Samuel Stebbins

24/7 Wall Street

The U.S. Census Bureau released its annual report on income and poverty in the United States earlier this month. The report revealed that median household income climbed 4.7 percent nationwide, from $57,617 in 2016 to $60,336 in 2017. For many, the progress did not come as a surprise given the country’s near record-low unemployment rate and a booming stock market.

The latest Census release also reinforces another, less encouraging trend: the increasing concentration of wealth at the top of the income distribution. According to research conducted by the Economic Policy Institute, a nonprofit nonpartisan think tank, incomes for the top 5 percent of earners climbed six times faster than incomes for the bottom 20 percent.

American cities are economically diverse, home to both extreme wealth and abject poverty. Some cities, however, are far more likely to be home to a greater share of high-income residents. These cities tend to have healthy job markets, well-educated populations, and expensive real estate.

24/7 Wall Street reviewed 2017 data from the U.S. Census Bureau to identify the 42 metro areas where the typical household earns at least $70,000 annually. While these cities span the country from coast to coast, over half of them are in western states, including 11 in California.

More:What's the most expensive city in your state? A look at cost of living in the US

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42. Provo-Orem, Utah

• Median household income: $70,196

• Median income change 2016-2017: +$908 (+1.3 percent)

• Median home value: $296,600 (top 10 percent)

• Adults with a bachelor's degree: 41.3 percent (top 10 percent)

• July unemployment: 2.9 percent (bottom 20 percent)

41. Ann Arbor, Michigan

• Median household income: $70,286

• Median income change 2016-2017: +$4,685 (+7.1 percent)

• Median home value: $258,700 (top 20 percent)

• Adults with a bachelor's degree: 54.5 percent (top 10 percent)

• July unemployment: 2.8 percent (bottom 20 percent)

40. Santa Maria-Santa Barbara, California

• Median household income: $71,106

• Median income change 2016-2017: +$3,670 (+5.4 percent)

• Median home value: $567,600 (top 10 percent)

• Adults with a bachelor's degree: 35.2 percent

• July unemployment: 3.9 percent

39. Barnstable Town, Massachusetts

• Median household income: $71,235

• Median income change 2016-2017: +$3,337 (+4.9 percent)

• Median home value: $401,100 (top 10 percent)

• Adults with a bachelor's degree: 44.6 percent (top 10 percent)

• July unemployment: 4.4 percent

38. Salinas, California

• Median household income: $71,274

• Median income change 2016-2017: +$7,398 (+11.6 percent)

• Median home value: $517,200 (top 10 percent)

• Adults with a bachelor's degree: 24.8 percent

• July unemployment: 6.2 percent (top 10 percent)

37. Madison, Wisconsin

• Median household income: $71,301

• Median income change 2016-2017: +$2,804 (+4.1 percent)

• Median home value: $247,000

• Adults with a bachelor's degree: 45.9 percent (top 10 percent)

• July unemployment: 2.3 percent (bottom 10 percent)

36. Hartford-West Hartford-East Hartford, Connecticut

• Median household income: $71,414

• Median income change 2016-2017: -$1,145 (-1.6 percent)

• Median home value: $247,900

• Adults with a bachelor's degree: 38.3 percent (top 20 percent)

• July unemployment: 4.2 percent

More:Here's what it actually costs to live in America’s least expensive cities

More:Here's what it actually costs to live in America’s most expensive cities

35. Salt Lake City, Utah

• Median household income: $71,510

• Median income change 2016-2017: +$3,314 (+4.9 percent)

• Median home value: $294,800 (top 20 percent)

• Adults with a bachelor's degree: 35.5 percent

• July unemployment: 3.0 percent

34. Ogden-Clearfield, Utah

• Median household income: $71,629

• Median income change 2016-2017: +$1,402 (+2.0 percent)

• Median home value: $251,800 (top 20 percent)

• Adults with a bachelor's degree: 32.4 percent

• July unemployment: 3.1 percent

33. Olympia-Tumwater, Washington

• Median household income: $71,765

• Median income change 2016-2017: +$5,982 (+9.1 percent)

• Median home value: $283,400 (top 20 percent)

• Adults with a bachelor's degree: 35.7 percent (top 20 percent)

• July unemployment: 4.6 percent

32. San Luis Obispo-Paso Robles-Arroyo Grande, California

• Median household income: $71,880

• Median income change 2016-2017: +$1,316 (+1.9 percent)

• Median home value: $574,400 (top 10 percent)

• Adults with a bachelor's degree: 34.6 percent

• July unemployment: 2.8 percent (bottom 20 percent)

31. Portland-Vancouver-Hillsboro, Oregon-Washington

• Median household income: $71,931

• Median income change 2016-2017: +$3,255 (+4.7 percent)

• Median home value: $376,000 (top 10 percent)

• Adults with a bachelor's degree: 40.3 percent (top 10 percent)

• July unemployment: 3.6 percent

30. Rochester, Minnesota

• Median household income: $71,985

• Median income change 2016-2017: +$1,907 (+2.7 percent)

• Median home value: $212,200

• Adults with a bachelor's degree: 39.2 percent (top 20 percent)

• July unemployment: 2.4 percent (bottom 10 percent)

29. Norwich-New London, Connecticut

• Median household income: $71,987

• Median income change 2016-2017: +$1,288 (+1.8 percent)

• Median home value: $239,400

• Adults with a bachelor's degree: 33.4 percent

• July unemployment: 4.0 percent

28. Raleigh, North Carolina

• Median household income: $72,576

• Median income change 2016-2017: +$891 (+1.2 percent)

• Median home value: $244,500

• Adults with a bachelor's degree: 46.2 percent (top 10 percent)

• July unemployment: 3.3 percent

More:Looking to find a job? These US cities are having an employment slump

27. Bremerton-Silverdale, Washington

• Median household income: $73,026

• Median income change 2016-2017: +$3,855 (+5.6 percent)

• Median home value: $326,200 (top 10 percent)

• Adults with a bachelor's degree: 33.5 percent

• July unemployment: 4.5 percent

26. Austin-Round Rock, Texas

• Median household income: $73,800

• Median income change 2016-2017: +$2,800 (+3.9 percent)

• Median home value: $283,600 (top 20 percent)

• Adults with a bachelor's degree: 44.8 percent (top 10 percent)

• July unemployment: 2.8 percent (bottom 20 percent)

25. Midland, Texas

• Median household income: $75,266

• Median income change 2016-2017: +$10,042 (+15.4 percent)

• Median home value: $197,000

• Adults with a bachelor's degree: 27.6 percent

• July unemployment: 2.1 percent (bottom 10 percent)

24. New York-Newark-Jersey City, New York-New Jersey-Pennsylvania

• Median household income: $75,368

• Median income change 2016-2017: +$3,471 (+4.8 percent)

• Median home value: $440,900 (top 10 percent)

• Adults with a bachelor's degree: 39.6 percent (top 10 percent)

• July unemployment: 4.0 percent

23. San Diego-Carlsbad, California

• Median household income: $76,207

• Median income change 2016-2017: +$5,383 (+7.6 percent)

• Median home value: $563,800 (top 10 percent)

• Adults with a bachelor's degree: 38.8 percent (top 20 percent)

• July unemployment: 3.2 percent

22. Denver-Aurora-Lakewood, Colorado

• Median household income: $76,643

• Median income change 2016-2017: +$4,717 (+6.6 percent)

• Median home value: $386,800 (top 10 percent)

• Adults with a bachelor's degree: 43.9 percent (top 10 percent)

• July unemployment: 2.9 percent (bottom 20 percent)

21. Fairbanks, Alaska

• Median household income: $76,747

• Median income change 2016-2017: -$581 (-0.8 percent)

• Median home value: $239,000

• Adults with a bachelor's degree: 29.6 percent

• July unemployment: 5.7 percent (top 10 percent)

20. Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin

• Median household income: $76,856

• Median income change 2016-2017: +$3,625 (+5.0 percent)

• Median home value: $254,800 (top 20 percent)

• Adults with a bachelor's degree: 41.7 percent (top 10 percent)

• July unemployment: 2.5 percent (bottom 10 percent)

19. Anchorage, Alaska

• Median household income: $76,871

• Median income change 2016-2017: -$5,332 (-6.5 percent)

• Median home value: $298,100 (top 10 percent)

• Adults with a bachelor's degree: 31.6 percent

• July unemployment: 5.8 percent (top 10 percent)

More:These are the jobs with the best – and the worst – job security

18. Vallejo-Fairfield, California

• Median household income: $77,133

• Median income change 2016-2017: +$3,233 (+4.4 percent)

• Median home value: $411,700 (top 10 percent)

• Adults with a bachelor's degree: 26.6 percent

• July unemployment: 3.8 percent

17. Baltimore-Columbia-Towson, Maryland

• Median household income: $77,394

• Median income change 2016-2017: +$606 (+0.8 percent)

• Median home value: $297,300 (top 10 percent)

• Adults with a bachelor's degree: 39.5 percent (top 20 percent)

• July unemployment: 4.3 percent

16. Manchester-Nashua, New Hampshire

• Median household income: $78,769

• Median income change 2016-2017: +$2,515 (+3.3 percent)

• Median home value: $278,400 (top 20 percent)

• Adults with a bachelor's degree: 37.6 percent (top 20 percent)

• July unemployment: 2.5 percent (bottom 10 percent)

15. Trenton, New Jersey

• Median household income: $79,173

• Median income change 2016-2017: +$1,523 (+2.0 percent)

• Median home value: $293,800 (top 20 percent)

• Adults with a bachelor's degree: 43.9 percent (top 10 percent)

• July unemployment: 3.8 percent

14. Santa Cruz-Watsonville, California

• Median household income: $79,705

• Median income change 2016-2017: +$2,092 (+2.7 percent)

• Median home value: $775,000 (top 10 percent)

• Adults with a bachelor's degree: 40.2 percent (top 10 percent)

• July unemployment: 5.0 percent (top 20 percent)

13. Kahului-Wailuku-Lahaina, Hawaii

• Median household income: $80,183

• Median income change 2016-2017: +$7,915 (+11.0 percent)

• Median home value: $641,500 (top 10 percent)

• Adults with a bachelor's degree: 27.0 percent

• July unemployment: 2.1 percent (bottom 10 percent)

12. Santa Rosa, California

• Median household income: $80,409

• Median income change 2016-2017: +$6,480 (+8.8 percent)

• Median home value: $628,400 (top 10 percent)

• Adults with a bachelor's degree: 35.8 percent (top 20 percent)

• July unemployment: 2.6 percent (bottom 10 percent)

11. Boulder, Colorado

• Median household income: $80,834

• Median income change 2016-2017: +$6,219 (+8.3 percent)

• Median home value: $504,800 (top 10 percent)

• Adults with a bachelor's degree: 63.2 percent (top 10 percent)

• July unemployment: 2.6 percent (bottom 10 percent)

More:Here are the top 40 places where young people are moving

10. Urban Honolulu, Hawaii

• Median household income: $81,284

• Median income change 2016-2017: +$771 (+1.0 percent)

• Median home value: $680,200 (top 10 percent)

• Adults with a bachelor's degree: 34.7 percent

• July unemployment: 2.0 percent (bottom 10 percent)

9. California-Lexington Park, Maryland

• Median household income: $81,495

• Median income change 2016-2017: +$3,300 (+4.2 percent)

• Median home value: $294,000 (top 20 percent)

• Adults with a bachelor's degree: 31.8 percent

• July unemployment: 4.2 percent

8. Seattle-Tacoma-Bellevue, Washington

• Median household income: $82,133

• Median income change 2016-2017: +$3,521 (+4.5 percent)

• Median home value: $439,800 (top 10 percent)

• Adults with a bachelor's degree: 41.9 percent (top 10 percent)

• July unemployment: 3.7 percent

7. Oxnard-Thousand Oaks-Ventura, California

• Median household income: $82,857

• Median income change 2016-2017: +$2,722 (+3.4 percent)

• Median home value: $592,500 (top 10 percent)

• Adults with a bachelor's degree: 33.4 percent

• July unemployment: 3.6 percent

6. Boston-Cambridge-Newton, Massachusetts-New Hampshire

• Median household income: $85,691

• Median income change 2016-2017: +$3,311 (+4.0 percent)

• Median home value: $441,400 (top 10 percent)

• Adults with a bachelor's degree: 47.6 percent (top 10 percent)

• July unemployment: 3.3 percent

5. Napa, California

• Median household income: $86,562

• Median income change 2016-2017: +$11,485 (+15.3 percent)

• Median home value: $628,500 (top 10 percent)

• Adults with a bachelor's degree: 36.2 percent (top 20 percent)

• July unemployment: 3.0 percent

4. Bridgeport-Stamford-Norwalk, Connecticut

• Median household income: $91,198

• Median income change 2016-2017: +$1,075 (+1.2 percent)

• Median home value: $425,900 (top 10 percent)

• Adults with a bachelor's degree: 47.1 percent (top 10 percent)

• July unemployment: 4.2 percent

3. Washington-Arlington-Alexandria, D.C.-Virginia-Maryland-West Virginia

• Median household income: $99,669

• Median income change 2016-2017: +$3,826 (+4.0 percent)

• Median home value: $424,600 (top 10 percent)

• Adults with a bachelor's degree: 50.8 percent (top 10 percent)

• July unemployment: 3.4 percent

2. San Francisco-Oakland-Hayward, California

• Median household income: $101,714

• Median income change 2016-2017: +$5,037 (+5.2 percent)

• Median home value: $849,500 (top 10 percent)

• Adults with a bachelor's degree: 49.3 percent (top 10 percent)

• July unemployment: 2.6 percent (bottom 10 percent)

1. San Jose-Sunnyvale-Santa Clara, California

• Median household income: $117,474

• Median income change 2016-2017: +$7,434 (+6.8 percent)

• Median home value: $957,700 (top 10 percent)

• Adults with a bachelor's degree: 50.8 percent (top 10 percent)

• July unemployment: 2.6 percent (bottom 10 percent)

More:Which state tops list for having the best and worst economies?

Detailed findings

In America’s richest cities, median household incomes range from $70,196 in Provo-Orem, Utah to $117,474 in San Jose-Sunnyvale-Santa Clara, California. One factor that differentiates these metro areas -- and many of the others on this list -- from most other U.S. cities is the concentration of jobs in high-paying industries.

For example, because of the presence of major computer software companies, Provo and San Jose are in regions known as Silicon Slopes and Silicon Valley, respectively. Major employers in and around those areas include Adobe, Facebook, Google, and eBay -- all companies that commonly pay six-figure salaries.

It is likely no coincidence that many high-paying employers have major operations in the cities on this list. High salary jobs tend to require highly skilled personnel with advanced degrees, and the majority of cities on this list have large college-educated talent pools for companies to hire from. In all but seven cities on this list, the share of adults with a bachelor’s degree or higher exceeds the 32 percent national college attainment rate. In four cities on this list, over half of all adults have a bachelor’s degree or higher.

Jobs in general, high paying or not, tend to be widely available in America’s wealthiest cities. In 29 of the 42 cities on this list, the unemployment rate in July was at or below the 3.9 percent national jobless rate.

The high incomes in America’s wealthiest cities have driven up property values. Similarly, high property values make many of these cities prohibitively expensive for lower-income Americans. In all but two cities on this list, the median home value is higher than the $217,600 median home value nationwide. In 13 cities on this list, over half of all homes are worth over half a million dollars.

Methodology

To determine the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureau’s 2017 American Community Survey. We identified the 42 U.S. metropolitan statistical areas with median annual household incomes of at least $70,000. Poverty rates, median home values, and educational attainment rates also came from the ACS. Unemployment rates are from the Bureau of Labor Statistics and are seasonally adjusted for July 2018, the most recent period for which data is available.

24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.