RALEIGH – Cary, Charlotte and Raleigh all crack the top 20 in a new financial study focusing on cities that are “great places to earn a big paycheck and live comfortably.”
Cary came in at No. 6 followed by Charlotte at No. 18 and Raleigh at No. 20 as ranked by financial information site GOBankingRates.com.
The study focuses on the following data in compiling the rankings:
- Median household income
- Cost of living
- Median home list price
- Labor force participation rate
- Top incomx tax rate in each city
The study also compared each city’s median household income to state median income. Cary dominated that category at a difference of $47,435.
Frisco City, Texas topped the survey.
Here’s what the study says about each city:
6. Cary, North Carolina
Median household income: $97,755
State median income: $50,320
Difference between city and state incomes: $47,435
Notes: Cary has the third-highest difference between city and state incomes in GOBankingRates’ study. But, as the city is located in North Carolina, you’ll have to watch out for a 5.25% top marginal individual income tax rate. Houses in Cary are more expensive as well — the median home list price is $421,929.
20. Raleigh, North Carolina
Median household income: $61,505
State median income: $50,320
Difference between city and state incomes: $11,185
Notes: Raleigh’s position in this study would be much higher if GOBankingRates had only focused on comparing city and state incomes. But Raleigh doesn’t rank higher overall because it’s 11% more expensive to live in compared to the national average, and it has a top individual tax rate of 5.25%.
18. Charlotte, North Carolina
Median household income: $58,202
State median income: $50,320
Difference between city and state incomes: $7,882
Notes: The difference between city and state median household incomes isn’t the biggest, but the median home price in Charlotte is less than $300,000, and it’s not too much more expensive to live there compared to the national average. Additionally, Charlotte’s labor force has a high participation rate at 72%.
