The 10 U.S. cities where $250,000 goes the furthest are all in the South (2024)

FAQs

The 10 U.S. cities where $250,000 goes the furthest are all in the South? ›

While households in the top 1.5% of households had incomes exceeding $250,000, 443% above the national median, their incomes were still 2200% lower than those of the top 0.1% of households.

While households in the top 1.5% of households had incomes exceeding $250,000, 443% above the national median, their incomes were still 2200% lower than those of the top 0.1% of households.

Only 7% of American households earn $250,000 or more. For those high-income earners, however, certain cities will offer them the most bang for their buck — and others will offer far less. The real purchasing power of a $250,000 salary depends on a city's overall economy, taxes and cost of living.

$250,000 is the 75th percentile. Salaries above this are outliers. $291,500 is the 90th percentile. Salaries above this are outliers.

It's important to remember that the definition of what it means to be rich is subjective. Someone who makes $250,000 a year, for example, could be considered rich if they're saving and investing in order to accumulate wealth and live in an area with a low cost of living.

According to IRS standards, a monthly income of approximately $45,000 qualifies someone as wealthy.

Massachusetts topped 2023's list, scoring 61 out of 100. New Jersey came in second. New Hampshire, New York, and Wyoming fill out the rest of the top five states to live in, in that order. Several Southern states – Mississippi, Louisiana and Arkansas, among others – rounded out the bottom of WalletHub's rankings.

California earned the top spot on the list of best states to become a millionaire with a score of 80. According to the ranking, 17.9% of California's population are already millionaires and the state has more venture capital than most of the United States combined.

What is considered upper class? ›

In 2021, the median household income is roughly $68,000. An upper class income is usually considered at least 50% higher than the median household income. Therefore, an upper class income in America is $100,000 and higher. However, an upper class income also depends on where you live.

In 2022, about 14.88 million households in the United States had an income of 200,000 U.S. dollars or more a year.

$250,000 yearly is how much per hour? If you make $250,000 per year, your hourly salary would be $120. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week.

As of 2022 (the most recent Census data), the average median household income in the U.S. was $73,914, meaning the national range for the middle class is roughly $49,271 to $147,828. Across the nation's largest cities, the range is between $51,558 and $154,590, according to SmartAsset.

More than a third of Americans earning at least $250,000 annually say they are living paycheck to paycheck, underscoring how inflation is taking a bigger bite out of Americans' budgets at all ends of the pay spectrum.

But fewer than one percent–just 0.83 percent–of these accounts have more than $250,000. It is true that almost 60 percent of total deposits, by dollar amount, is in those accounts. But relatively few accounts have balances greater than $250,000, and only the amount above the cap is uninsured.

More round numbers at the $150,000 and $200,000 marks. About 2% of employed people made $300,000 or more in total income.

A $200,000 household income is more than most people earn across the U.S. In fact, just 12% of U.S. households earn $200,000 or more annually, according to Census Bureau data.