Southern Cities Among Areas with Soaring Wealth
By Natalie Wise
According to the latest data released by the U.S. Census Bureau, some areas are actually reporting more income in the three-year period from 2010 to 2012 than the recession period of 2007 to 2009.
The website 24/7Wall St. ranked nine cities with pockets of increased incomes using Census data about incomes from the latest three-year period (2010-2012) compared to the previous data from 2007-2009. Also factored in the rankings are home values, poverty rate and employment by industry.
The city with the highest percentage increase of income is New Bern, N.C., about an hour outside of Greenville, N.C., that had a 25.3 percent increase. The median income in New Bern was $40,707.
Nacogdoches, Texas, comes in at No. 2, with an increase in median incomes of 23.7 percent, and the median income in the 2010-2012 time was $30,059. Nacogdoches featured the second-highest rise in home prices in the nation between the two periods, which the report indicated may be connected to those rising incomes.
West Lafayette, Ind., No. 3, saw a 22.2 percent increase in median incomes, to $30,498. Home values there have gone up 12.6 percent over the past year and Zillow predicts they will rise 1.7 percent within the next year. The median price of homes currently listed in West Lafayette is $167,000 and the median rent price is $1,000.
Bridgeton, N.J., No. 4, was the only city on the list to see a rise in the poverty rate while incomes increased 21.6 percent. The median household income in Bridgeton was $39,890.
The Texas city (and home of an air force base) of Del Rio, No. 5, saw an increase in incomes by 19.9 percent to $40,307. The Air Force Base provides steady, positive economic effects for the town.
No. 6, Bentonville, Ark., saw the biggest increase numbers-wise, at $10,000 on average. That’s a percentage increase of 17.9 for the city, to $64,695.
Stillwater, Okla., fills the No. 7 spot, with an increase in median income of 17.5 percent, to $35,567. Manhattan, Kan., saw a 17.4 percent increase in median income between 2007-2009 and 2010-2012.
The last spot on the list, No. 9, is Big Spring, Texas, with a 17.2 percent increase to a median income of $40,943.
Considering there was a 5.8 percent decrease nationwide during the same period, these cities saw large increases in median household income. The nationwide median income for the 2010-2012 period was $51,771.