Cities With The Highest Paying Jobs

Cities With The Highest Paying Jobs
Cities With The Highest Paying Jobs

In May of 2021, employers in the United States added almost half a million jobs. As a result, the unemployment rate fell to 5.8 percent from 6.1 percent the month before, the lowest level since the COVID-19 epidemic. Nonetheless, its expansion was slower than anticipated. Some firms have stated that they have difficulty finding employees, and economists have proposed one argument as to why this is the case: companies are not paying high enough wages.

The median yearly wage in America was $41,950 in 2020. However, wages can vary greatly depending on the work performed and the location in which it is performed. Over a dozen cities in the United States have a typical yearly wage of $50,000 or more.

To determine the cities with the highest paying jobs, 24/7 Wall St. reviewed data on median annual wages for 389 metropolitan statistical areas from the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics program.

 

Cities With The Highest Paying Jobs 2021

 

10. Hartford, CT

Hartford, Connecticut
Hartford, Connecticut

> Median annual wage: $53,030
> Apr. 2021 unemployment rate: 8.0%
> Poverty rate: 10.1%

The Hartford area of Connecticut is ranked 10th among the metro regions with the highest-paying occupations, with the majority of workers earning more than $53,000 per year. However, the local job economy is failing, with an unemployment rate of 8.0 percent in April 2021, much above the national figure of 6.1 percent. Between 2015 and 2020, the Hartford area lost 4.8 percent of its workforce.

Due to the great concentration of insurance businesses located in Hartford, including Aetna, The Hartford, Cigna, and others, it is sometimes referred to as “the insurance capital of the world.” An actuary, who estimates risk and liability on behalf of insurance firms, is the most highly concentrated position in the sector regarding its concentration in the national labour force. These employees typically make well over $100,000 per year.

 

9. Boulder, CO

Boulder, Colorado
Boulder, Colorado

> Median annual wage: $54,770
> Apr. 2021 unemployment rate: 5.5%
> Poverty rate: 10.9%

Workers with at least a bachelor’s degree tend to earn better pay than those without. Boulder, Colorado, is the best-educated metro region in the US, with 64.8 percent of individuals aged 25 and possessing a bachelor’s degree or above. No other metro region in the United States has a bachelor’s degree attainment percentage of even 60%.

Physicists, bioengineers and biomedical engineers, and biochemists and biophysicists are the most highly concentrated career fields in the Boulder region compared to their national labour force concentration. These occupations frequently require advanced degrees from potential candidates and pay well.

 

8. Trenton, NJ

Trenton, New Jersey
Trenton, New Jersey

> Median annual wage: $55,220
> Apr. 2021 unemployment rate: 6.1%
> Poverty rate: 12.8%

The Trenton area of New Jersey, which is located immediately across the Delaware River from Pennsylvania, is one of just eight metro areas in the United States where most workers make more than $55,000 a year. Yet, despite the high wages, the poverty rate in the area is half a percentage point higher than the national average of 12.8 percent.

Despite having the seventh-highest median annual pay of any U.S. metro region, the Trenton area’s economic growth has been moderate compared to the vast majority of other regions. With a median annual wage of $50,310 in 2015, the area ranked fourth in the country. However, in the five years afterward, the area’s median wage has climbed by only 9.8%, making it the 14th slowest wage growth among metro areas.

 

7. Bridgeport, CT

Bridgeport, CT
Bridgeport, CT

> Median annual wage: $55,630
> Apr. 2021 unemployment rate: 7.7%
> Poverty rate: 9.1%

With a typical annual pay of $55,630, the Bridgeport area of Connecticut’s southern coast boasts some of the highest incomes in the country. Wages in the area climbed by 18.5 percent from 2015 to 2020, despite a drop in employment. In 2015, the Bridgeport area employed around 417,000 people. Total employment will reduce to under 377,000 by 2020, a loss of roughly 10%.

The Bridgeport region has one of the greatest concentrations of wealthy residents in the United States, with 22.8 percent of households earning at least $200,000, the third-largest percentage of any metro area and more than double the 8.5 percent of all U.S. households that much. The median home value in the area is $444,500, which is more than $200,000 higher than the national average.

The Bridgeport region has one of the greatest concentrations of wealthy residents in the United States, with 22.8 percent of households earning at least $200,000, the third-largest percentage of any metro area and more than double the 8.5 percent of all U.S. households that much. The median home value in the area is $444,500, which is more than $200,000 higher than the national average.

 

6. Boston, MA

Boston
Boston

> Median annual wage: $57,080
> Apr. 2021 unemployment rate: 6.2%
> Poverty rate: 8.6%

The Boston metro area has the highest median annual wage among the six New England metro areas on our list, at more than $57,000. Yet, despite these high pays, employment in the area fell by 0.9 percent from 2015 to 2020, despite a nationwide rise of 0.9 percent during the same period.

Some of the country’s most prestigious research universities, including Harvard, MIT, Brandeis, and others, are located in the Boston area.

As a result, the area has become a hotspot of a medical study. Biochemists, biophysicists, medical scientists, and other high-paying occupations make up a substantially bigger portion of Boston’s workforce than they do in the rest of the country.

 

5. Seattle, WA

Seattle
Seattle

> Median annual wage: $58,330
> Apr. 2021 unemployment rate: 5.6%
> Poverty rate: 7.8%

From 2015 to 2020, the median annual wage in the Seattle metro region climbed by 25.9%, bringing average earnings up to $58,330. High-paying industries like avionics technicians and web developers make up an outsized portion of the Seattle area’s workforce, thanks partly to the presence of huge firms like Boeing and Amazon.

Financial difficulty is unusual in Seattle, with 7.8% of residents living in poverty than 12.3% of Americans. Only 3.8 percent of households earn less than $10,000, which is two percentage points lower than the national average.

 

4. Washington, DC

Washington, D.C
Washington, D.C

Median annual wage: $60,480
Apr. 2021 unemployment rate: 5.5%
Poverty rate: 7.5%

The metro area of Washington, D.C. is one of four, with a median annual wage of more than $60,000. So it’s somewhat unsurprising that only 7.5 percent of residents are poor, compared to 12.3 percent of all Americans. The job market in the area appears to have fared well during the COVID-19 pandemic. Its unemployment rate of 5.5 percent is lower than the national rate of 6.1 percent.

The Washington, D.C. area is no different, with a high bachelor’s degree attainment rate indicating a relatively high-income level. It’s one of only seven metro regions in the US where more than half of adults aged 25 and over, or 51.4 percent, have a bachelor’s degree.

 

3. San Francisco, CA

San Francisco
San Francisco

> Median annual wage: $61,790
> Apr. 2021 unemployment rate: 6.1%
> Poverty rate: 8.2%

The median annual wage in the San Francisco metro region is $61,790, which is the third-highest in the country. Wages in the area climbed roughly 23 percent faster than the national average from 2015 to 2020, compared to 15.9% countrywide. The area’s job growth has surpassed the national average, owing in part to the high earnings. Between 2015 and 2020, the number of people working in the area climbed by 6.6 percent, compared to 0.9 percent nationwide.

The relatively high incomes in the San Francisco area are compensated by the country’s highest cost of living. The cost of products and services is 34.5 percent more than the national average. The average home in the neighbourhood is worth around $940,000, which is $700,000 more than the average American home.

 

2. California, MD

California, MD
California, MD

> Median annual wage: $63,750
> Apr. 2021 unemployment rate: 4.2%
> Poverty rate: 7.3%

The California-Lexington Park metro area in southern Maryland has the second-highest-paid jobs of any metro region in the United States, with an average yearly wage of $63,750. With a little over 45,000 total workers in 2020, it is one of the smallest areas on the list. The location is close to Washington, D.C., and several government contractors in the area, such as Northrop Grumman, offer high-paying positions like aerospace engineering.

Aerospace engineers make up more than 2.1 percent of the workforce in the area, which is more than 48 times greater than the national average. For various reasons, the Lexington Park metro region stands out among the others on this list. The cost of living there is really 3.6 percent lower than the national average. It’s also the only one on the list with a lower rate of bachelor’s degree completion. Only 30.7 percent of adults 25 and older in the area have a bachelor’s degree, compared to 33.1 percent of all individuals in the United States.

 

1. San Jose, CA

San Jose
San Jose Downtown

> Median annual wage: $69,620
> Apr. 2021 unemployment rate: 5.3%
> Poverty rate: 6.3%

The San Jose-Sunnyvale-Santa Clara metro area in California, located just south of the San Francisco Bay, has by far the highest-paying occupations in the country, with the average worker earning $69,620 per year – more than $5,000 more than any other metro area. The region encompasses a substantial portion of Silicon Valley, which is known for its high-tech jobs. The San Jose area is the only one in the top 25 cities with the highest paying jobs where computer and mathematical occupations comprise the major job sector.

The cost of living in San Jose is the second-highest in the country, with goods and services costing 26.7 percent more than the national average. It also has a median home value of $1,116,400, which is more than four times greater than the national average and makes it the only metro region in the country where most homes are worth more than a million dollars.