The Salary Needed To Break Into the Top 5% in Each State’s Most Expensive City

Living in your state’s most expensive city is already a challenge, but reaching the top 5% of earners takes it to another level.

In 20 U.S. states, breaking into that elite bracket requires an annual income exceeding $1 million. That’s according to numbers compiled by GOBankingRates for a new analysis, which identified the most expensive city in each state along with how much the top 5% earn there.

Among the 50 cities listed, the average income needed to make the top 5% ranges from about $300,000 to nearly $2M. Annual living costs range from $45,000 to a whopping $678,000. Average home values span from $300,000 to $9.8M.

GBR’s study is based on data from the U.S. Census, Sperling’s Best Places, the Bureau of Labor Statistics, and Zillow, as well as Federal Reserve economic data. Here’s a state-by-state rundown, ranked in order from the highest average income to the lowest.

• Average income of top 5%: $1,970,003
• Average overall household income: $356,467
• Annual cost of living: $678,647
• Average home value: $9,815,790

• Average income of top 5%: $1,767,322
• Average overall household income: $457,404
• Annual cost of living: $146,921
• Average home value: $1,802,299

• Average income of top 5%: $1,718,090
• Average overall household income: $512,637
• Annual cost of living: $176,349
• Average home value: $2,200,390

• Average income of top 5%: $1,568,992
• Average overall household income: $382,413
• Annual cost of living: $250,749
• Average home value: $3,389,435

• Average income of top 5%: $1,548,263
• Average overall household income: $389,868
• Annual cost of living: $186,603
• Average home value: $2,426,265

• Average income of top 5%: $1,501,819
• Average overall household income: $250,510
• Annual cost of living: $389,370
• Average home value: $5,437,332

• Average income of top 5%: $1,500,907
• Average overall household income: $364,591
• Annual cost of living: $139,720
• Average home value: $1,683,739

• Average income of top 5%: $1,445,922
• Average overall household income: $345,262
• Annual cost of living: $70,044
• Average home value: $698,170

• Average income of top 5%: $1,385,199
• Average overall household income: $303,425
• Annual cost of living: $183,751
• Average home value: $2,376,240

• Average income of top 5%: $1,342,171
• Average overall household income: $302,510
• Annual cost of living: $93,244
• Average home value: $1,029,829

• Average income of top 5%: $1,320,990
• Average overall household income: $338,111
• Annual cost of living: $98,842
• Average home value: $1,130,559

• Average income of top 5%: $1,291,717
• Average overall household income: $254,080
• Annual cost of living: $137,593
• Average home value: $1,709,532

• Average income of top 5%: $1,189,506
• Average overall household income: $304,509
• Annual cost of living: $117,460
• Average home value: $1,346,846

• Average income of top 5%: $1,180,838
• Average overall household income: $240,711
• Annual cost of living: $78,042
• Average home value: $806,287

• Average income of top 5%: $1,163,347
• Average overall household income: $261,248
• Annual cost of living: $117,738
• Average home value: $1,395,790

• Average income of top 5%: $1,096,815
• Average overall household income: $257,427
• Annual cost of living: $74,869
• Average home value: $758,206

• Average income of top 5%: $1,022,637
• Average overall household income: $205,682
• Annual cost of living: $74,250
• Average home value: $757,255

• Average income of top 5%: $1,017,851
• Average overall household income: $225,532
• Annual cost of living: $89,357
• Average home value: $951,952

• Average income of top 5%: $1,002,554
• Average overall household income: $161,910
• Annual cost of living: $162,521
• Average home value: $2,104,579

• Average income of top 5%: $1,002,057
• Average overall household income: $220,563
• Annual cost of living: $69,094
• Average home value: $676,343

• Average income of top 5%: $954,992
• Average overall household income: $207,312
• Annual cost of living: $88,227
• Average home value: $942,360

• Average income of top 5%: $940,005
• Average overall household income: $196,331
• Annual cost of living: $100,669
• Average home value: $1,147,990

• Average income of top 5%: $934,927
• Average overall household income: $245,672
• Annual cost of living: $95,588
• Average home value: $1,063,857

• Average income of top 5%: $916,532
• Average overall household income: $165,982
• Annual cost of living: $172,453
• Average home value: $2,198,607

• Average income of top 5%: $809,396
• Average overall household income: $190,601
• Annual cost of living: $138,987
• Average home value: $1,591,438

• Average income of top 5%: $794,461
• Average overall household income: $152,870
• Annual cost of living: $89,566
• Average home value: $1,002,578

• Average income of top 5%: $792,115
• Average overall household income: $157,064
• Annual cost of living: $85,844
• Average home value: $851,542

• Average income of top 5%: $765,379
• Average overall household income: $183,697
• Annual cost of living: $93,445
• Average home value: $1,022,200

• Average income of top 5%: $758,016
• Average overall household income: $128,819
• Annual cost of living: $89,801
• Average home value: $978,147

• Average income of top 5%: $756,144
• Average overall household income: $173,819
• Annual cost of living: $50,759
• Average home value: $410,437

• Average income of top 5%: $684,292
• Average overall household income: $209,899
• Annual cost of living: $66,153
• Average home value: $596,605

• Average income of top 5%: $666,151
• Average overall household income: $143,256
• Annual cost of living: $79,857
• Average home value: $837,006

• Average income of top 5%: $661,018
• Average overall household income: $142,597
• Annual cost of living: $47,844
• Average home value: $350,864

• Average income of top 5%: $604,022
• Average overall household income: $134,276
• Annual cost of living: $49,452
• Average home value: $366,102

• Average income of top 5%: $595,574
• Average overall household income: $145,301
• Annual cost of living: $54,956
• Average home value: $486,863

• Average income of top 5%: $577,498
• Average overall household income: $115,764
• Annual cost of living: $75,534
• Average home value: $793,534

• Average income of top 5%: $572,534
• Average overall household income: $153,033
• Annual cost of living: $70,252
• Average home value: $688,180

• Average income of top 5%: $563,824
• Average overall household income: $113,270
• Annual cost of living: $69,845
• Average home value: $660,067

• Average income of top 5%: $559,510
• Average overall household income: $156,724
• Annual cost of living: $52,281
• Average home value: $445,905

• Average income of top 5%: $546,508
• Average overall household income: $135,054
• Annual cost of living: $51,233
• Average home value: $401,084

• Average income of top 5%: $507,441
• Average overall household income: $130,015
• Annual cost of living: $64,276
• Average home value: $569,761

• Average income of top 5%: $500,321
• Average overall household income: $107,443
• Annual cost of living: $61,051
• Average home value: $567,247

• Average income of top 5%: $462,053
• Average overall household income: $117,651
• Annual cost of living: $138,202
• Average home value: $1,624,941

• Average income of top 5%: $458,519
• Average overall household income: $122,575
• Annual cost of living: $58,812
• Average home value: $493,530

• Average income of top 5%: $452,766
• Average overall household income: $98,652
• Annual cost of living: $62,088
• Average home value: $599,595

• Average income of top 5%: $418,250
• Average overall household income: $86,669
• Annual cost of living: $55,291
• Average home value: $457,083

• Average income of top 5%: $406,117
• Average overall household income: $103,164
• Annual cost of living: $50,285
• Average home value: $392,818

• Average income of top 5%: $391,087
• Average overall household income: $99,685
• Annual cost of living: $47,553
• Average home value: $382,839

• Average income of top 5%: $332,906
• Average overall household income: $99,530
• Annual cost of living: $84,497
• Average home value: $930,080

• Average income of top 5%: $257,085
• Average overall household income: $72,996
• Annual cost of living: $44,897
• Average home value: $302,053

Photo Disclaimer: Imagery is for representational purposes and does not necessarily depict the city mentioned.

_{Methodology: For this study, GOBankingRates analyzed cities across the United States to find the amount needed to be among the top 5% earners in each state. Using Sperlings BestPlaces, the highest cost of living indexes within each state were identified. For each city, a number of factors were found including: total population ages 65 and over, total households, mean household income, median household income, lower income limit of the top 5%, and mean household income of the top 5% sourced from the US Census American Community Survey. Using the average expenditure costs for all residents, as sourced from the Bureau of Labor Statistics CEX, the average expenditure cost can be calculated for each city. The single family home value was sourced from Zillow Home Value Index and, by assuming a 10% downpayment and using the national average 30 year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and expenditure cost, the total cost of living can be calculated for each city. The livability index was sourced from AreaVibes and included as supplemental information. The cities were sorted to show the highest average household income of the top 5% earners. All data is up to date as of December 4th, 2025.}