Where Wages Are Rising: Top 20 MSAs
- Dennis Lee
- 7 days ago
- 2 min read
by Dennis Lee, CEO at Market Stadium
In real estate and investment, wage growth signals opportunity—higher incomes drive demand for housing, retail, and office space. But not all high-wage metros are growing equally.
At Market Stadium, we analyzed the top 20 U.S. metros by wage per employee in 2024, comparing them to each market’s 1-year wage growth (2023–2024).
To keep the graph balanced, we excluded San Jose–Sunnyvale–Santa Clara, CA, which stood out as a major outlier in both wage and growth.
4 Quadrants of Wage vs. Growth:
Q1: High Wage – High Growth → Innovation engines (e.g. San Francisco, Seattle)
Q2: Lower Wage – High Growth → Momentum metros (e.g. Miami, Salt Lake City, San Diego)
Q3: Lower Wage – Lower Growth → Stable or value-driven plays
Q4: High Wage – Lower Growth → Legacy markets (e.g. New York, Boston)
3 Key Takeaways
High-wage ≠ high-growth: Some of the highest-earning metros are seeing only modest gains
Growth is diversifying: Emerging regions are catching up fast in wage momentum
Wage data offers early clues: Income growth often precedes rent growth, migration, and investor interest
Why Q2 (High Growth + Lower Wage) Markets Are Worth Watching
Talent magnet potential: These cities are seeing wage acceleration, attracting skilled labor and remote-friendly employers
Cost advantage + upside: Businesses and residents benefit from affordability now, with strong upside ahead
Real estate may be underpriced: If income is rising, demand for quality housing is likely close behind
Food for Thought:
What’s your take? Are high-growth, lower-wage metros the next big investment play?
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Dennis Lee
CEO at Market Stadium
Prev. Lionstone Investments Research Team
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