Household income growth outweighed by inflation in some big cities

"But in several major cities, incomes surged by double digits while others saw steep declines. SmartAsset ranked the 50 largest U.S. cities by population, analyzing year-over-year shifts in median income among the general population, seniors and families with children. Changes in incomes across a city can lead to different dynamics on local demand for businesses, job markets, and even have implications for how new tax legislation will affect residents, the report explained."

"Tampa led the nation with a 15.5% jump in median income during the year, going from $72,851 to $84,114 per household. But the city's growth wasn't evenly shared as seniors posted a 17.4% increase and families with children saw a 6.2% decline. California cities accounted for three of the top four spots. Incomes in Long Beach rose 11.9% to $91,318, followed by San Francisco (+10.3% to $139,801) and Fresno (+10.2% to $74,491)."

Median household income rose modestly nationwide but lagged the roughly 3% inflation rate, reducing homebuying power for many households. SmartAsset ranked the 50 largest U.S. cities by population and analyzed year-over-year median income shifts for general households, seniors, and families with children. Tampa led with a 15.5% jump to $84,114, though seniors gained 17.4% and families with children fell 6.2%. Long Beach, San Francisco, and Fresno posted double-digit gains, while San Jose remained highest-earning at $148,366 with families averaging over $201,000. Seattle showed divergent outcomes; Minneapolis recorded the steepest decline, down 4% to $77,732. California housing markets cooled as prices fell.

Read at www.housingwire.com