(NEXSTAR) – Have you ever wondered how your income compares to that of your neighbors? New data analysis by Go Banking Rates shows how much you have to earn to be considered rich in 50 American cities.
The site used income data from the US Census Bureau to determine the salary a household must earn to be among the city’s top 20% earners – what they define as “rich.”
In San Diego, you will need to earn $ 157,252 or more to be considered a ârichâ person in the top 20% of the city’s 1.4 million people.
The ultra-rich, or the richest 5% in San Diego, earn much more: $ 479,743 on average, according to the analysis.
In almost all of the Go Banking Rates cities surveyed, you would need a six-figure salary to qualify as ârichâ. In some of the more expensive places you have to bring home a lot more. In San Francisco, for example, you’ll need to earn around $ 239,000 to be a part of this higher tier.
Of the 50 cities included, Detroit was the one with the lowest threshold to enter the top 20%. Earning $ 66,139 or more would put you in one-fifth of the city’s income.
Nationally, the census found the median household income was $ 67,521 in 2020. This is a drop of almost 3% from the previous year, the first statistically significant drop and perhaps not a big surprise given the pandemic and the resulting economic fallout. arise.
The poverty rate also climbed in 2020 to 11.4%.
See the full list of Go to bank rates here.
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