises to Alaska. The Port of Seattle is the 8th largest port in the US by container capacity.
Median household income – $81,000
This city in Hawaii has one of the lowest unemployment rates in the country at just 2.5%. For comparison, the country’s average was 3.7% as of July 2019.
One in ten households in Honolulu earns more than $200,000 per year. As the capital of Hawaii, Honolulu benefits from tourism.
The airport in the city brings millions of visitors per day. The airport contributes more than $10 billion annually to the economy.
But the city’s economy also benefits from research and development, manufacturing, and military defense.
Median household income – $80,000
This city in Colorado boasts some of the highest educated workforce. Nearly two-thirds of the adult population has a bachelor’s degree or higher.
Similar to Honolulu, Boulder has some of the lowest unemployment rates in the country at 2.5%. Some of the largest employees in the city include the University of Colorado, IBM, and Lockheed Martin.
Located at the base of the foothills of the Rocky Mountains, the city frequently receives high rankings in quality of life and education. The University of Colorado is the largest university in the state of Colorado.
In 2013, Forbes put the city on its list of Best Places for Business and Careers.
Median household income – $80,000
Santa Rosa is the fifth largest city in the San Francisco Bay Area. The city’s name translates to Saint Rose in Spanish. It is the county seat of Sonoma Country.
The city has a dynamic and well-balanced economy. Some of the fields include tourism, high-tech manufacturing, and retail.
As the heart of Sonoma County, Santa Rosa is in the center of the world’s leading wine regions.