It's often said that wages aren't increasing at the pace of inflation, but this isn't always true for everyone. Certain cities across the United States have seen steady increases in average household income over time. And while the cost of living continues to rise, so too does the total income of residents of these cities.
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While not everyone living in each city is wealthy, and some are far from it, the numbers do show that people are getting wealthier in certain areas. To further illustrate this point, GOBankingRates recently conducted a study to identify cities where the median household income exceeded her $200,000 in the past few years.
Based on that research, here are the wealthiest cities based on household income.
westfield new jersey
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Median household income in 2019: $235,067
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Median household income in 2022: $281,738
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Three-year rate of change in average household income: 19.85%
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Percentage of population with income of $200,000 or more in 2019: 43%
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Percentage of population with income of $200,000 or more in 2022: 50.8%
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Three-year percentage change in population with household income of $200,000 or more: 18.14%
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Needham, Massachusetts
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Median household income in 2019: $223,894
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Median household income in 2022: $267,951
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Three-year rate of change in average household income: 19.68%
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Percentage of population with income of $200,000 or more in 2019: 39.1%
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Percentage of population with income of $200,000 or more in 2022: 51.7%
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Three-year percentage change in population with household income of $200,000 or more: 32.23%
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Calabasas, California
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Median household income in 2019: $201,446
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Median household income in 2022: $257,894
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Three-year rate of change in average household income: 28.02%
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Percentage of population with income of $200,000 or more in 2019: 31.9%
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Percentage of population with income of $200,000 or more in 2022: 40.3%
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Three-year percentage change in population with household income of $200,000 or more: 26.33%
Santa Clara, California
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Median household income in 2019: $150,572
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Median household income in 2022: $206,379
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Three-year rate of change in average household income: 37.06%
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Percentage of population with income of $200,000 or more in 2019: 25.5%
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Percentage of population with income of $200,000 or more in 2022: 39.8%
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Three-year percentage change in population with household income of $200,000 or more: 56.08%
Issaquah, Washington
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Median household income in 2019: $137,332
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Median household income in 2022: $196,431
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Three-year rate of change in average household income: 43.03%
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Percentage of population with income of $200,000 or more in 2019: 21.7%
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Percentage of population with income of $200,000 or more in 2022: 33.1%
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Three-year percentage change in population with household income of $200,000 or more: 52.53%
winchester, massachusetts
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Median household income in 2019: $227,899
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Median household income in 2022: $283,632
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Three-year rate of change in average household income: 24.46%
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Percentage of population with income of $200,000 or more in 2019: 44.1%
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Percentage of population with income of $200,000 or more in 2022: 52.5%
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Three-year percentage change in population with household income of $200,000 or more: 19.05%
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Naples, Florida
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Median household income in 2019: $217,838
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Median household income in 2022: $277,872
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Three-year rate of change in average household income: 27.56%
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Percentage of population with income of $200,000 or more in 2019: 29.2%
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Percentage of population with income of $200,000 or more in 2022: 35.1%
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Three-year percentage change in population with household income of $200,000 or more: 20.21%
San Carlos, California
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Median household income in 2019: $239,376
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Median household income in 2022: $298,397
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Three-year rate of change in average household income: 24.66%
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Percentage of population with income of $200,000 or more in 2019: 45.5%
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Percentage of population with income of $200,000 or more in 2022: 53.2%
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Three-year percentage change in population with household income of $200,000 or more: 16.92%
Mercer Island, Washington
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Median household income in 2019: $224,619
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Median household income in 2022: $290,655
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Three-year rate of change in average household income: 29.40%
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Percentage of population with income of $200,000 or more in 2019: 39.3%
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Percentage of population with income of $200,000 or more in 2022: 48.3%
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Three-year percentage change in population with household income of $200,000 or more: 22.90%
Bainbridge Island, Washington
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Median household income in 2019: $144,868
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Median household income in 2022: $214,501
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Three-year rate of change in average household income: 48.07%
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Percentage of population with income of $200,000 or more in 2019: 23.1%
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Percentage of population with income of $200,000 or more in 2022: 36.2%
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Three-year percentage change in population with household income of $200,000 or more: 56.71%
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lafayette california
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Median household income in 2019: $250,550
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Median household income in 2022: $312,233
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Three-year rate of change in average household income: 24.62%
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Percentage of population with income of $200,000 or more in 2019: 45.9%
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Percentage of population with income of $200,000 or more in 2022: 53.6%
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Three-year percentage change in population with household income of $200,000 or more: 16.78%
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Palo Alto, California
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Median household income in 2019: $232,529
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Median household income in 2022: $301,226
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Three-year rate of change in average household income: 29.54%
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Percentage of population with income of $200,000 or more in 2019: 41%
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Percentage of population with income of $200,000 or more in 2022: 52%
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Three-year percentage change in population with household income of $200,000 or more: 26.83%
Cupertino, California
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Median household income in 2019: $206,009
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Median household income in 2022: $283,063
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Three-year rate of change in average household income: 37.40%
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Percentage of population with income of $200,000 or more in 2019: 42.1%
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Percentage of population with income of $200,000 or more in 2022: 54.7%
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Three-year percentage change in population with household income of $200,000 or more: 29.93%
Menlo Park, California
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Median household income in 2019: $241,222
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Median household income in 2022: $316,584
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Three-year rate of change in average household income: 31.24%
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Percentage of population with income of $200,000 or more in 2019: 40.4%
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Percentage of population with income of $200,000 or more in 2022: 49.2%
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Three-year percentage change in population with household income of $200,000 or more: 21.78%
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Saratoga, California
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Median household income in 2019: $257,441
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Median household income in 2022: $329,142
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Three-year rate of change in average household income: 27.85%
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Percentage of population with income of $200,000 or more in 2019: 47.8%
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Percentage of population with income of $200,000 or more in 2022: 58.3%
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Three-year percentage change in population with household income of $200,000 or more: 21.97%
Southlake, Texas
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Median household income in 2019: $299,637
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Median household income in 2022: $360,078
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Three-year rate of change in average household income: 20.17%
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Percentage of population with income of $200,000 or more in 2019: 58.5%
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Percentage of population with income of $200,000 or more in 2022: 64.3%
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Three-year percentage change in population with household income of $200,000 or more: 9.91%
Los Gatos, California
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Median household income in 2019: $217,966
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Median household income in 2022: $305,653
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Three-year rate of change in average household income: 40.23%
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Percentage of population with income of $200,000 or more in 2019: 40.3%
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Percentage of population with income of $200,000 or more in 2022: 49.5%
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Three-year percentage change in population with household income of $200,000 or more: 22.83%
McLean, Virginia
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Median household income in 2019: $296,594
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Median household income in 2022: $364,093
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Three-year rate of change in average household income: 22.76%
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Percentage of population with income of $200,000 or more in 2019: 52.1%
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Percentage of population with income of $200,000 or more in 2022: 61.8%
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Three-year percentage change in population with household income of $200,000 or more: 18.62%
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Wellesley, Massachusetts
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Median household income in 2019: $287,793
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Median household income in 2022: $367,801
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Three-year rate of change in average household income: 27.80%
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Percentage of population with income of $200,000 or more in 2019: 49.3%
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Percentage of population with income of $200,000 or more in 2022: 60.7%
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Three-year percentage change in population with household income of $200,000 or more: 23.12%
Los Altos, California
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Median household income in 2019: $326,456
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Median household income in 2022: $400,817
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Three-year rate of change in average household income: 22.78%
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Percentage of population with income of $200,000 or more in 2019: 57.6%
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Percentage of population with income of $200,000 or more in 2022: 64.2%
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Three-year percentage change in population with household income of $200,000 or more: 11.46%
methodology: For this article, GOBankingRates first selected the 100 cities with the highest median household income and total household size of 7,500 or more from the 2022 American Community Survey conducted by the U.S. Census Bureau. Once these cities were selected, GOBankingRates asked for the following information for each city: (1) Median household income in 2019. (2) Median household income in 2022. (3) his three-year percent change in average household income; (4) Percentage of population with household income of $200,000 or more in 2019. (5) Percentage of population with household income of $200,000 or more in 2022. (6) Three-year percent change in population with household income of $200,000 or more. Factors (2), (3), and (5) were then scored and combined such that the lowest score was the best. In the final calculation, factor (2) was weighted by a factor of 4 and factor (3) was weighted by a factor of 2. All data is collected and current as of February 7, 2024.
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This article originally appeared on GOBankingRates.com: 20 Richest Cities with Median Household Income of $200,000 or More
