Unemployment is at a record low of 4.1% in the last decade, according to an October 2017 Bureau of Labor and Statistics. This is the lowest it has been since the start of the great recession. Low unemployment is fantastic but SmartAsset took a closer look at the income of U.S. cities with the fastest-growing incomes.
To figure out what cities have the fastest-growing incomes they analyzed the median household income data from 2015 to 2016. Click here to find out more about their methodology.
Tampa and Miami both rank in the top 3 of growing incomes. Miami taking first and Tampa being third.
Miami had a 16% growth in average income from 2015 to 2016. Starting at $30,000 to $34,900 which is still far below the U.S. income average of $57,000, but a 16% increase year over year is a start.
After Oakland, CA Tampa ranks 3rd. On average each Tampa household received a raise of roughly $6,000 with earnings going from $44,000 to $50,000. The raise will ease retirement on Tampa residents a little easier SmartAsset.
3 years ago Bloomberg published this video comparing and contrasting growth throughout the country and predicting where growth will come. Do you think they were right?
However, the cost of living is increasing much like it has for cities like Oakland, Seattle, and San Francisco. The median rent in Tampa is up at just around 10%. With great growth comes great responsibility.
With that said we love to see our communities grow. We look to help our communities to continue to grow and shine. We’re here to support our community and watch each one of you grow! Our relationships mean the most to us, our success is your success.