Across the U.S., Americans didn't see a huge boost to their incomes between 2023 and 2024. The national median household income ticked up just over 1%, according to the U.S. Census Bureau.
But incomes rose much more significantly in some places.
In Tampa, Florida, the median household income jumped over 15% between 2023 in 2024 — from $72,851 to $97,219 — according to a SmartAsset analysis of Census Bureau data. That's the biggest jump in any of the 50 largest U.S. cities for the one-year period.
Most of the cities SmartAsset analyzed experienced more significant income growth than at the national level. The median incomes in just five of the largest U.S. cities grew slower than the national median between 2023 and 2024, and incomes shrank in only seven cities.
"The economic dynamics of big cities lend to a lot more volatility and potential for wage-growth events, such as attracting new businesses and new population cohorts," Jaclyn DeJohn, director of economic analysis at SmartAsset, tells CNBC Make It. "By comparison, suburban and urban areas less frequently see such shocks to the economic system, making year-over-year changes less likely and less severe."
