Yahoo Finance 20 East Coast Cities Where the Upper Class Has Grown the Most in the Past 5 Years
Several East Coast cities in the United States have witnessed remarkable growth in their upper-class populations in a five-year span. From bustling metropolises to quaint coastal small towns, these cities have attracted affluent individuals and families due to various factors such as economic opportunities, quality of life and cultural amenities. It would seem that even during times of economic hardship, the upper-middle class is making advancements.
Find Out: Here’s How Much the Definition of Rich Has Changed in Every State
Read More: 4 Genius Things All Wealthy People Do With Their Money
These 20 East Coast cities have experienced significant growth in their upper social class populations over the past five years, driven by factors such as economic and job opportunities, cultural attractions, easy access to neighboring big cities and desirable living environments. Whether it’s the bustling streets of New York City or the small-town feel of St. Petersburg, Florida, affluent individuals and families have found compelling reasons to call these cities home, contributing to their ongoing prosperity and vibrancy.
Members of the upper class, which includes households with an income of over $150,000 for the sake of this study, consistently rank these cities as places they want to live and invest in. Many other Americans would consider these places ones they would wish to move to if their economic circumstances were to change.
Boston
Number of households with an income of $150,000 or more in 2017: 47,118
Number of households with an income of $150,000 or more in 2022: 83,368
Change in upper-class income households in five years: 36,250
Check Out: The 50 Happiest States in America and How Much It Costs to Live There
Learn More: Here’s How Much the Definition of Middle Class Has Changed in Every State
Jersey City, New Jersey
Number of households with an income of $150,000 or more in 2017: 18,509
Number of households with an income of $150,000 or more in 2022: 36,141
Change in upper-class income households in five years: 17,632
Explore More: Net Worth for Baby Boomers: How To Tell Whether You’re Poor, Middle Class, Upper Middle Class or Rich
Washington D.C.
Number of households with an income of $150,000 or more in 2017: 68,384
Number of households with an income of $150,000 or more in 2022: 110,209
Change in upper-class income households in five years: 41,825
Arlington, Virginia
Number of households with an income of $150,000 or more in 2017: 35,911
Number of households with an income of $150,000 or more in 2022: 49,899
Change in upper-class income households in five years: 13,988
Raleigh, North Carolina
Number of households with an income of $150,000 or more in 2017: 22,816
Number of households with an income of $150,000 or more in 2022: 42,522
Change in upper-class income households in five years: 19,706
Learn More: 6 Reasons the Poor Stay Poor and Middle Class Doesn’t Become Wealthy
Atlanta
Number of households with an income of $150,000 or more in 2017: 29,518
Number of households with an income of $150,000 or more in 2022: 56,392
Change in upper-class income households in five years: 26,874
Virginia Beach, Virginia
Number of households with an income of $150,000 or more in 2017: 21,805
Number of households with an income of $150,000 or more in 2022: 39,719
Change in upper-class income households in five years: 17,914
St. Petersburg, Florida
Number of households with an income of $150,000 or more in 2017: 9,011
Number of households with an income of $150,000 or more in 2022: 20,032
Change in upper-class income households in five years: 11,021
Read Next: I’m a Financial Advisor: Here’s Why My Rich Clients Identify With the Middle Class
New York
Number of households with an income of $150,000 or more in 2017: 496,500
Number of households with an income of $150,000 or more in 2022: 807,570
Change in upper-class income households in five years: 311,070
Orlando, Florida
Number of households with an income of $150,000 or more in 2017: 8,648
Number of households with an income of $150,000 or more in 2022: 20,108
Change in upper-class income households in five years: 11,460
Tampa, Florida
Number of households with an income of $150,000 or more in 2017: 17,965
Number of households with an income of $150,000 or more in 2022: 31,570
Change in upper-class income households in five years: 13,606
Check Out: Jeff Bezos’ Billion-Dollar Life: A Look at His Mansion Collection
Durham, North Carolina
Number of households with an income of $150,000 or more in 2017: 11,756
Number of households with an income of $150,000 or more in 2022: 22,994
Change in upper-class income households in five years: 11,238
Miami
Number of households with an income of $150,000 or more in 2017: 12,355
Number of households with an income of $150,000 or more in 2022: 28,107
Change in upper-class income households in five years: 15,752
Charlotte, North Carolina
Number of households with an income of $150,000 or more in 2017: 42,408
Number of households with an income of $150,000 or more in 2022: 73,369
Change in upper-class income households in five years: 30,961
Find Out: I’m a Real Estate Agent: Buy Property in These 5 Fast-Growing Cities To Be Rich in 5 Years
Philadelphia
Number of households with an income of $150,000 or more in 2017: 42,572
Number of households with an income of $150,000 or more in 2022: 92,278
Change in upper-class income households in five years: 49,706
Richmond, Virginia
Number of households with an income of $150,000 or more in 2017: 7,853
Number of households with an income of $150,000 or more in 2022: 15,787
Change in upper-class income households in five years: 7,934
Pittsburgh
Number of households with an income of $150,000 or more in 2017: 11,729
Number of households with an income of $150,000 or more in 2022: 20,858
Change in upper-class income households in five years: 9,129
Read More: I’m a Real Estate Agent: 5 Places I’d Buy a Vacation Home If I Had $500,000
Jacksonville, Florida
Number of households with an income of $150,000 or more in 2017: 24,897
Number of households with an income of $150,000 or more in 2022: 51,116
Change in upper-class income households in five years: 26,219
Baltimore
Number of households with an income of $150,000 or more in 2017: 21,821
Number of households with an income of $150,000 or more in 2022: 36,590
Change in upper-class income households in five years: 14,769
Buffalo, New York
Number of households with an income of $150,000 or more in 2017: 4,868
Number of households with an income of $150,000 or more in 2022: 9,987
Change in upper-class income households in five years: 5,119
Methodology: For this study, GOBankingRates analyzed cities across the East Coast states of Connecticut, District of Columbia, Delaware, Florida, Georgia, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, and West Virginia for places the upper class has grown the most over the last five years. For this study, the upper class is considered households that earn a combined total of $150,000 or more. GOBankingRates first started by gathering the total number of households from 2017 and 2022 using the US Census American Community Survey S1901 from 2017 and 2022. Also collected from the US Census American Community Survey S1901 from 2017 and 2022 was the median household income, households with household income from $150,000 to $249,999, and households with income of $250,000 or more. The total percentage of households earning $150,000 or more was calculated and using the total households for each city the number of households that fall into the upper class range was found. The changes in upper class were found using the percentage of upper class in 2022 compared to 2017. The cities were sorted to show the places with the largest increase of upper-class households in the East Coast states. All data was collected on and is up to date as of April 22, 2024.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 20 East Coast Cities Where the Upper Class Has Grown the Most in the Past 5 Years
