- Incomes Needed to Be a Top 1% Earner Reach Over $1 Million in Some States – 2024 Study
The U.S. median income is around $75,000, with half of Americans earning less than that. High-income earners, on the other hand, can make 10 times that – or more. And this top 1% also makes up a disproportionately large part of the tax base, with their incomes generally putting them in the highest federal tax… read more…
- Careers With the Biggest Jumps in Pay – 2024 Study
New technology, legislation, resources and other economic factors can quickly influence supply and demand for different occupations. In turn, this can affect the level of pay workers receive – and the level of employment in that career path. To find which professions had the highest increases in pay year over year, as well as those… read more…
- Best Job Markets – 2024 Study
With costs of living skyrocketing in recent years and the demand for different skill sets changing, job seekers must be resourceful to find opportunities that best suit them. This could mean relocating for higher income, an improved work-life balance, growth potential or benefits. Keeping this in mind, SmartAsset evaluated job markets in the largest U.S.… read more…
- Social Security and Retirement Income Are Highest in These Cities – 2024 Study
Depending on employment and investment returns, the size of a retirement nest egg will look different for everyone. The number of work years, salary and retirement age will impact Social Security benefits. Meanwhile, both worker and employer contributions, investment allocations and timing will determine the value of retirement accounts like 401(k)s, IRAs and pension payouts.… read more…
- What It Takes to Be Middle Class in America – 2024 Study
As a middle-class American, there is some expectation for living a lifestyle of relative comfort. But as costs have increased significantly over the last few years, the middle class is now feeling a squeeze in their finances. Accordingly, the income limits that define the middle class have also increased to reflect what most Americans are… read more…
- Women Make Up to 37% Less Than Men in Some U.S. Counties – 2024 Study
Different factors can affect the gender pay gap, depending on where you live. Family economics, social values and gender selection trends among different industries, can each contribute to the gap in a given economy. While no one factor alone may explain the whole story, there are noticeable trends in women’s pay compared with men’s that… read more…
- Salary Needed to Live Comfortably – 2024 Study
While cost of living premiums and inflation metrics capture the price increases in goods and services, they do not necessarily account for all the additional costs needed to live comfortably – such as a buffer from the stress of living paycheck to paycheck. The 50/30/20 budget recommends that for sustainable comfort, 50% of your salary… read more…
- Make $250k? Here’s How Where You Live Impacts Its Value – 2024 Study
As your income goes up, so will your tax rates. In 2024, a $250,000 income eeks a single tax filer into the 35% federal income tax bracket. On top of that, you may need to factor in state and city taxes. And, depending on where you live, the cost of living could also take a… read more…
- Cities Where Income Inequality Is Highest and Lowest – 2024 Study
On average, the uppermost 80% of households earn more than four and half times what the bottom 20% earns. For example, in one city, the highest-earning households may average $140k annually or higher – compared to a $30k income earned by the bottom fifth of residents. This income inequality can divide local communities by creating… read more…
- What $100K Is Worth in the Largest U.S. Cities – 2024 Study
With taxes, housing, food and other costs varying widely across the U.S., a $100,000 income can look drastically different depending on where you live. Even places that don’t charge residents a state or local income tax can see a wide range for how far a dollar stretches thanks to cost of living differences. Because of… read more…
- Cities Adding the Most High-Income Households – 2024 Study
High-income households may have an outsized impact on local economies, which can put increased pressure on housing markets, shift demand for services and businesses, and tax base contributions. The IRS defines high income as taxpayers making $200,000 or more. Examining the rate of growth of this cohort allows us to identify potential up-and-coming alternatives to… read more…
- America’s Top 1% Is Different in Each State: From a $370k to $950K Income
American wealth is becoming increasingly concentrated at the very top of the economic ladder. The top 1% of families hold over a third of the total wealth in the U.S. – up from 27% in 1989 – according to a Congressional Budget Office report from 2022. The bottom half of all households, meanwhile, control just… read more…
- Climbing the Income Ladder: How Taxes Impact Different Salaries – 2023 Study
Remote work has allowed skilled workers to mobilize and capitalize on the benefits of different areas of the U.S. After all, a $100,000 salary is worth far more in a place like Memphis than high-cost cities like New York and… read more…
- Best Cities to Ride Out a Recession – 2023 Study
While there is a lot of debate on whether the U.S. will enter a recession – or if it’s already in one – some models have projected a likelihood as high as 99.3%1. While no one can predict the future,… read more…
- What It Takes to Be Middle Class in America’s Largest Cities – 2023 Study
The middle class has long been considered the backbone of the American economy. But the American middle class is shrinking. The percentage of adults living in middle-income households in the United States fell by more than 10 percentage points over… read more…
- What $100,000 Is Actually Worth in the Largest U.S. Cities – 2023 Study
Seen as a sign of success and financial comfort, a six-figure salary has long been an important milestone for American workers. But the times have changed and $100,000 isn’t quite what it used to be, especially as rampant inflation continues… read more…
- Salary Needed to Live Comfortably in the 25 Largest Metro Areas – 2023 Edition
It’s hard to feel financially stable when the cost of living continues to take a bigger bite out of your budget. While salaries increased 5.1% between December 2021 and December 2022, wage growth couldn’t keep up with inflation, which averaged 8% in 2022. Ultimately, inflation has affected everything from the cost of housing to the… read more…
- Where the Gender Wage Gap Is Closing – 2023 Study
When it comes to the gender wage gap, statistics paint a disappointing picture. Women made 83 cents for every dollar earned by a man in 2021, according to the Bureau of Labor Statistics. In addition, that figure hasn’t changed much… read more…
- Fastest-Growing STEM Jobs in the U.S. – 2023 Edition
Science, technology, engineering and math (STEM) jobs are projected to grow 15% between 2021 and 2031. But this year is a mixed bag for many workers in these occupations. In recent months, tens of thousands of tech workers have been laid off at big firms such as Meta, Amazon and Google. Keeping this in mind, SmartAsset… read more…
- Here’s How Much You Can Earn Without a Bachelor’s Degree – 2023 Edition
Going to a traditional four-year college isn’t the only path to a successful career. In fact, there are many well-paying jobs available for those without a bachelor’s degree, and average earnings for this demographic hover around $49,206. With that said,… read more…
- What It Takes to Be in the Top 1% by State – 2023 Edition
The gap between the top 1% of earners and average Americans is stark. In fact, the average American household earns a median income of under $70,000, but in some places, the top 1% can earn as much as $955,000. Those… read more…
- Cities Where Minimum Wage Goes Furthest – 2023 Edition
Despite persistent inflation, the federal minimum wage remains $7.25 per hour. More than 13 years have passed since Congress last raised the federal minimum wage in 2009, the longest such stretch in American history. While many cities, counties and states… read more…
- Where Social Security Benefits Are Highest and Lowest Relative to Local Housing Costs – 2023 Edition
Social Security plays a critical role in the retirement plans of millions of Americans each year. Average annual Social Security benefits reached $21,152 in 2021, according to the Census Bureau. While higher Social Security is good news for retirees on the surface, median housing costs also continued to climb, jumping 7.6%. Keeping these figures in… read more…
- Fastest-Growing Jobs for College Grads – 2023 Edition
The U.S. labor market remained strong in 2022, adding another 223,000 jobs in December. But the Bureau of Labor Statistics predicts that the job market may cool off in years to come, projecting that total employment will grow only 0.5%… read more…
- Best Places to Work in Manufacturing – 2022 Edition
Local manufacturing can provide high wage jobs, be essential for innovation, help reduce the national trade deficit and contribute to environmental sustainability, according to The Brookings Institute. However, it’s no secret that U.S. manufacturing jobs have been shrinking over the… read more…