What it takes to be considered ‘rich’ in New York

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View of The Brooklyn Bridge with the Manhattan Skyline on November 16, 2018 in New York City. (Photo by Angela Weiss / AFP)

(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 New York City, you’ll need to make at least $144,541 to be considered a “rich” person in the top 20% of the city’s 8 million-plus residents. The ultra-rich, or the top 5% of earners in NYC, make way more: $585,902 on average, according to the analysis.

The next-nearest cities they analyzed were Boston and Philadelphia. Boston outranks New York City, with its top 20% pulling in at least $159,024 each year, and the top 5% averaging $505,880. The City of Brotherly Love, however, is much more affordable. There, the ultra-rich claim$334,665 per year on average, and its top 20% just breaks the six-figure threshold at $101,220.

All but seven of the cities Go Banking Rates studied require six-figure salaries to qualify as “rich.” 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. Yet in some of the priciest spots across the country, you’d need to bring home much more. In San Francisco, for example, you’ll need to earn about $239,000 to be in that top tier.

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%.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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