20 Cities Where You Need To Make Half a Million Dollars To Rank in the Top 5%

Working your way to the top is rarely easy. However, this can be even more challenging when making it into the top 5% of earners in your city requires making at least $500,000 per year.

Results of a recent GOBankingRates survey revealed 20 U.S. cities where the average income of the top 5% is at least half a million dollars — on the low end. In around half of these cities, you actually need to earn notably more than that to have an annual salary that aligns with the average for members of this elite club.

As of May 2023, the annual average wage of U.S. workers was $65,470, according to the Bureau of Labor Statistics.

Worth noting, while the average income of the top 5% in all 20 cities on the list is at least half a million dollars, entry to this group can be granted with less. Still ambitious, the lowest earners in this well-paid club may earn closer to the $250,000 mark.

Also interesting, the top 5% is a small portion of each city’s population, but their earnings make a dent. Specifically, they command 20% to 30% of their cities’ total household income.

Some of the cities on this list are probably obvious, but others might come as more of a surprise. Here’s a look at 20 cities where you need to earn half a million dollars to join the ranks of the top 5% high-earning elite.

• Population: 646,101
• Top 5% income average: $512,319
• Percent of household income by the top 5%: 21.77%
• Median household income: $85,876
• Average household income: $117,687

• Population: 426,877
• Top 5% income average: $514,078
• Percent of household income by the top 5%: 23.58%
• Median household income: $76,332
• Average household income: $108,980

• Population: 443,665
• Top 5% income average: $524,714
• Percent of household income by the top 5%: 29.10%
• Median household income: $54,858
• Average household income: $90,171

• Population: 465,517
• Top 5% income average: $526,438
• Percent of household income by the top 5%: 23.48%
• Median household income: $78,631
• Average household income: $112,110

• Population: 2.3 million
• Top 5% income average: $537,750
• Percent of household income by the top 5%: 27.59%
• Median household income: $60,440
• Average household income: $97,458

• Population: 2.7 million
• Top 5% income average: $564,032
• Percent of household income by the top 5%: 26.03%
• Median household income: $71,673
• Average household income: $108,346

• Top 5% income lowest limit: $250,000-plus
• Top 5% income average: $565,822
• Percent of household income by the top 5%: 23.10%
• Median household income: $86,556
• Average household income: $122,474

• Population: 1.3 million
• Top 5% income average: $571,512
• Percent of household income by the top 5%: 28.01%
• Median household income: $63,985
• Average household income: $102,023

• Population: 1.4 million
• Top 5% income average: $572,131
• Percent of household income by the top 5%: 21.58%
• Median household income: $98,657
• Average household income: $132,533

• Population: 710,800
• Top 5% income average: $581,756
• Percent of household income by the top 5%: 23.69%
• Median household income: $85,853
• Average household income: $122,771

• Population: 875,045
• Top 5% income average: $599,407
• Percent of household income by the top 5%: 26.38%
• Median household income: $74,070
• Average household income: $113,613

• Population: 3.9 million
• Top 5% income average: $621,555
• Percent of household income by the top 5%: 26.57%
• Median household income: $76,244
• Average household income: $116,961

• Population: 437,825
• Top 5% income average: $643,643
• Percent of household income by the top 5%: 23.07%
• Median household income: $94,389
• Average household income: $139,468

• Population: 665,945
• Top 5% income average: $677,288
• Percent of household income by the top 5%: 25.56%
• Median household income: $89,212
• Average household income: $132,509

• Population: 8.6 million
• Top 5% income average: $694,605
• Percent of household income by the top 5%: 28.31%
• Median household income: $76,607
• Average household income: $122,667

• Population: 670,587
• Top 5% income average: $719,253
• Percent of household income by the top 5%: 23.93%
• Median household income: $101,722
• Average household income: $150,292

• Population: 734,603
• Top 5% income average: $719,713
• Percent of household income by the top 5%: 22.26%
• Median household income: $116,068
• Average household income: $161,694

• Population: 1 million
• Top 5% income average: $722,013
• Percent of household income by the top 5%: 20.07%
• Median household income: $136,010
• Average household income: $179,853

• Population: 494,838
• Top 5% income average: $763,851
• Percent of household income by the top 5%: 29.61%
• Median household income: $77,655
• Average household income: $128,965

• Population: 851,036
• Top 5% income average: $937,518
• Percent of household income by the top 5%: 23.75%
• Median household income: $136,689
• Average household income: $197,408

Methodology: GOBankingRates used the 2022 American Community Survey as conducted by the U.S. Census Bureau to find the following for the 50 biggest cities: (1) population; (2) top 5% income lower limit; (3) top 5% income average; (4) share of household income by the top 5%; (5) median household income; and (6) average household income. All data was collected on and is up to date as of July 2, 2024.