Home Money Consciousness 15 US Cities Where People Can Earn Six Figures & Still Be Broke

15 US Cities Where People Can Earn Six Figures & Still Be Broke

Simi January 30, 2018

3. San Jose-Santa Clara, California

These 3 cities combined make up a Metropolitan Statistical Area in California which had a population of just under 2 million in April 2010. This area has shown a population growth of 7.7% in the years between 2010 and 2016. The GDP per capita for this statistical area amounted to $127,595 in 2016.

The City of San Jose is overall the 3rd most populated city in California and is also the biggest city in Northern California. This city has its home in Santa Clara County which ranks as one of the most cities nationally and statewide. San Jose is home to Silicon Valley which inevitably has accelerated its economy to dazzling heights. Sunnyvale is also in Santa Clara County and has a population of 140,095, making it the seventh-most populated city located in the San Francisco Bay Area. Sunnyvale also forms part of Silicon Valley. Along with aerospace and defense companies, there are also other huge technology companies that have headquarters here.

Santa Clara is Southeast of San Francisco and is also located in Santa Clara County. Its population is the 9th biggest in the San Francisco Bay Area and has a size of 116,468 people. Silicon Valley Power is located in Santa Clara. The electricity rate in this city is considerably lower than the rest of Northern California due to the 147 megawatts of electricity that this company produces and supplies.

Being such an affluent county, there are obviously countless households that are afforded a six-figure income. They are however not afforded the lifestyle which one would assume. Assuming the monthly income after taxes is $6,291 for each household. If expenses for the same household are $6,212 each month then even a 6-figure income household will spend 99% of their income on living expenses.

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2. Bridgeport-Stamford-Norwalk, Connecticut

This Metropolitan Statistical Area also includes the Greater Bridgeport area. Fairfield county is completely encompassed in this area and has a population of just under a million people as of 2015. There are 23 towns included in this statistical area.

Bridgeport is the biggest city in the state and has a population of 151,276 according to a census done in 2017. This 5th most populated city in New England is only 60 miles away from Manhattan. The dominating industrial sector in Bridgeport began its decline in the middle of the 20th century. The economy is now more service orientated. Education, healthcare, and finance are currently the cornerstones of this city’s economy.

Stamford is another city if Fairfield county and is even close to Manhattan, located only 30 miles from the world-renowned borough. It is the 7th biggest city in New England and also forms part of the Greater New York Metropolitan Statistical Area. Stamford is home to a few Fortune 500 companies, as of 2017, there are 4 of these. Settled in 1649, Norwalk is now the 6th most populated city in the state of Connecticut. Famous companies like Priceline Group, Xerox, Pepperidge Farm, and Frontier Communications all have their home right in Norwalk.

Being part of the Metropolitan Statistical Area, which includes the Big Apple along with Wall Street, the area obviously is home to a fair amount of 6 figure earning households. The last point had these same households spending 99% of their income on living expenses. The leap made from that percentage is incredibly substantial. If monthly income after taxes is $6,297 and monthly expenses are $ 6,436, then shockingly these households cannot even afford the cost of living. They would need to spend money they do not have simply to cover their cost of living.

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1. Washington DC Metro:

This is the Washington Metropolitan area and includes part of Virginia, Maryland, and West Virginia. It boasts some of the richest and most educated citizens in the entire United States. It is the 6th biggest Metropolitan in America and houses over 6 million people. The capital district of Washington D.C. was officially formed when the Residence Act was signed in July 1790. This district is under exclusive jurisdiction and thus does not actually form part of a state. Legislative, executive, and judicial branches of government are all based here. There are also 176 international embassies here along with countless historical monuments. In 2010, the Gross State Product of this district sat at $101.3 billion.

Business service and professional jobs together make up the diverse economy in Washington. In the Washington Metropolitan area, the 2nd biggest city is Arlington which is found in Arlington County. On the bank of the Potomac River, Washington D.C is but across the way from Arlington. This city has some of the lowest unemployment rates in the state of Virginia. The economy is quite diverse, but there is a large portion of the workforce which is employed by the federal government.

Alexandria is on the same side of the Potomac River as Washington D.C and is only 7 miles to the south of the home of the American Government. The government influence is quite strong in the workforce and economy of this independent city. A large amount of the employees works for the federal government and its related services, in the military or at private companies that are contracted by the federal government.

Being such a highly educated region and also the home of the government of the United States, it is to be expected that many households earn above the 6-figure income bracket. But, along with this high earning potential comes an even higher cost of living. Using the same methods as previously used, any six-figure-earning household would need to spend 105% of their earnings on living expenses.

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