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Aerial panorama of Allentown. PHOTO/GETTYIMAGES
Allentown shows significant growth in high-income households
Paula Wolf//February 2, 2024//
Allentown boasts the second biggest growth rate nationwide among high-income households, according to a just-released survey by SmartAsset.
SmartAsset ranked 345 U.S. cities with a population of 100,000 or more to determine where the proportion of high-income households grew the most over one year, going by the latest U.S. Census Bureau data.
Allentown‘s high-income households – which made $200,000 or more, as defined by the IRS – grew by 163.6%, making up 2.9% of its households in 2022, up from 1.1% a year before. That’s a net increase of 830 households.
The Lehigh Valley city finished behind Spokane Valley, Washington, which experienced an 183.3% growth rate in high-income households, rising to 5.1% in 2022 from 1.8% in 2021, an addition of 1,510 households.
Rounding out the top five are Evansville, Illinois; Killeen, Texas; and San Tan Valley, Arizona.
While Allentown’s growth rate among high-income households was notable, the overall percentage was still much lower than many others; Bay Area cities have the highest rates of households earning $200,000 or more.
More than one-third of households in these cities are considered high income, claiming five out of the top six spots in the study: Sunnyvale (43.7%), Santa Clara (41.9%), Fremont (39.4%), San Mateo (36.9%) and San Francisco (34.9%). Bellevue, Washington (37.4%), ranks fourth, between San Mateo and San Francisco.
High-income households may have an outsized impact on local economies, the report said, which can put increased pressure on housing markets, the tax base, and shift demand for services and businesses.
