#median-household-income

#median-household-income

Start with the median household income for California's city-dwelling millennials at $109,600. That's 33% above the $82,600 median in the cities outside of California. Next, consider the overall median income of $101,200 in California compared with $76,100 elsewhere also a 33% gap. While California millennials are clearly well-compensated compared with their national peers, consider the modest premium they earn in-state.

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.

The U.S. Census Bureau's latest data reveals a modest increase in national median household income in 2024, reaching $81,604. While some states experienced notable income growth, 21 states saw no significant change in real income, hindering purchasing power and homeownership affordability. Rising mortgage costs and insurance premiums were key drivers behind the 3.8% increase in monthly costs for homeowners with a mortgage nationwide. Among the states, Massachusetts, New Jersey, and Maryland boasted the highest median household incomes, with the District of Columbia leading if considered a state. Notably, all state median incomes fell short of the minimum required to buy a typical home.

Florida towns take the top three spots, with Dunedin winning. It has a livability score of 84 out of 100 and a median household income of $68,068. Additionally, Dunedin, which is located on the Gulf of Mexico about 25 miles west of Tampa, has a sizable retirement community with 35 percent of residents aged 65 and older. The town is known for its beautiful white sand beaches and charming downtown.