Places with the highest paychecks
When it comes to the size of your paycheck, some areas of the U.S. are known to pay more than others. And now we have a better idea where those areas are, thanks to a recent report from the U.S. Bureau of Labor Statistics (BLS).
To establish the highest-paying counties, the BLS looked at first-quarter 2016 data from the largest 344 counties in the United States that had annual average employment levels of 75,000 or more in 2015. The data was derived from reports from employers who are subject to unemployment insurance laws (9.7 million employers, covering 140.1 million full- and part-time workers).
The U.S. average weekly paycheck across the U.S. was $1,043 in the first quarter of 2016. (The BLS notes that some data may be skewed by pay period types (monthly, weekly, etc.) and fluctuations in average monthly employment, among other things.)
It’s important to note high that wage earners in each of the high scoring cities may be throwing off the averages, Max Wolff, chief economist at Manhattan Venture Partners, said. A few million-dollar paychecks from Wall Street and Silicon Valley averaged into the pool can inflate the weekly rates.
“Top earners have defined the experiences of every city,” Wolff said.
If you’re planning to move to a county on this list because of the potentially higher paychecks, it’s also wise to do a cost of living comparison. The comparison will help you to make sure you’re not moving to an area where higher living costs, such as high-priced apartments, can quickly chew through the extra dollars.
New York City, for example, has some of the highest income taxes and rents in the country.
“You can get a mortgage for a McMansion in most other places in the U.S. for the price you’d pay in Manhattan for a studio with the view of a dumpster,” Wolff said. It’s also a good idea to check if your industry is hiring in that county, and what the salaries are for your position in the new place.
It’s prudent to pay down debts before a big move, because many landlords like to check your credit, and keeping your debts low should give you a higher score, which can give you more freedom of choice. Also remember to call ahead to forward your important snail mail, such as bank and tax statements, to help protect yourself from identity theft.
Here are the top-paying counties.
1. New York City
It’s no surprise that rapper Jay-Z refers New York as “the concrete jungle where dreams are made,” with the average weekly paycheck here at $2,783 — That’s more than $1,700 higher than the national average. Wall Street companies are the city’s largest private employers, including companies such as Citigroup and JP Morgan.
Average weekly wages: $2,783
2. Santa Clara, Calif.
Avg. weekly wages: $2,210
3. San Mateo, Calif.
Avg. weekly wages: $2,195
4. San Francisco
Avg. weekly wages: $2,054
5. Somerset, N.J.
Avg. weekly wages: $2,022
You can find the full list of places with the highest paychecks on Credit.com.
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This article originally appeared on Credit.com.
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