Fresno ranks among top 10 US cities where income is growing the fastest
During a time period when the average U.S. household income did not increase enough to keep up with inflation, Fresno and three other California cities experienced income growth, a new study found.
Financial technology company SmartAsset determined the largest 50 cities where household income is growing the fastest based on U.S. Census Bureau data and found locations in California and Florida saw the greatest growth.
“Nationwide, the median household income reached $83,730 in 2024, growing just 1.3% year over year,” the company said in the study published Sept. 16. “This means many households did not keep pace with the roughly 3% inflation rate during the same time period, but that was not true everywhere. Especially in large cities where residents often pay a premium for convenience, infrastructure and amenities, the change in household income swung vastly, in some cases reaching double-digit growth, or even negative growth.”
In some cases, income trends among seniors and families were vastly different from the rest of the households examined, so the company also included breakouts for these groups.
Income changes in 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 company said. “With this in mind, SmartAsset ranked 50 of the largest U.S. cities by population based on the one-year change in median household incomes between 2023 and 2024.”
Here are the California cities where incomes are growing the fastest:
Which California cities experienced the fastest income growth?
The four California cities among the top 10 where incomes are growing the fastest were: Long Beach, San Francisco, Fresno, and San Jose.
Three of these cities also saw “double-digit growth in median income,” the company said.
“The median household income in Long Beach jumped 11.9% to $91,318, the second-highest increase studywide,” the company said. “San Francisco took third place with a 10.3% increase to $139,801, while Fresno followed in fourth with a 10.2% increase to $74,491.”
And while San Jose didn’t see the same double-digit increase, it did remain “the highest-paid large city in the United States, after median household income grew by 8.8%,” the company said. “For families with children, the growth was more prominent at 13.7%, compared to seniors, with a more modest 7.7% increase. San Jose ranked sixth for income growth overall.”
Long Beach’s 11.90% change in household income
Median household income in Long Beach was $81,606 in 2023, and went up to the $91,318 figure in 2024, according to the company’s analysis.
Household income for seniors grew by 14.74%, up from $64,228 in 2023 to $73,695 in 2024.
Family household income increased by 16.65%, up from $84,793 in 2024 to $98,914 in 2024.
San Francisco’s 10.31% change in household income
Median household income in San Francisco grew from $126,730 in 2023 to $139,801 in 2024, the company found.
Seniors saw a 14.48% increase, up from $58,888 in 2023 to $67,415 in 2024.
Family income grew by 27.51%, up from $174,759 in 2023 to $222,836 in 2024.
Fresno’s 10.19% change in household income
Median household income in Fresno was $67,603 in 2023 and went up to $74,491 in 2024, the company found.
Seniors experienced only a small 0.67% increase from $55,768 in 2023 to $56,143 in 2024.
Families saw a whopping 29.04% increase from $63,013 in 2023 to $81,314 in 2024.
San Jose’s 8.81% change in household income
Median household income in San Jose was $136,229 in 2023 and grew to $148,226 in 2024, SmartAsset found.
Seniors saw a 7.67% change from $78,026 in 2023 to $84,007 in 2024.
Families saw a 13.74% change from $177,360 in 2023 to $201,721 in 2024.
What are the other cities where income is growing?
1. Tampa, Florida: 15.46%
2. Long Beach, California: 11.90%
3. San Francisco, California: 10.31%
4. Fresno, California: 10.19%
5. Louisville, Kentucky: 9.37%
6. San Jose, California: 8.81%
7. Baltimore, Maryland: 8.73%
8. Tucson, Arizona: 8.57%
9. Chicago, Illinois: 8.24%
10. Mesa, Arizona: 8.13%
Five other California cities also appeared on the full list: Sacramento, Oakland, San Diego, Bakersfield, and Los Angeles.
Sacramento came in at No. 20 with a 6.35% change in household income. Median household income in the city was $85,928 in 2023 and increased to $91,387 in 2024, according to SmartAsset’s analysis.
Oakland came in at No. 26 with a 5.58% change in household income, up from $96,828 in 2023 to $102,235 in 2024.
San Diego came in at No. 28 with a 4.97% change in household income, up from $105,780 to $111,032 in 2024.
Bakersfield is No. 32 on the list with a 3.45% change in household income, up from $79,355 in 2023 to $82,093 in 2024.
Los Angeles is next at No. 33 on the list with a 3.21% increase in household income, up from $79,701 in 2023 to $82,263 in 2024.
