Affordable Cities With the Most 6-Figure Jobs
A six-figure job will put workers in a comfortable financial position in almost every part of the country, but due to differences in cost of living, a six-figure salary goes further in some places. Looking only at locations where the cost of living is below the national average, researchers ranked U.S. states and metropolitan areas according to the share of employees in occupations where the median wage is over $100,000 per year.
Affordable Cities With the Most 6-Figure Jobs
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Over the last two years, U.S. workers have contended with one of the most unusual economic environments in memory.
On one hand, persistent tightness in the labor market has provided greater opportunity and wage growth for many workers. The unemployment rate today sits at just 3.7%, but the economy nonetheless continues to add hundreds of thousands of jobs each month. In efforts to recruit and retain workers in this environment, many employers have been boosting wages, especially for lower-earning workers.
But the highest levels of inflation in decades have eaten into workers’ gains. Year-over-year increases in the Consumer Price Index have topped 5% for every month since May 2021, peaking at 9.1% in June 2022. And many of the categories where costs have risen fastest are necessities that take up a large portion of household budgets, like shelter and groceries.
The share of employees in six figure occupations declined last year after decades of growth
While lower-earning workers have struggled the most, even high earners have been impacted. After nearly two decades of steady growth, the share of workers in “six-figure” occupations—those with median annual wages of $100,000 or more in 2021 dollars—declined sharply last year. After reaching an inflation-adjusted peak at 8.8% in 2020, 2021’s share was just 6.4%.
In light of inflation’s impacts, many workers have sought out better-paying occupations. But many of the fields with the most demand for workers may not offer major increases in salary: according to the Bureau of Labor Statistics (BLS), the majority of the fastest-growing occupations earn well under $100,000 per year.
For workers seeking both plentiful job opportunities and high wages, fields in science, technology, engineering, and mathematics (STEM) are their best bet. The BLS projects 10.8% employment growth in STEM jobs by 2031, with median wages of $95,420, compared to 4.9% growth and $40,120 in pay for all other fields.
15. Tampa-St. Petersburg-Clearwater, FL
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- Share of employees in $100K+ occupations: 4.6%
- Total employees in $100K+ occupations: 59,620
- Total employees across all occupations: 1,289,900
- Average wage for employees in $100K+ occupations: $119,365
- Cost of living (compared to average): -0.9%
12. Rochester, NY
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- Share of employees in $100K+ occupations: 5.2%
- Total employees in $100K+ occupations: 24,310
- Total employees across all occupations: 471,020
- Average wage for employees in $100K+ occupations: $126,099
- Cost of living (compared to average): -1.7%
13. Kansas City, MO-KS
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- Share of employees in $100K+ occupations: 5.1%
- Total employees in $100K+ occupations: 52,030
- Total employees across all occupations: 1,016,160
- Average wage for employees in $100K+ occupations: $122,480
- Cost of living (compared to average): -5.3%
9. Cincinnati, OH-KY-IN
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- Share of employees in $100K+ occupations: 5.7%
- Total employees in $100K+ occupations: 58,680
- Total employees across all occupations: 1,023,830
- Average wage for employees in $100K+ occupations: $124,417
- Cost of living (compared to average): -6.5%
7. Milwaukee-Waukesha, WI
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- Share of employees in $100K+ occupations: 6.5%
- Total employees in $100K+ occupations: 50,910
- Total employees across all occupations: 786,640
- Average wage for employees in $100K+ occupations: $121,877
- Cost of living (compared to average): -4.1%
8. Salt Lake City, UT
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- Share of employees in $100K+ occupations: 6.1%
- Total employees in $100K+ occupations: 45,530
- Total employees across all occupations: 743,170
- Average wage for employees in $100K+ occupations: $124,524
- Cost of living (compared to average): -2.3%
3. Detroit-Warren-Dearborn, MI
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- Share of employees in $100K+ occupations: 8.7%
- Total employees in $100K+ occupations: 156,000
- Total employees across all occupations: 1,801,530
- Average wage for employees in $100K+ occupations: $120,756
- Cost of living (compared to average): -2.9%
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