Raleigh is one of the top five cities with the fastest-growing incomes from 2015 to 2016, according to a study.
SmartAsset, a personal finance company, analyzed U.S. Census data on median household income from 2015 and 2016 to determine a ranking of cities with the fastest-growing incomes.
The top 10, in order, are: Miami; Oakland, Calif.; Tampa, Fla.; Raleigh; Charlotte; San Francisco; Birmingham, Ala.; San Jose, Calif.; Glendale, Ariz.; and Cincinnati, Ohio.
The median household in Raleigh saw its income rise from $56,910 to $64,456 from 2015 to 2016 – an increase of more than 13 percent.
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The median household in Charlotte saw its income rise from $54,000 to $61,000 over the same period.
“A large chunk of economic prosperity in Raleigh comes from the fact that it’s the capital of North Carolina. Just over 24,000 workers in Raleigh are employed by the state of North Carolina. The city is also part of North Carolina’s Research Triangle which brings high-paying STEM jobs into the area,” according to SmartAsset.
Overall, the data showed that household incomes in the U.S. are up. In just 11 of the largest 100 cities did the average household income drop. In seven of those 11 cities, the percent decrease in income was less than 1 percent.
There were just three cities where the economic situation “looked distressing,” according to SmartAsset: El Paso, Texas; Cleveland, Ohio; and Baton Rouge, La. In those cities, incomes dropped by more than 4 percent.
Five of the top 10 cities with fastest-growing incomes are tech hubs: Oakland, Raleigh, Charlotte, San Francisco and San Jose all have booming tech sectors and rising income numbers to show for it.
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