Richest U.S. city today is Washington, D.C., 24/7 Wall St. releases Top 10 America’s richest cities list

By on Oct 9, 2012 in Economy, Finance, United States Comments

Washington, D.C. is currently the richest U.S. city, and led the 24/7 Wall St.‘s Top 10 list of America’s richest cities, which was based on the U.S. Census Bureau‘s 2011 American Community Survey. The nation’s capital is reportedly filled with tens of thousands of highly-skilled professionals in various fields.

Washington DC

Washington, D.C. area
Image Credit: Nicholas Kamm/AFP/Getty Images

According to the post at 247WallSt.com on Thursday, October 4, 2012, the data released by the U.S. Census Bureau last month shows that the median household income in the U.S. is 2011 is $50,502; and has dropped for two consecutive years. Washington, D.C. had a median household income of $86,680.

As noted in the report, the biggest factor for the economy growth of the city is what kind of employment it has. Alex Friedhoff, a Research Analyst at Brookings Institute’s Metropolitan Policy Program noted that the high-tech jobs, particularly those related to computers and information technology that tend to pay higher.

On the other hand, among those employed that are included in the lower-income jobs are working in retail, service, agriculture, and low-tech manufacturing, in which around 11.6% of all U.S. workers are employed in retail. Hot Springs in Arkansas was noted to have 17.3% of its workforce is employed in retail.

For Washington, D.C. and its surrounding nearby areas, which was said to be the richest U.S. city today, 24/7 Wall St. said that its median household income was more than twice the national figure of $173,600; and that 4.5% of their homes cost more than $1 million, compared to only 2% nationwide.

Below is the list of the top 10 America’s richest cities, as summarized from 247WallSt.com; which include their Median household income, Population, Unemployment rate, and Percentage of households below poverty line, as well their rankings on the three contributing factors.

1. Washington-Arlington-Alexandria, DC
Median household income: $86,680
Population: 5,703,948 (7th highest)
Unemployment rate: 5.8% (29th lowest)
Pct. households below poverty line: 8.3% (5th lowest)

2. San Jose/Sunnyvale/Santa Clara, California
Median household income: $84,012
Population: 1,865,450 (31st highest)
Unemployment rate: 9.9% (105th highest)
Pct. households below poverty line: 10.6% (21st lowest)

3. Bridgeport/Stamford/Norwalk, Connecticut
Median household income: $77,289
Population: 925,899 (56th highest)
Unemployment rate: 8.2% (163rd lowest)
Pct. households below poverty line: 9.4% (13th lowest)

4. Oxnard/Thousand Oaks/Ventura, California
Median household income: $74,623
Population: 831,771 (63rd highest)
Unemployment rate: 10.1% (93rd highest)
Pct. households below poverty line: 11.3% (32nd lowest)

5. Trenton/Ewing, New Jersey
Median household income: $73,890
Population: 367,063(140th highest)
Unemployment rate: 7.7% (123rd lowest)
Pct. households below poverty line: 11.4% (34th lowest)

6. San Francisco/Oakland/Fremont, California
Median household income: $71,975
Population: 4,391,037 (11th highest)
Unemployment rate: 9.4% (127th highest)
Pct. households below poverty line: 11.9% (45th lowest)

7. Anchorage, Alaska
Median household income: $71,700
Population: 387,516 (133rd highest)
Unemployment rate: 6.7% (63rd lowest)
Pct. households below poverty line: 8.7% (6th lowest)

8. Boston, Massachusetts and surrounding areas
Median household income: $69,455
Population: 4,591,112 (10th highest)
Unemployment rate: 6.6% (55th lowest)
Pct. households below poverty line: 10.7% (22nd lowest)

9. Boulder, Colorado
Median household income: $68,637
Population: 299,378 (158th highest)
Unemployment rate: 6.2% (45th lowest)
Pct. households below poverty line: 14.1% (100th lowest)

10. Poughkeepsie-Newburgh-Middletown, New York
Median household income: $66,734
Population: 672,871 (79th highest)
Unemployment rate: 7.6% (116th lowest)
Percent households below poverty line: 12.2% (49th lowest)



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