Despite a tough start to adulthood, facing a major economic recession and struggling to get a good job as early as previous generations, Millennials are doing pretty well financially these days.
This group, currently ages 29 to 44, is one of the highest-income age groups in the United States, according to data from the Bureau of Labor Statistics. This makes sense. According to ADP research, workers’ earnings typically peak in their mid to late 40s.
And in many of America’s largest cities, the median income for millennial households is about 9% higher than the median household income for the region as a whole, according to a recent analysis of Census Bureau estimates by SmartAsset.
SmartAsset compared the median household income of families in which the primary household head (defined by the Census Bureau as the homeowner or leaseholder) between the ages of 25 and 44 to the median income of all households in more than 350 U.S. cities.
This so-called “millennial income premium” exceeds $40,000 in both Jersey City, New Jersey and Berkeley, California. In Jersey City, the median income for households led by Millennials is 42.43% higher than the citywide median household income.
Here are the 10 cities with the highest income premium for Millennials.
1. Jersey City, New Jersey
Median household income for Millennials: $143,500 Median household income for all ages: $100,751 Millennial income premium: 42.43%
2. Berkeley, California
Median household income for Millennials: $146,987 Median household income for all ages: $103,727 Millennial income premium: 41.71%
3. Quincy, Massachusetts
Median household income for Millennials: $140,661 Median household income for all ages: $101,775 Millennial income premium: 38.21%
4. Lakeland, Florida
Median household income for Millennials: $86,739 Median household income for all ages: $63,859 Millennial income premium: 35.83%
5. San Francisco, California
Median household income for Millennials: $188,353 Median household income for all ages: $139,801 Millennial income premium: 34.73%
6. Hartford, Connecticut
Median household income for Millennials: $66,752 Median household income for all ages: $50,418 Millennial income premium: 32.40%
7. Edinburg, Texas
Median household income for Millennials: $79,139 Median household income for all ages: $59,851 Millennial income premium: 32.23%
8. Brockton, Massachusetts
Median household income for Millennials: $98,579 Median household income for all ages: $75,210 Millennial income premium: 31.07%
9. New Bedford, Massachusetts
Median household income for Millennials: $74,730 Median household income for all ages: $57,240 Millennial income premium: 30.56%
10. Jurupa Valley, California
Median household income for Millennials: $123,627 Median household income for all ages: $94,942 Millennial income premium: 30.21%
Millennials earn more in high-income cities
Cities with the highest income premiums for Millennials tend to be in higher-income areas overall.
The national median household income is $83,730. But Jaclyn DeJong, director of economic analysis at SmartAsset, says cities like Jersey City, Berkeley and Quincy, Mass., are likely to offer higher wages because of their proximity to “major opportunity hubs” such as New York, San Francisco and Boston.
High-income millennials can also save money by living in more affordable neighborhoods in expensive metropolitan areas. “Many Jersey City millennials, for example, are taking advantage of lower housing costs, lower taxes, and the ability to commute across the ocean to New York City,” DeJong says.
And while the abundance of industry and job opportunities may lead to overall household income increases in large cities, Millennials could see even more wage increases based on their skills and the types of jobs they tend to take, such as in technology or finance, DeJong said.
Additionally, this generation may be more likely to take up remote work, where workers can earn the same high salaries as in larger cities, regardless of where employees actually live.
“Millennials may also be eligible for more remote jobs, which may provide some income arbitrage,” DeJong said. “Ultimately, the dynamics of each city will be unique.”
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