5 big cities where salaries are increasing — and 5 where they're falling
Where you live might be affecting whether you're seeing more or less take-home pay
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Groceries are up. Rents are up. So are cars. But what about income?
As Americans grapple with lingering inflation and an increasingly unaffordable reality, they're also dealing with stagnating wages. In 2024, the median household income was $83,730, just a 1.3% increase year-over-year. That didn't keep pace with 3% inflation.
But when you disaggregate the data, the story becomes more complicated. Some regions are seeing big jumps in income, while others are seeing take-home pay fall.
Fintech firm SmartAsset tried to get to the bottom of it, ranking America's 50 largest cities by their one-year change in median household incomes between 2023 and 2024.
Below, we've compiled a list of the 5 cities that saw the biggest salary increases and the five that saw the sharpest decreases.
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5th biggest increase: Louisville, Kentucky
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Louisville, Kentucky saw a 9.37% increase in household income in 2024.
- Household income, 2024: $67,251
- Household income, 2023: $61,488
- Change in senior income: -1.26%
- Senior household income, 2024: $48,232
- Senior household income, 2023: $48,846
- Change in family income: 9.60%
- Family household income, 2024: $76,692
- Family household income, 2023: $69,977
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4th biggest increase: Fresno, California
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Fresno, California saw a 10.19% increase in household income in 2024.
- Household income, 2024: $74,491
- Household income, 2023: $67,603
- Change in senior income: 0.67%
- Senior household income, 2024: $56,143
- Senior household income, 2023: $55,768
- Change in family income: 29.04%
- Family household income, 2024: $81,314
- Family household income, 2023: $63,013
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3rd biggest increase: San Francisco, California
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San Francisco, California saw a 10.31% increase in household income in 2024.
- Household income, 2024: $139,801
- Household income, 2023: $126,730
- Change in senior income: 14.48%
- Senior household income, 2024: $67,415
- Senior household income, 2023: $58,888
- Change in family income: 27.51%
- Family household income, 2024: $222,836
- Family household income, 2023: $174,759
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2nd biggest increase: Long Beach, California
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Long Beach, California saw a 11.90% increase in household income in 2024.
- Household income, 2024: $91,318
- Household income, 2023: $81,606
- Change in senior income: 14.74%
- Senior household income, 2024: $73,695
- Senior household income, 2023: $64,228
- Change in family income: 16.65%
- Family household income, 2024: $98,914
- Family household income, 2023: $84,793
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Biggest increase: Tampa, Florida
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Tampa, Florida saw a 15.46% increase in household income in 2024.
- Household income, 2024: $84,114
- Household income, 2023: $72,851
- Change in senior income: 17.38%
- Senior household income, 2024: $48,632
- Senior household income, 2023: $41,431
- Change in family income: -6.21%
- Family household income, 2024: $97,219
- Family household income, 2023: $103,657
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5th biggest decrease: Raleigh, North Carolina
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Raleigh, North Carolina saw a 1.45% decrease in household income in 2024.
- Household income, 2024: $85,060
- Household income, 2023: $86,309
- Change in senior income: 18.25%
- Senior household income, 2024: $69,882
- Senior household income, 2023: $59,098
- Change in family income: -17.51%
- Family household income, 2024: $101,417
- Family household income, 2023: $122,950
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4th biggest decrease: Seattle, Washington
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Seattle, Washington saw a 1.54% decrease in household income in 2024.
- Household income, 2024: $118,745
- Household income, 2023: $120,608
- Change in senior income: 24.13%
- Senior household income, 2024: $80,550
- Senior household income, 2023: $64,894
- Change in family income: 6.95%
- Family household income, 2024: $221,579
- Family household income, 2023: $207,188
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3rd biggest decrease: Denver, Colorado
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Denver, Colorado saw a 1.76% decrease in household income in 2024.
- Household income, 2024: $92,504
- Household income, 2023: $94,157
- Change in senior income: 3.79%
- Senior household income, 2024: $59,002
- Senior household income, 2023: $56,846
- Change in family income: 12.84%
- Family household income, 2024: $138,547
- Family household income, 2023: $122,787
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2nd biggest decrease: Miami, Florida
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Miami, Florida saw a 3.35% decrease in household income in 2024.
- Household income, 2024: $66,337
- Household income, 2023: $68,635
- Change in senior income: 3.01%
- Senior household income, 2024: $27,353
- Senior household income, 2023: $26,554
- Change in family income: 24.46%
- Family household income, 2024: $69,030
- Family household income, 2023: $55,462
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Biggest decrease: Minneapolis, Minnesota
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Minneapolis, Minnesota saw a 4.04% decrease in household income in 2024.
- Household income, 2024: $77,732
- Household income, 2023: $81,001
- Change in senior income: 6.75%
- Senior household income, 2024: $59,322
- Senior household income, 2023: $55,573
- Change in family income: -19.40%
- Family household income, 2024: $102,424
- Family household income, 2023: $127,078