Downtown Portland during the coronavirus pandemic, April 24, 2020. (KOIN)
(NEXSTAR) – Have you ever wondered how your income stacks up against your neighbors? New data analysis by Go Banking Rates shows how much you need to make to be considered rich in 50 U.S. cities.
The site used U.S. Census Bureau income data to determine the salary a household needs to earn to be in the city’s top 20% of earners – what they define as “rich.”
In Portland, you’ll need to earn $140,447 or more to be considered a “rich” person in the top 20% of the city’s more than 645,000 residents. However, the average income of the top 20% is $241,724.
The ultra-rich, or the top 5% of earners in Portland, make way more: $411,647 on average, according to the analysis.
In nearly every city Go Banking Rates studied, you’d need a six-figure salary to qualify as “rich.” In some of the priciest spots, you need to be bringing home much more. In San Francisco, for example, you’ll need to earn about $239,000 to be in that top tier.
Of the 50 cities included, Detroit was the one with the lowest threshold to enter the top 20%. Earning $66,139 or more would land you in the top fifth of the city’s earners.
Nationwide, the Census found the median household income was $67,521 in 2020. That’s a nearly 3% decline from the year before, the first statistically significant drop and perhaps not a big surprise given the pandemic and ensuing economic fallout.
The poverty rate also climbed in 2020 to 11.4%.
See the full list from Go Banking Rates here.