When it comes to choosing the ideal city to call home, two factors often stand out: a low cost of living and robust salaries. These two elements combined can significantly enhance the quality of life, providing residents with more disposable income to enjoy the finer things in life.
In this comprehensive analysis, we examined 100 cities across the U.S., each boasting a median and mean household income that surpasses the national average. This data, sourced from the United States Census Bureau’s 2020 American Community Survey, provides a reliable snapshot of the financial health of these cities.
But we didn’t stop there. We looked deeper to break down the cost of living in these cities, itemizing essential expenses such as annual median housing, groceries, healthcare, utilities, and transportation. This granular approach allows us to calculate the average monthly living expense for each area.
By subtracting this figure from the average yearly income for each city, we can provide a clear picture of the potential savings residents can expect after covering their expenses. This valuable insight can help you make an informed decision about where your earnings will stretch the furthest. So, let’s dive in and explore these cities where high salaries and low costs of living go hand in hand.
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Table of Contents
1. Broken Arrow, Illinois
| Average Income per Household | Total Essential Expenses |
|---|---|
| $104,389 | $30,048.38 |
Broken Arrow is known for its family-friendly suburban lifestyle and strong community spirit. With the lowest average housing costs on this list at $9,598.79 annually and most necessities under the national average, you’ll have a hefty $74,340.62 left over after covering expenses costing $30,048.38 from an average income of $104,389.
2. Pearland, Texas
| Average Income per Household | Total Essential Expenses |
|---|---|
| $123,869 | $36,294.56 |
Pearland is one of the fastest-growing cities in Texas, known for its thriving job market and excellent schools. The lifestyle here is suburban with a mix of families and young professionals. Despite higher transportation costs at $7,091.14 and housing costs at $15,326.25, the high average income of $123,869 leaves a substantial $87,574.44 after necessities.
3. Midland, Texas
| Average Income per Household | Total Essential Expenses |
|---|---|
| $115,667 | $34,077.02 |
Known for its booming oil industry, Midland offers a lifestyle that balances urban conveniences with a touch of rural Texas charm. Even with the costs of groceries and healthcare, at $5,111.75 and $5,517.42 respectively per year, there’s a whopping $81,589.99 left from the city’s average income of $115,667 after covering total necessities costing $34,077.02.
4. Aurora, Illinois
| Average Income per Household | Total Essential Expenses |
|---|---|
| $97,118 | $29,946.70 |
Known as the “City of Lights,” Aurora is a city with a rich history and a diverse community. The lifestyle here is suburban, with a mix of historic and modern neighborhoods. After covering expenses for groceries, healthcare, housing, utilities, and transportation, costing $29,946.70, you’ll still have a comfortable $67,171.30 left over from an average income of $97,118.
5. Olathe, Kansas
| Average Income per Household | Total Essential Expenses |
|---|---|
| $110,757 | $35,180.49 |
Olathe, known for its high-quality public schools and strong community spirit, offers a family-friendly lifestyle. Despite slightly higher costs for housing and healthcare, the city’s high average income of $110,757 leaves a substantial $75,576.51 left after covering necessities costing $35,180.49.
6. Rochester, Minnesota
| Average Income per Household | Total Essential Expenses |
|---|---|
| $98,609 | $31,918.25 |
Home to the world-renowned Mayo Clinic, Rochester offers a lifestyle focused on healthcare innovation and community engagement. All necessities are cheaper than the national average, costing $31,918.25, leaving a nice $66,690.75 leftover after expenses from an average income of $98,609.
7. Round Rock, Texas
| Average Income per Household | Total Essential Expenses |
|---|---|
| $107,314 | $36,341.93 |
Round Rock is known as the “Sports Capital of Texas” and is home to Dell Technologies. It’s a city that offers a suburban feel with the benefits of being close to the vibrant city of Austin. The lifestyle here is family-friendly with a focus on community events and outdoor sports. With an average household income of $107,314 and total necessities costing $36,341.93, you’ll have plenty left over after covering necessities.
8. Charlotte, North Carolina
| Average Income per Household | Total Essential Expenses |
|---|---|
| $98,462 | $33,496.87 |
Known as a major finance hub, Charlotte offers a lifestyle that combines southern charm with big-city amenities. With all major necessities at or below the national average in costs, you’ll have a comfortable $64,965.13 left over after covering necessities costing $33,496.87 from an average income of $98,462.
9. Virginia Beach, Virginia
| Average Income per Household | Total Essential Expenses |
|---|---|
| $101,686 | $36,254.73 |
Known for its beautiful beaches and vibrant boardwalk, Virginia Beach offers a resort-like lifestyle with a strong military presence. The cost of utilities and transportation is below the national average, at $4,100.53 and $5,568.36 respectively per year, leaving a comfortable $65,431.27 left after covering your necessities from an average income of $101,686.
10. Raleigh, North Carolina
| Average Income per Household | Total Essential Expenses |
|---|---|
| $98,016 | $35,301.79 |
As part of the Research Triangle, Raleigh is known for its technology and scholarly institutions. The lifestyle here is a mix of urban and suburban, with a focus on education and innovation. With lower than average costs for utilities and transportation, at $4,184.99 and $5,034.25 respectively per year, you’ll have a comfortable $62,714.21 left after covering your necessities from an average income of $98,016.
Methodology: Our goal was to identify the most desirable places to live, characterized by high salaries and a low cost of living. Our first step was to identify the 100 largest cities in the U.S. that had both a median and mean household income exceeding the national average, according to the United States Census Bureau’s 2020 American Community Survey.
Once we had our list of 100 qualified cities, we delved deeper into the cost of living in each location. Using data from Sperling’s Best Places, we itemized the costs of necessities such as groceries, healthcare, utilities, transportation, and housing.
To ensure accuracy, we adjusted these cost of living indices using the 2021 Bureau of Labor Statistics’ Consumer Expenditure Survey. This allowed us to calculate the total annual cost of necessities for each city.
Our final ranking was determined solely based on this total annual cost of necessities, offering a clear picture of where your salary can stretch the furthest. All data was compiled and verified as of September 12, 2022.