30 Cities with Highest Average Salary in the US
In this article, we will look at the 30 cities with highest average salary in the US. We have also discussed the growing economic importance of smaller cities. If you want to skip our detailed analysis, head straight to the 10 Cities With Highest Average Salary in the US.
In a shift away from traditional tech hubs, recent data from job and internship platform Handshake reveals an interesting trend among young workers seeking tech jobs in smaller US cities. Columbia, Maryland, leads the list with 190% year-over-year increase in job applications, followed closely by Boise, Idaho, at 116%. The appeal of these cities lies in factors such as lower living costs, diverse industry opportunities, and less stressful commutes.
It is worth highlighting that Micron Technology Inc (NASDAQ:MU)'s $15 billion manufacturing facility and acquisitions of local companies in Boise. Micron Technology Inc (NASDAQ:MU)’s expansion is expected to create 17,000 jobs by 2030, contributing further to the appeal of Boise as a city.
On the other hand, a transformative $100 billion investment in Syracuse, New York is aimed at turning the city into a high-tech hub. The investment is part of the CHIPS and Science Act which is essentially a government initiative to boost semiconductor manufacturing in the United States. Micron Technology Inc (NASDAQ:MU) plans to build up to four semiconductor manufacturing facilities (fabs) over the next 20 years, creating 50,000 jobs in the region.
The top 10 cities attracting tech talent also include Fairfax, Virginia (103% increase), and Madison, Wisconsin (60% increase). These mid-sized cities are witnessing a huge increase in interest and hence, present a departure from the declining applications observed in major tech hubs like California, Washington, and New York.
Apart from the tech-oriented viewpoint, Glassdoor's recent research reveals the top 10 US cities where employees are most satisfied with their jobs. The rankings are based on over 20,000 employee reviews between January 2022 and April 2023 and considered factors like cost of living, weather, traffic patterns, and popular industries. Topping the list was Provo, Utah, with an average company rating of 3.94 and an annual salary of $61,973. Other cities in the top 10 include San Jose, California, with an average rating of 3.88 and an annual salary of $117,188, and Santa Barbara, California, with a rating of 3.87 and an annual salary of $72,240.
Speaking of company ratings, Amazon.com, Inc (NASDAQ:AMZN) continues to be one of the best companies to work for in the US. In the last 12 years, Amazon.com, Inc (NASDAQ:AMZN) has made a huge impact on the US economy, contributing over $880 billion to the national gross domestic product (GDP) since 2010. In 2022 alone, the company invested more than $240 billion in the US., expanding local economies and supporting an additional 2 million indirect jobs in various sectors such as construction, healthcare, retail, and professional services. With nearly 1 million US employees, Amazon.com, Inc (NASDAQ:AMZN) stands as the second largest private employer in the country, creating jobs that pay more than double the federal minimum wage, averaging over $20.50 per hour for customer fulfillment and transportation roles. Notably, in the last decade, no other private company has generated more jobs than Amazon.com, Inc (NASDAQ:AMZN).
Additionally, Amazon.com, Inc (NASDAQ:AMZN)’s commitment to creating opportunities extends beyond urban centers, as two out of every five jobs created by the company are situated in small towns. The impact is not only felt in terms of employment but also the local retail sector, with communities that Amazon.com, Inc (NASDAQ:AMZN) invests in experiencing an average increase of 900 local retail jobs. Furthermore, the company's initiatives, such as the Career Choice program, have enabled over 100,000 US Amazon.com, Inc (NASDAQ:AMZN) employees to enhance their careers, job options, and earning power through education and skill development. Lastly, by supporting 500,000 small and medium-sized businesses on its platform, Amazon.com, Inc (NASDAQ:AMZN) contributes to an estimated 1.5 million additional jobs across the country.
An office building in the center of the city, representing the financial power of the company.
Methodology
To list the cities with the highest average salary in the US, we have relied on Numbeo’s Rankings by City of Average Monthly Net Salary (After Tax). For each city, we have further discussed their economies to help understand the major sources of income for citizens. The list is presented in an ascending order.
30. Raleigh, NC
Average Monthly Net Salary: $4,400.67
Raleigh has a diverse industrial base that includes financial services, electronics, medical and telecommunications equipment, textiles, food processing, and pharmaceuticals. As part of the Research Triangle, a prominent research hub, the city excels in high-tech, biotech, and advanced textile development.
Raleigh is also one of the best places to live while working remotely.
29. Salt Lake City, UT
Average Monthly Net Salary: $4,429.85
Salt Lake City is home to several famous companies, including Zions Bancorporation (NASDAQ:ZION) and Questar Tangent Corporation. Other firms headquartered in the city are AlphaGraphics, Alsco, Sinclair Oil Corporation, Smith's Food and Drug (owned by Kroger), MonaVie, Myriad Genetics, Creminelli Fine Meats, and Vehix.com.
28. Minneapolis, MN
Average Monthly Net Salary: $4,434.81
In 2022, the Twin Cities metropolitan area ranked eighth alongside Boston for the highest concentration of major corporate headquarters in the US. Minneapolis hosts five Fortune 500 corporations within its city limits, including Target Corporation (NYSE:TGT), US Bancorp (NYSE:USB), Ameriprise Financial, Inc (NYSE:AMP), Xcel Energy, Inc (NASDAQ:XEL) and Thrivent.
Minneapolis is one of cities with highest salaries and lowest cost of living.
27. Fort Worth, TX
Average Monthly Net Salary: $4,482.87
Fort Worth, since the late 20th century, is home to major companies like American Airlines Group Inc (NASDAQ:AAL), John Peter Smith Hospital, Pier 1 Imports, GM Financial, BNSF Railway, and Bell Textron.
26. Orlando, FL
Average Monthly Net Salary: $4,486.68
Orlando has the 7th-largest US research park, Central Florida Research Park, spanning 1,025 acres. Hosting 120+ companies, employing 8,500+, it serves as a focal point for national military simulation and training programs. Annually, the Orange County Convention Center hosts the world's largest simulation conference, I/ITSEC.
25. Jacksonville, FL
Average Monthly Net Salary: $4,533.98
Jacksonville houses the headquarters of four Fortune 500 companies: CSX Corporation (NASDAQ:CSX), Fidelity National Financial, Fidelity National Information Services, and Southeastern Grocers. Moreover, Interline Brands, owned by The Home Depot Inc (NSYE:HD), is also based in the city.
24. Albuquerque, NM
Average Monthly Net Salary: $4,581.72
Albuquerque gained recognition in business and careers and was ranked the best city by Forbes in 2006 and 13th in 2008. Forbes also acknowledged it as the seventh among America's Engineering Capitals in 2014. US News & World Report named it one of the "Top 10 Best Cities to Live" in 2009, and National Geographic Adventure recognized it among the Top 50 Best Places to Live and Play.
23. Phoenix, AZ
Average Monthly Net Salary: $4,602.91
Phoenix is a hub for Fortune 500 companies, including Avnet Inc (NASDAQ:AVT), Freeport-McMoRan, Inc (NYSE:FCX), PetSmart, and Republic Services. It houses Honeywell International Inc (NASDAQ:HON)’s Aerospace division and hosts major facilities for Intel Corp (NASDAQ:INTC), U-HAUL International, Best Western, and Apollo Group. Southwest is the dominant carrier at Sky Harbor International Airport, while Mesa Air Group, a regional airline, has its headquarters in Phoenix.
22. Denver, CO
Average Monthly Net Salary: $4,782.52
Denver's strategic location in the Mountain Time Zone facilitates global communication, making it the largest U.S. city to offer real-time satellite uplink to six continents in one day. The city hosts major telecommunications companies like Lumen Technologies, Inc (NYSE:LUMN), Dish Network, and Comcast Corp (NASDAQ:CMCSA).
21. Tampa, FL
Average Monthly Net Salary: $4,814.27
In 2021, the US Department of Labor allocated nearly $3 million to the "Connecting Talent to Careers" program to address the manufacturing labor shortage due to the COVID-19 pandemic in the city. Led by the Advanced Robotics for Manufacturing Institute and Tooling U-SME, the initiative focused on rapid re-employment. Tampa is one of the cities with highest average income in the US.
20. Nashville, TN
Average Monthly Net Salary: $4,870.51
Nashville hosts several Fortune 500 companies like BNY Mellon Corp (NYSE:BK), Bridgestone Americas, Ernst & Young, and Dell Technologies Inc (NYSE:DELL) with famous headquarters like Community Health Systems and Dollar General. It is also one of the cities with highest disposable income in the US.
19. Charlotte, NC
Average Monthly Net Salary: $4,955.09
Charlotte, the second-largest US banking center after New York City, hosts major financial institutions like Bank of America Corp (NYSE:BAC) and Truist Financial Corp (NYSE:TFC). Wells Fargo & Co (NYSE:WFC)’s East Coast operations are based there.
18. Boise, ID
Average Monthly Net Salary: $4,966.67
Boise serves as the headquarters for big companies such as Boise Cascade Co (NYSE:BCC), Albertsons Companies Inc (NYSE:ACI), J.R. Simplot Company, Lamb Weston Holdings Inc (NYSE:LW), and WinCo Foods. The city has a growing presence in the high-tech sector, hosting companies like HP Inc (NYSE:HPQ) and Cradlepoint.
17. Miami, FL
Average Monthly Net Salary: $5,177.06
Miami International Airport (MIA) and PortMiami rank among the country’s busiest entry points, handling cargo traffic from South America and the Caribbean. PortMiami claims the title of the world's busiest cruise port, while MIA stands as Florida's busiest airport, serving as an essential gateway between the United States and Latin America. Miami's importance in international business and finance is evident through its concentration of major banks along Brickell Avenue in the financial district.
16. Sacramento, CA
Average Monthly Net Salary: $5,196.48
As of 2023, leading employers in Sacramento County were UC Davis Health (16,075), Sacramento County (13,252), Kaiser Permanente (10,934), US Government (10,507), and Sutter Health (9,350).
15. Brooklyn, NY
Average Monthly Net Salary: $5,209.09
Downtown Brooklyn's rezoning since 2004 spurred over $10 billion in private investment and $300 million in public improvements. The area has become a hub for high-tech startups, drawing from Silicon Alley's expansion into Brooklyn.
14. Dallas, TX
Average Monthly Net Salary: $5,209.38
Living in Dallas can be relatively expensive due to its thriving economy, home to numerous Fortune 500 companies such as McKesson Corp (NYSE:MCK), Fluor Corp (NYSE:FLR), and American Airlines Group, Inc (NASDAQ:AAL). The city's stable business environment contributes to high housing costs, with affluent neighborhoods like Highland Park Village and an influx of major corporations driving real estate prices. Additionally, the presence of upscale shopping centers like Dallas Galleria and NorthPark Center also reflect the city's affluent lifestyle.
13. Houston, TX
Average Monthly Net Salary: $5,210.96
Houston, renowned globally for its energy industry, particularly in oil and natural gas, has diversified its economic landscape. Biomedical research and aeronautics contribute largely, alongside a burgeoning focus on renewable energy sources like wind and solar.
Houston is considered one of the most profitable cities to live in US.
12. Fort Lauderdale, FL
Average Monthly Net Salary: $5,231.24
The city is a hub for yacht manufacturing and maintenance, sustaining over 109,000 jobs. Its numerous canals make it a favored yachting destination and home port for 42,000 boats. The Fort Lauderdale International Boat Show, the world's largest, attracts 125,000 visitors annually.
11. Austin, TX
Average Monthly Net Salary: $5,276.44
Tesla Inc (NASDAQ:TSLA) is headquartered in Gigafactory Texas and anticipates employing 60,000 people as its electric vehicle production expands. The city is also becoming a focal point for pharmaceutical and biotechnology firms, hosting around 85 such companies, ranking third in emerging life sciences clusters. In 2018, the city attracted $1.33 billion in investments, representing over 60% of Texas' total venture capital investments.
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Disclosure: None. 30 Cities With Highest Average Salary in the US is originally published on Insider Monkey.
