Tampa had the highest income growth of major U.S. cities in 2024, study shows

TAMPA, Fla. (WFLA) — Out of the 50 largest cities in the U.S., Tampa saw the highest income growth from 2023 to 2024, a new SmartAsset study found.

The city saw a 15.5% increase in median household income, the highest jump by far. In second place was Long Beach, California, which saw an 11.9% increase. In 2023, the median household income in Tampa was around $72,851. In 2024, that increased to $84,114, a few hundred dollars higher than the national average of $83,730.

Unfortunately, not all Tampa residents reaped the benefits of that growth. Seniors enjoyed a 17.4% bump, but families with children saw a 6.2% decline in their household income. The median household income for families in 2023 was $103,657, which dropped to $97,219 in 2024.

As of 2024, there are only five major cities in the U.S. with a median household income above $100,000: San Jose, San Francisco, and San Diego, California, as well as Seattle, Washington, and Washington, DC.

The 50 cities were chosen by population size, so the only other Florida cities on the list are Miami and Jacksonville, the most populated city in the state. Jacksonville saw a more modest increase of 6.5%, but the gains were more evenly distributed than in Tampa, with both seniors and families with children enjoying an increase.

Miami came second-to-last, with a 3.35% decrease in median income. Despite the overall decrease, families with children in Miami saw an impressive increase of 24.5%, bringing median averages from $55,462 up to $69,030.