DENVER (KDVR) — Inflation has taken a hit on the average household budget. But in a handful of Colorado cities, income growth has outpaced the rise in prices.
Food prices jumped 13.5% in 2022, making it the largest year-to-year percentage increase since 1979, according to the U.S. Bureau of Labor Statistics. Over the same time, some cities saw income grow more than inflation, according to a new report.
SmartAsset looked at U.S. Census Bureau data for 349 of the largest cities in the country and ranked them according to income growth. Fourteen Colorado cities are on the list, but only one made the top 20.
Where is income growing in Colorado?
Longmont ranked 15th in the nation for the biggest percentage growth in median income. Last year, median income there jumped to $89,010, a more than 22% increase from the year before, according to the report.
Only one Colorado city ranked among the bottom 40 with a median income that dropped. Coming in at No. 330, Boulder saw income drop more than 3% last year.
Check out the Colorado rankings in the table below. It’s sortable: Tap “Growth” to show the rankings from largest or smallest.
So, which U.S. cities are seeing even bigger income growth?
Cities in Florida, California, Arizona and New Jersey all ranked higher than Longmont. At the top spot: the high-earning Houston-area community of The Woodlands, Texas, with more than 31% growth in median income — up to $137,335 last year.