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Evansville Takes the Spotlight: Ranks #3 in High-Income Household Growth Across the U.S.

Evansville, IN sees 150% growth, adding 816 high-income households

Noteworthy news for the Evansville Region! A recent study conducted by SmartAsset unveiled intriguing insights into the growth of high-income households across 345 major U.S. cities with Evansville ranking #3 on the list.

According to recent data from the U.S. Census Bureau, the proportion of high-income households, defined by the IRS as those earning $200,000 or more annually, has been a key indicator of economic shifts within communities. Recognizing the significance of this trend, SmartAsset conducted a comprehensive analysis of 345 of the largest U.S. cities to identify where the growth of high-income households has been most pronounced over the past year.

Key Findings:

  • SmartAsset analyzed the latest U.S. Census Bureau data to determine where the proportion of high-income households ($200,000 or more annually) grew the most over one year.
  • The study sheds light on emerging economic trends, such as shifts in housing markets, service demands, and business opportunities, influenced by the expansion of high-income households.

    Why the increase? It’s hard to pinpoint precisely, but here are some key points that may have contributed to the increase in wages:
  • The Stone Center has been producing more physicians that have high wage earning potential (this pipeline was essentially no existent before the Stone Family Center)
  • Our region has 3 Fortune 1000 companies whereas most regions our size have 0 or 1
  • The average wage for our manufacturing sector is nearly $70k and for health and life sciences it is over $100k meaning those that fall in the 75 percentile or above for many of the jobs in those industries are making more than $200k

Explore the Full Report:

Dive deeper into the findings of SmartAsset’s study to gain valuable insights as high-income households play a pivotal role in shaping the economic landscape of cities, impacting housing markets, service demands, business trends, and tax contributions.

Related News: Evansville, Indiana also ranked third in the Wall Street Journal’s list of places for remote workers with housing costs at a median price of $183,000.