Metros with "Most Six-Figure Earners" - DSM #17

[capitalcityguy]

Thought this was interesting. Always good to offer ISU alums opportunities close to the university as possible.

we look at IRS data to find the places with the most six-figure earners. Specifically, we take the number of tax returns with income greater than $100,000 and compare it to the total number of tax returns.

Only 4 cities listed in the Midwest: Minneapolis (top ten), Madison #16 followed by Des Moines, and then Chicago at #23.

Full article:

https://smartadvisormatch.com/data/places-with-most-six-figure-earners-2018-edition

 

[EnhancedFujita]

Thought this was interesting. Always good to offer ISU alums opportunities close to the university as possible.



Only 4 cities listed in the Midwest: Minneapolis (top ten), Madison #16 followed by Des Moines, and then Chicago at #23.

Full article:

https://smartadvisormatch.com/data/places-with-most-six-figure-earners-2018-edition

Wouldn't a more interesting analysis be to take this info and look at the income ratio to cost of living. The article even acknowledges that there is a big difference in making $100,000 in the costs versus more affordable places. I'd be willing to be this map would flip with that kind of analysis.

 

[CYdTracked]

Des Moines is home to a lot of insurance and banking headquarters so it's not too surprising since executives and higher level positions in those companies are usually compensated fairly well. The % vs the # of returns is where you see some difference as while % wise we rank up there the number or returns Minneapolis is about 2% more than DSM but their returns of over 100k are still about 102k more than the overall returns for all of DSM too so a lot more jobs in that market than ours. DSM is the smallest market on that list too so the numbers can be a little more skewed when you have more diversity in the job market in the other larger metro areas.

 

[capitalcityguy]

Yeah...it does seem to confirm the general understanding that Des Moines as a white collar city.

 

[Sigmapolis]

Making an adjustment for the regional COLA should not be difficult...

https://taxfoundation.org/real-value-100-metropolitan-areas-2016/

Real incomes in the Des Moines metro area are 5.4% above the national average according to that source. They are 16% less in DC, which feels too little.

 

[Cyclonepride]

Where do we stand for us 7 figure earners ?

 

[coyoteclone]

Cost of living, mild traffic, low crime, great schools, affordable housing......all factors a coach at Iowa State will consider when another school dangles cash in their faces.

 

[isuno1fan]

Des Moines is simply one of the best places to live when you take all factors into consideration. No other place I’d rather be.

 

[EnhancedFujita]

Where do we stand for us 7 figure earners ?

You don't count the figures after the decimal point...

 

[EnhancedFujita]

Des Moines is simply one of the best places to live when you take all factors into consideration. No other place I’d rather be.

I could do with a little less wind and bitter cold, but it's a pretty fair trade off all things considered.

 

[runbikeswim]

this study is ambiguous to me. It just says tax returns showing income over $100,000....Given that these %s are way in the 20s and 30s, this data has to be based on total return (including couples) data. Most data I have seen puts the 100K in the single digits.

 

[Cyclonepride]

You don't count the figures after the decimal point...

Damn it.

 

[guacamole7]

Thought this was interesting. Always good to offer ISU alums opportunities close to the university as possible.



Only 4 cities listed in the Midwest: Minneapolis (top ten), Madison #16 followed by Des Moines, and then Chicago at #23.

Full article:

https://smartadvisormatch.com/data/places-with-most-six-figure-earners-2018-edition

There is 0 chance that Des Moines has more 6 digit earners than Chicago. Think about that for a second. If it's a %, then that makes sense but raw numbers there is no chance. Chicago probably has more 6 digit earners than the entire population of Des Moines.

 

[cycloneG]

There is 0 chance that Des Moines has more 6 digit earners than Chicago. Think about that for a second. If it's a %, then that makes sense but raw numbers there is no chance. Chicago probably has more 6 digit earners than the entire population of Des Moines.

It's percentage of total returns. The quote in the OP's post even mentions this.

Specifically, we take the number of tax returns with income greater than $100,000 and compare it to the total number of tax returns.

 

[capitalcityguy]

There is 0 chance that Des Moines has more 6 digit earners than Chicago. Think about that for a second. If it's a %, then that makes sense but raw numbers there is no chance. Chicago probably has more 6 digit earners than the entire population of Des Moines.

Read the article. They give their methodology.

 

[aeroclone]

this study is ambiguous to me. It just says tax returns showing income over $100,000....Given that these %s are way in the 20s and 30s, this data has to be based on total return (including couples) data. Most data I have seen puts the 100K in the single digits.

It is noted in the article that they look at returns filed, so a couple filing jointly would count as a single return. In a couple of the city level write ups they even mention the breakdown of how many 100k returns were joint versus single.

 

[Cycsk]

I wonder where Ames is ranked. There are so many double income professional households. I know it used to be very high on "per capita household income."

 

[BCClone]

Will The quality of life take a hit without the Hyvee classic?

 

[capitalcityguy]

I wonder where Ames is ranked. There are so many double income professional households. I know it used to be very high on "per capita household income."

I'm guessing the study has a metro population cutoff and thus Ames was too small.

 

[Nelcyn]

That is a cool statistic. I would say that 100k still doesn't get you as far as you would imagine especially if you consider daycare costs, college debt, food, insurance, property taxes, new car, and a gigantic mortgage. I can't complain, but something is still very wrong at the root level, like federal taxes, full-time politicians, body guards, etc...