The Economic Policy Institute studied how much people need to earn to be in the Top 1% in the 10 largest (by population) cities in the US. Here are the findings in ascending order…

  1. San Antonio – population 1.51M
    1. Annual income needed to be in Top 1% – $416.614
    2. Average annual income of Top 1% – $1.09M
  2. Phoenix – population 1.63M
    1. Annual income needed to be in Top 1% – $428,153
    2. Average annual income of Top 1% – $1.04M
  3. San Diego – population 1.4M
    1. Annual income needed to be in Top 1% – $525,582
    2. Average annual income of Top 1% – $1.27M
  4. Philadelphia – population 1.58M
    1. Annual income needed to be in Top 1% – $554,069
    2. Average annual income of Top 1% – $1.38M
  5. Dallas – population 1.34M
    1. Annual income needed to be in Top 1% – $566,304
    2. Average annual income of Top 1% – $1.57M
  6. Chicago – population 2.72M
    1. Annual income needed to be in Top 1% – 586,182
    2. Average annual income of Top 1% – $1.63M
  7. Los Angeles – population 4M
    1. Annual income needed to be in Top 1% – $591,500
    2. Average annual income of Top 1% – $1.80M
  8. Houston – population 2.31M
    1. Annual income needed to be in Top 1% – $629,816
    2. Average annual income of Top 1% – $1.7M
  9. New York City – population 8.62M
    1. Annual income needed to be in Top 1% – $744,426
    2. Average annual income of Top 1% – $2.43M
  10. San Jose – population 1.04M
    1. Annual income needed to be in Top 1% – $1.15M
    2. Average annual income of Top 1% – $3.45M

Using these same data points, Lending Tree found that income inequality (home price differentials or home price spreads) are determined by state, metro and county.

Lending Tree found that Detroit, Birmingham and Indianapolis have the highest home price differentials/spreads/inequalities of all US cities.

It also found that New York, Michigan and Connecticut are the top 3 states with the highest home price differentials/spreads/inequalities.

Lending Tree found that the states of Wyoming, Montana and Alabama and the cities of Salt Lake, Portland and Denver have the lowest home price inequalities/spreads/differentials. In other words, these states and cities have the most homogenous home prices.