10 Cities Where Wealthy Americans Are MovingMenu iconSearch iconBusiness Insider logoBusiness Insider logoAccount iconAccount iconClose iconChevron iconAccount iconShare iconFacebook IconEmail iconTwitter iconLinkedIn iconLink iconSave Article IconAngle down iconClose icon
Spokane Valley, Washington is seeing the fastest growth in high-income households making at least $200,000 annually.
This is according to a SmartAsset analysis of 345 US cities from US Census Bureau data. The analysis found that just one Southern city made the top 10 for cities adding high-income households at the fastest rate between 2021 and 2022, while four cities in the northeast ranked in the top eight.
The analysis used the IRS's definition of high income, taxpayers making $200,000 or more annually. The report notes that high-income households often have large impacts on local economies, which could impact housing markets in the long term.
Spokane Valley, located in the eastern part of Washington, had an over 183% increase in high-income households, amounting to over 1,500 between 2021 and 2022. In 2022, the share of households earning $200,000 or more in Spokane Valley was 5.1%, compared to 1.8% the year prior. Census data shows many are moving to Washington from California and Texas.
Allentown, Pennsylvania, about 60 miles north of Philadelphia, ranked second with an increase of 163.6% between 2021 and 2022 — or 830 households. Allentown has ranked in the top five for best cities to retire by U.S. News and World Report due to its lower housing costs and top-quality healthcare.
Evansville, Indiana increased by 150% during the time period, adding 816 high-income households. The city ranked third in the Wall Street Journal's list of places for remote workers with housing costs at a median price of $183,000.
Four cities in the South and Southwest made the list, including Killeen, Texas; San Tan Valley, Arizona; Jackson, Mississippi; and Palmdale, California. All were at or above 120% increases year-over-year.
The South and Southwest have welcomed many new residents to their cities for decades, many of whom come from West Coast cities with costly real estate, according to a new Bank of America report. Many are high-income and unmarried — over 40% had income above $125,000.
Cities in New England occupied the sixth through eighth spots: Springfield, Massachusetts at 141.7%; New Haven, Connecticut at 136.4%; and Manchester, New Hampshire at 134.1%. New England states consistently rank toward the top for most expensive states, with Massachusetts ranking fourth and Connecticut ranking sixth for most expensive states to live in.
Unsurprisingly, the Bay Area has the highest rates of households making above $200,000. Six of the top seven cities with the highest rate are in California, including Sunnyvale at 43.7% and Santa Clara at 41.9%. New York City also saw a large increase in high-earning households at 20% year-over-year, amounting to 15.3% of the total population.
Have you recently moved to a new state? Reach out to this reporter at nsheidlower@businessinsider.com.
Read next
Watch: The 9 most expensive cities in America
Jump to
Posts
0 comments
Post a Comment