Portland ranks 22nd in U.S. for income growth, outpacing national average

PORTLAND, Ore. (KOIN) – Between 2023 and 2024 the median household income grew just 1.3% in the United States, but Portland fared much better.

Out of 50 U.S. cities, Portland ranked 22 for income growth according to a new report from SmartAsset.

Overall, household income in Portland grew 6.30%, from $86,057 in 2023 to $91,478 in 2024, according to the analysis. Family income reached $134,839 in the Rose City while senior income was $62,083.

Portland outperformed cities like San Diego, where wage growth was 4.97%, and Los Angeles where growth was 3.21%.

Nashville, Austin, Raleigh, Seattle and Denver all saw small declines in household income. In Miami, median income dropped 3.35%. The city with the worst income growth was Minneapolis, where household income declined more than 4%.

Despite overall earnings declining in Seattle, seniors there saw their household income increase 24.1% percent, to $80,550. Raleigh seniors also experienced similar gains, with their income increasing 18.2%, to $69,882, despite the overall decline.

Seattle is also among the top 3 cities where median family income is highest. Last year, it was the only city where families earned more than $200,000. Now, median family income in San Francisco is $222,836 while in Seattle is it $221,579. In San Jose, it is $201,721.

In all other large U.S. cities, median family income is less than $140,000.