PORTLAND, Ore. (KOIN) — Household incomes in Portland are on the rise, outpacing both the national average and several other major U.S. cities, according to a new analysis by SmartAsset.
Portland’s Growth Outpaces the Nation
Between 2023 and 2024, the median U.S. household income grew by just 1.3%, but Portland’s income growth was nearly five times stronger. The city posted a 6.3% increase, with median household income climbing from $86,057 to $91,478.
The report also highlighted that Portland’s median family income reached $134,839, while households led by seniors recorded an average of $62,083 in earnings.
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How Portland Compares to Other Cities
Out of the 50 U.S. cities analyzed, Portland ranked 22nd for income growth. The Rose City performed better than West Coast counterparts San Diego (4.97% growth) and Los Angeles (3.21% growth).
Meanwhile, several major cities experienced declines. Nashville, Austin, Raleigh, Seattle, and Denver all reported small drops in household income. Miami saw a sharper decline of 3.35%, while Minneapolis posted the steepest loss with a 4% decrease.
Seniors See Unique Gains Elsewhere
Though overall household earnings declined in Seattle, seniors there experienced significant income growth. Senior household income rose 24.1%, reaching $80,550. In Raleigh, senior income grew 18.2%, climbing to $69,882, despite the city’s overall decline in household income.
These findings suggest that while some cities are struggling with general income stagnation, seniors in particular are benefiting from income gains in certain regions.
Family Income Leaders
The analysis also revealed which U.S. cities boast the highest family incomes. San Francisco now leads the nation, with a median family income of $222,836, followed closely by Seattle at $221,579 and San Jose at $201,721.
In contrast, all other large U.S. cities reported median family incomes under $140,000, underscoring the economic gap between the tech-heavy West Coast hubs and the rest of the country.
Portland’s Position Moving Forward
Portland’s ranking at 22nd places it solidly above the national average and ahead of many large cities struggling with stagnation or decline. While its median family income does not approach the levels seen in Seattle or San Francisco, Portland’s consistent upward trend signals resilience in a competitive economy.
With wages increasing at a faster pace than much of the country, the Rose City is showing steady progress at a time when many regions are experiencing setbacks.
