Americans had no significant increases in income between 2023 and 2024, according to the US National Census Bureau.
However, in some places, revenues have risen much more dramatically.
In Tampa, Florida, median household income exceeded $72,851 to $97,219 between 2023, over 15% in 2023, according to a SmartAsset analysis of Census Bureau data. This is the biggest jump in any of the 50 largest US cities in a year.
Most of the cities analyzed experienced greater income growth than the national level. The median income for just five of the largest cities in the United States was slower than the national median between 2023 and 2024, with revenues shrinking in just seven cities.
“The economic dynamics of metropolitan cities lend more volatility and potential for wage growth events, such as attracting new businesses and new population cohorts,” Jaclyn Dejohn, Director of Economic Analytics at SmartAsset, told CNBC Make It. “In comparison, suburbs and urban areas see such shocks in the economic system less frequently, with year-on-year changes lower and less severe.”
According to SmartAsset, there are 10 US cities whose revenues grew the fastest between 2023 and 2024.
Elderly people will boost income growth in Tampa
Much of Tampa’s income growth could be attributed to a senior population with incomes exceeding 17% between 2023 and 2024, SmartAsset reports. Meanwhile, incomes among families with children under the age of 18 fell by more than 6%.
“Florida is well known for attracting seniors due to the weather, taxes and other amenities,” DeJohn says. “When older people decide to move from other states, they often bring in new money, making senior household metrics in Tampa and other Florida cities more likely to cause potential volatility each year.”
Florida had the largest net influx of all state retirees in 2023, according to a SmartAsset analysis of the latest Census Bureau data. However, Tampa’s population has decreased by net of over 60.
How median income compares to income growth
Long Beach, California, had around 12% of the country’s second fastest median revenue growth. However, senior and family incomes similarly rose at around 15% and 17%, respectively. Rather, in California, many of the fastest-earning cities are also found in some of the country’s most-earning households.
According to an analysis by SmartAsset, San Jose and San Francisco had the highest and second-highest household incomes in 2023, respectively, and held these positions in 2024. Because both major tech hubs play a high-value role, the median income of cities was already significantly higher than other cities, experiencing significant growth over the year.
“High profits (with high tech companies) turn into high competition for talent to help companies stay ahead, allowing employers in the Silicon Valley region to raise their pay to continue to maintain or attract talent,” Dejohn says.
Meanwhile, the income increase in five cities, accompanied by some of the fastest increases in the country, was not sufficient to outweigh the median income of $83,730.
For example, in Baltimore, median household income increased by 8.73%. This is the seventh fastest growth in major cities. However, it started at just $59,579 in 2023, so it fell just under $65,000 in 2024.
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