Report: Sioux Falls One of Top Cities for Making a Lot of Money
It's generally thought that to earn a considerable amount of money in the United States you would need to live in one of the major metropolitan areas. But a new report says Sioux Falls ranks exceptionally high on a list of the most surprising places to make a lot of money in America.
According to GOBankingRates, South Dakota's largest city is fourth out of more than 180 cities that are home to at least 50,000 households.
The website looked at median household income, cost of living, median home list price, labor force participation rate, and the top income tax rate in each city to come up with their rankings.
Sioux Falls checked in with a median household income of $56,714, which is the fifth-lowest among the cities in the top 25 ion the list. That income is more than $2,500 higher than the median income for the entire state of South Dakota.
TOP TEN SURPRISING CITIES WHERE YOU CAN MAKE A LOT OF MONEY (Median Household Income)
- Frisco, Texas ($120,701)
- McKinney, Texas ($87,608)
- Plano, Texas ($88,578)
- Sioux Falls, South Dakota ($56,714)
- Naperville, Illinois ($114,014)
- Cary, North Carolina ($97,755)
- Grand Prairie, Texas ($62,589)
- Gilbert, Arizona ($87,566)
- Clarksville, Tennessee ($51,164)
- Chandler, Arizona ($77,278)
While the amount of money to be made in Sioux Falls doesn't rival most of the other places on the list, a lower cost living and smaller tax burden help to make that take-home pay go a lot further.