Houston No. 2 in America in Income Growth
The Land of $200,000 Salaries?BY Chris Baldwin // 07.13.15
Moving to Houston can be a great way to fatten your wallet.
New analysis of U.S. Census Bureau data shows that as Houston’s population jumped by 22 percent between 2005 and 2013, the number of Houstonians making at least $200,000 grew by a whopping 86 percent. In fact, Houston now ranks second in the entire country, behind only booming Seattle, in the percentage of new households earning 200 grand or more.
And financial planners are harping about people diversifying their portfolios? Maybe they should just be touting the merits of relocating to the Bayou City.
In the latest Census data available (which is, admittedly, largely pre-oil slump), 6.7 percent of Houstonians reported making at least $200,000. Seattle’s 6.9 percent barely edges that out for the No. 1 overall spot on the high-income growth list. But our barbecue is better.
Texas, in general, turns out to be very good for wealth building. Three other Lone Star State cities — McAllen (No. 3), El Paso (No. 8) and Austin (No. 10) crack the Top 10 rankings. No other state has more than two cities on the list.
The 100th largest metro areas in the United States serve as the focus of this study of Census data by the Moving Blog.
At least one truth seems pretty evident from the numbers: If you yearn for a George Costanza-sized wallet, Texas just may be the place for you.