Shift in Mix of Industries Contributed to the Slow Wage Growth in 2014

After adjusting for inflation, annual average wages for workers in the United States grew a meager 0.3% between 2013 and 2014. In contrast, annual average wages grew at an annualized pace of 3.5% between 2001 and 2007 (also inflation adjusted).

Is recent slow wage growth a result of firms being stingy with raises, or is it due to other factors? Chmura’s analysis shows that a shift in industry mix towards lower-paying sectors was a major driver of the relatively slow wage growth.

To examine the recent slow wage growth, we will split that growth into two contributing components:

  1. Changes in pay within individual industries, and
  2. Shifts in employment share represented by the percentage of workers in that industry. For example, if employment in an industry expands, but grows more slowly than other industries, its share of regional employment may decline.

Looking at 2014 annual wages in a state as if the 2013 industry mix was constant and comparing that to actual 2014 wages illustrates how much of the actual change in wages was due to the shifting mix of employment by industry. Virginia and North Dakota provide contrasting examples of the changes in industry mix and their effect on wage trends.

In Virginia, major sectors paying below-average wages per worker—such as accommodation and food services, health care and social assistance, and retail trade—gained a greater share of employment. Meanwhile, employment in many sectors that tend to pay above-average wages—especially professional, scientific, and technical services as well as public administration—declined relative to their share of employment in 2013. Overall, the change in industry mix reduced wages by an average $202 per worker in Virginia.  

In North Dakota, however, industries like construction; mining, quarrying, and oil and gas extraction; and transportation and warehousing—which pay an above-average wage in the state—gained employment relatively faster than lower-paying industries such as health care and social assistance and accommodation and food services. As a result, the change in industry mix boosted wages by an average $446 per worker in the state.

The map and chart below detail how the shifting industry mix has contributed to the change in average annual wage growth in each state. A negative value (shown in red on the map) indicates that below-average wage industries have gained a larger share of employment in the state in 2014, while a positive value (in green) indicates that higher-wage industries gained relatively more employment.

Data on industry sectors are also included in the chart to illustrate which industries gained or lost employment share in the nation or state of interest over the past year, and which of these pay above-average or below-average wages.

Economic Impact: Wage Gains Remain Elusive

Slow wage growth is one of the side effects of a weak labor market.

Even though the U.S. unemployment rate has fallen to 5.5 percent in February, the rate that includes people working part time who would rather work full time and the marginally attached is 11.0 percent.

With plenty of jobseekers to choose from, firms have been stingy with wage increases.

From 2009 (the year the recession ended) through 2014, annual average wages in the Richmond metro area rose 1.7 percent.

That’s slightly better than the 1.6 percent in Virginia but not as good as the 2.2 percent growth in the nation.

Over that same period, inflation rose an average 2.0 percent a year.

From that perspective, the purchasing power of consumers in Virginia fell over that period and barely rose in the nation. That may partially explain why retail sales have not been as strong as many observers expected with the declines in gasoline prices.

Wage gains in some industries have kept pace with inflation.

Annual average wages in the finance and insurance industry rose a respectable 5.4 percent over the last five years in the metro area followed by an average 4.6 percent for mining and quarrying and 3.3 percent for real estate.

In contrast, wages in the arts and entertainment industries grew an annual average 0.7 percent in the region and the state to make it one of the slowest growing industries over the period.

Wage growth was much stronger in the five years before the recession.

From 2002 through 2007, annual average wages rose 4 percent in the Richmond region and 4.3 percent in the state. The wage increase is better than the average 2.9 percent rise in inflation during the same period.

Labor markets were tight just before the recession started. The unemployment rate in the nation hit a low of 4.4 percent in 2007. The metro area and state saw an even lower 2.9 percent during that same year.

Slack in the labor market is not the only factor that impacts wage growth in a region. The changing mix of industries also is important.

During the five years before the beginning of the last recession, professional business services firms added more than 76,000 jobs to the state. That was nearly 30 percent of all new jobs.

That sector, which is dependent on federal contracting, paid an average annual wage of $82,790 in 2007 — 180 percent higher than the average of all jobs in the state.

In contrast, professional business services added a little less than 9,000 jobs since the recession ended or 8 percent of all jobs created in the state.

In both the Richmond metro area and the state, the health care and social services sector added the most jobs over the last five years.

Although those jobs made up 35 percent of total employment gained in the metro area and state during that period, the average wage in the sector is 7 percent below the metro average and 12 percent below the average in the state.

The next three largest employment gains provided a little more than half of the jobs in the metro area and state. Each of these three sectors — retail, arts and entertainment, and accommodation and food services — paid less than half the annual salary of all jobs in 2014.

As the labor market continues to improve, annual average wage gains will start to accelerate.

That trend has begun to emerge in the Richmond metro area. State wage growth remains slow, partially because of the slow employment growth in the federally-dependent professional business services sector.

Much of the Nation Still Waiting to Grow Beyond Recovery

As of April 2014, employment in the U.S. economy exceeded the 138.35 million jobs that existed when the recession began in December 2007. Employment in more than a third of the U.S. metropolitan areas, however, has yet to reach the same levels of employment they experienced in December 2007.

While national employment describes the recovery in aggregate, not all metropolitan statistical areas (MSAs) are recovering at the same pace. In Texas, for example, many MSAs dipped briefly below pre-recession levels before recovering and expanding, likely buoyed by oil production. The Washington, D.C. area also recovered fairly quickly, supported by federal stimulus money going to a relatively higher concentration of federal contractors in the region.

In contrast, no MSAs in Arizona have recovered to December 2007 employment levels, and conditions vary considerably in the state. The Phoenix area has added an average of 4,475 jobs each month (about 0.2% of total employment) over the last twelve months of available data; at that rate, the region could recover to December 2007 levels of employment in about seven months. The Tucson area has added an average of 317 jobs (about 0.9% of employment) monthly over the past year—but at that rate, it would take the region another four years or more to fully recover recession job losses.

While most of the largest metro areas have reached pre-recession levels of employment and continue to expand, the map shown below indicates that many MSAs are still waiting to get back to the employment levels that existed over seven years ago.

The RIGHT Data

The internet has become a widely used source of data for regional labor market information, but that doesn't always mean it provides the level of detail needed to make reliable decisions.

Finding the required workers is at the top of the list of most growing businesses. For example, an expanding firm may require production workers. If this firm were to rely on an overall count of production workers to gauge the supply of skilled labor, it could miss badly since there are over 100 different types of production workers.

Just a few examples of production workers are electromechanical equipment assembles, food batch makers, and computer-controlled machine tool operators—all with vastly different skills. Wages vary as well for production occupations, from a high of $78,400 for nuclear power reactor operators to a low of $20,900 for pressers, textile, garment, and related materials workers (National average wages as of 2013).

Labor costs are also critical to ensuring that an expanding firm meets profitability goals. From that perspective, using the mean wage for an occupation to estimate overall labor costs may be misleading. For example, the mean wage for a tool and die maker in San Bernardino, California, is $50,500. However, entry-level workers in this occupation are typically paid $30,600 and experienced workers earn $60,500. Consequently, a firm could overestimate or underestimate labor costs if it assumes the mean wage instead of the RIGHT wage for the required workers.

Chmura Economic & Analytics has the RIGHT data. Call us for the RIGHT data for labor market analysis.

SleepBetter Lost-Hour Economic Index

These are the findings of Chmura Economics & Analytics in a study entitled “Estimating the Economic Loss of Daylight Saving Time for U.S. Metropolitan Statistical Areas” commissioned by the Carpenter Co. The study focused on only the aspects of economic losses where solid evidence from peer-reviewed academic journals could be obtained, showing how the DST change can lead to an increase in heart attacks, workplace injuries in the mining and construction sectors, and increased cyberloafing that reduces productivity for people who typically work in offices. A reasonable economic cost was then developed from the economic costs of heart attacks, workplace accidents and cyberloafing and applied to the more than 300 Metropolitan Statistical Areas (MSA) in the U.S.


MSATotal Cost of
Lost Hour
Population
in 2010
Index RankPer Capita
Cost
% Difference
From Nat'l Avg.
MSA Rank
National $433,982,548.00 260,392,304   $1.65449    
Morgantown, WV $445,685.00 129,709 1 $3.37947 104.26% 293
Huntington-Ashland, WV-KY-OH $930,759.00 287,702 2 $3.18188 92.32% 162
Parkersburg-Marietta, WV-OH $519,472.00 162,056 3 $3.15273 90.56% 245
Charleston, WV $973,594.00 304,284 4 $3.14694 90.21% 156
Kingsport-Bristol-Bristol, TN-VA $925,487.00 309,544 5 $2.94061 77.74% 151
Lakeland, FL $1,582,213.00 602,095 6 $2.58458 56.22% 87
Tampa-St. Petersburg-Clearwater, FL $7,283,123.00 2,783,243 7 $2.57369 55.56% 18
Ocala, FL $863,182.00 331,298 8 $2.56256 54.89% 147
North Port-Bradenton-Sarasota, FL $1,822,027.00 702,281 9 $2.55172 54.23% 73
Punta Gorda, FL $404,984.00 159,978 10 $2.48982 50.49% 247
Scranton--Wilkes-Barre, PA $1,412,054.00 563,631 11 $2.46403 48.93% 90
Myrtle Beach-Conway-North Myrtle Beach, SC $662,576.00 269,291 12 $2.41994 46.27% 168
Pittsburgh, PA $5,794,723.00 2,356,285 13 $2.41877 46.19% 22
Palm Bay-Melbourne-Titusville, FL $1,336,302.00 543,376 14 $2.41877 46.19% 96
Evansville, IN-KY $873,111.00 358,676 15 $2.39418 44.71% 142
Tulsa, OK $2,277,053.00 937,478 16 $2.38892 44.39% 54
Sebastian-Vero Beach, FL $334,825.00 138,028 17 $2.38584 44.20% 283
Bloomington, IN $464,931.00 192,714 18 $2.37282 43.42% 218
Chattanooga, TN-GA $1,268,241.00 528,143 19 $2.36178 42.75% 98
Deltona-Daytona Beach-Ormond Beach, FL $1,187,424.00 494,593 20 $2.36128 42.72% 103
Bangor, ME $368,824.00 153,923 21 $2.35671 42.44% 259
Alexandria, LA $367,169.00 153,922 22 $2.34615 41.81% 257
Palm Coast, FL   $227,338.00 95,696 23 $2.33651 41.22% 347
Muncie, IN $279,430.00 117,671 24 $2.33557 41.17% 317
Crestview-Fort Walton Beach-Destin, FL $428,270.00 180,822 25 $2.32946 40.80% 224
Cape Coral-Fort Myers, FL $1,455,015.00 618,754 26 $2.31281 39.79% 84
Mobile, AL $967,710.00 412,992 27 $2.30459 39.29% 126
Jacksonville, FL $3,146,585.00 1,345,596 28 $2.29993 39.01% 40
Toledo, OH $1,523,209.00 651,429 29 $2.29976 39.00% 82
Lafayette, IN $471,375.00 201,789 30 $2.29752 38.87% 210
Canton-Massillon, OH $943,763.00 404,422 31 $2.29519 38.72% 128
Johnson City, TN $461,978.00 198,716 32 $2.28654 38.20% 214
Dayton, OH $1,952,542.00 841,502 33 $2.28210 37.93% 62
Knoxville, TN $1,617,373.00 698,030 34 $2.27890 37.74% 74
Pensacola-Ferry Pass-Brent, FL $1,037,154.00 448,991 35 $2.27193 37.32% 110
Terre Haute, IN $394,960.00 172,425 36 $2.25291 36.17% 233
Miami-Fort Lauderdale-Miami Beach, FL $12,725,469.00 5,564,635 37 $2.24919 35.95% 8
Port St. Lucie-Fort Pierce, FL $969,275.00 424,107 38 $2.24782 35.86% 117
State College, PA $351,910.00 153,990 39 $2.24765 35.85% 256
Asheville, NC $969,459.00 424,858 40 $2.24427 35.65% 116
Lewiston-Auburn, ME $243,661.00 107,702 41 $2.22512 34.49% 334
Lexington-Fayette, KY $1,066,009.00 472,099 42 $2.22084 34.23% 106
Jackson, TN $260,264.00 115,425 43 $2.21771 34.04% 321
Michigan City-La Porte, IN $251,036.00 111,467 44 $2.21503 33.88% 329
Cheyenne, WY $206,604.00 91,738 45 $2.21503 33.88% 354
Naples-Marco Island, FL $723,778.00 321,520 46 $2.21405 33.82% 149
Bowling Green, KY $282,675.00 125,953 47 $2.20733 33.42% 302
Kokomo, IN $221,462.00 98,688 48 $2.20711 33.40% 345
South Bend-Mishawaka, IN-MI $715,354.00 319,224 49 $2.20402 33.21% 150
Hickory-Lenoir-Morganton, NC $818,612.00 365,497 50 $2.20285 33.14% 141
Anderson, IN $294,790.00 131,636 51 $2.20256 33.13% 295
Atlantic City, NJ $612,213.00 274,549 52 $2.19317 32.56% 169
Columbus, IN $170,968.00 76,794 53 $2.18967 32.35% 362
Johnstown, PA $318,637.00 143,679 54 $2.18119 31.83% 275
Harrisburg-Carlisle, PA $1,215,731.00 549,475 55 $2.17610 31.53% 94
Lawton, OK $274,358.00 124,098 56 $2.17442 31.43% 307
Louisville, KY-IN $2,826,250.00 1,283,566 57 $2.16562 30.89% 42
Morristown, TN $300,143.00 136,608 58 $2.16094 30.61% 286
Wheeling, WV-OH $323,960.00 147,950 59 $2.15361 30.17% 268
Wichita Falls, TX $331,130.00 151,306 60 $2.15244 30.10% 266
Youngstown-Warren-Boardman, OH-PA $1,236,309.00 565,773 61 $2.14919 29.90% 91
Owensboro, KY $249,981.00 114,752 62 $2.14258 29.50% 322
Shreveport-Bossier City, LA $868,062.00 398,604 63 $2.14190 29.46% 129
Gainesville, FL $574,037.00 264,275 64 $2.13636 29.13% 173
Altoona, PA $275,914.00 127,089 65 $2.13528 29.06% 305
Williamsport, PA $251,895.00 116,111 66 $2.13372 28.97% 319
Panama City-Lynn Haven, FL $364,847.00 168,852 67 $2.12517 28.45% 236
Detroit-Warren-Livonia, MI $9,268,747.00 4,296,250 68 $2.12188 28.25% 13
Birmingham, AL $2,431,810.00 1,128,047 69 $2.12028 28.15% 50
Elizabethtown, KY $257,362.00 119,736 70 $2.11403 27.78% 313
Buffalo-Niagara Falls, NY $2,440,468.00 1,135,509 71 $2.11384 27.76% 49
Ocean City, NJ $207,878.00 97,265 72 $2.10205 27.05% 351
Fort Wayne, IN $888,743.00 416,257 73 $2.09993 26.92% 122
Steubenville-Weirton, OH-WV $265,544.00 124,454 74 $2.09854 26.84% 311
Huntsville, AL $890,913.00 417,593 75 $2.09832 26.83% 119
Erie, PA $598,252.00 280,566 76 $2.09720 26.76% 164
Montgomery, AL $798,346.00 374,536 77 $2.09646 26.71% 136
Gulfport-Biloxi, MS $528,298.00 248,820 78 $2.08825 26.22% 185
Carson City, NV $116,608.00 55,274 79 $2.07490 25.41% 366
Anniston, AL $250,003.00 118,572 80 $2.07373 25.34% 316
Mansfield, OH $261,914.00 124,475 81 $2.06951 25.08% 310
Sandusky, OH $161,894.00 77,079 82 $2.06578 24.86% 363
Elkhart-Goshen, IN $414,780.00 197,559 83 $2.06496 24.81% 216
Florence, AL $308,807.00 147,137 84 $2.06422 24.76% 206
Auburn-Opelika, AL $293,975.00 140,247 85 $2.06161 24.61% 276
Lafayette, LA $573,540.00 273,738 86 $2.06072 24.55% 167
Lima, OH $221,940.00 106,331 87 $2.05289 24.08% 336
Clarksville, TN-KY $571,732.00 273,949 88 $2.05264 24.07% 166
Lebanon, PA $278,565.00 133,568 89 $2.05123 23.98% 292
Reading, PA $857,038.00 411,442 90 $2.04871 23.83% 125
Gadsden, AL $217,236.00 104,430 91 $2.04596 23.66% 338
York-Hanover, PA $904,776.00 434,972 92 $2.04583 23.65% 113
Barnstable Town, MA $447,310.00 215,888 93 $2.03784 23.17% 198
Ann Arbor, MI $713,184.00 344,791 94 $2.03440 22.96% 146
Springfield, OH $285,322.00 138,333 95 $2.02862 22.61% 285
Wilmington, NC $747,299.00 362,315 96 $2.02861 22.61% 139
Dothan, AL $299,824.00 145,639 97 $2.02478 22.38% 270
Monroe, LA $362,816.00 176,441 98 $2.02244 22.24% 229
Hattiesburg, MS $293,083.00 142,842 99 $2.01802 21.97% 272
Lancaster, PA $1,064,016.00 519,445 100 $2.01465 21.77% 99
Decatur, AL $313,503.00 153,829 101 $2.00444 21.15% 258
Oklahoma City, OK $2,550,073.00 1,252,987 102 $2.00169 20.99% 43
Pascagoula, MS $330,101.00 162,246 103 $2.00107 20.95% 242
Hagerstown-Martinsburg, MD-WV $546,398.00 269,140 104 $1.99674 20.69% 172
Casper, WY $153,138.00 75,450 105 $1.99624 20.66% 364
Greenville, SC $1,289,377.00 636,986 106 $1.99086 20.33% 83
Greensboro-High Point, NC $1,464,797.00 723,801 107 $1.99044 20.31% 71
New Orleans-Metairie-Kenner, LA $2,360,696.00 1,167,764 108 $1.98827 20.17% 46
Las Vegas-Paradise, NV $3,941,238.00 1,951,269 109 $1.98658 20.07% 30
Indianapolis, IN $3,537,009.00 1,756,241 110 $1.98081 19.72% 35
Missoula, MT $219,657.00 109,299 111 $1.97660 19.47% 332
Ithaca, NY $203,399.00 101,564 112 $1.96970 19.05% 342
Dover, DE $324,756.00 162,310 113 $1.96789 18.94% 241
Cleveland-Elyria-Mentor, OH $4,151,800.00 2,077,240 114 $1.96580 18.82% 28
Allentown-Bethlehem-Easton, PA-NJ $1,614,902.00 821,173 115 $1.93420 16.91% 64
Prescott, AZ $414,603.00 211,033 116 $1.93229 16.79% 203
Providence-New Bedford-Fall River, RI-MA $3,141,889.00 1,600,852 117 $1.93032 16.67% 38
Worcester, MA $1,565,876.00 798,552 118 $1.92861 16.57% 67
Portland-South Portland-Biddeford, ME $1,005,605.00 514,098 119 $1.92385 16.28% 101
Billings, MT $308,857.00 158,050 120 $1.92200 16.17% 249
Springfield, MA $1,353,410.00 692,942 121 $1.92098 16.11% 77
Ames, IA $174,611.00 89,542 122 $1.91794 15.92% 356
Fayetteville, NC $713,043.00 366,383 123 $1.91413 15.69% 137
Fort Smith, AR-OK $580,963.00 298,592 124 $1.91364 15.66% 158
Houma-Bayou Cane-Thibodaux, LA $403,825.00 208,178 125 $1.90787 15.31% 205
Rapid City, SD $245,126.00 126,382 126 $1.90763 15.30% 300
Lewiston, ID-WA $118,048.00 60,888 127 $1.90686 15.25% 365
Lake Charles, LA $386,936.00 199,607 128 $1.90657 15.24% 213
Akron, OH $1,359,432.00 703,200 129 $1.90138 14.92% 75
Baton Rouge, LA $1,550,929.00 802,484 130 $1.90084 14.89% 66
Jackson, MS $1,040,664.00 539,057 131 $1.89874 14.76% 95
Cleveland, TN $223,348.00 115,788 132 $1.89718 14.67% 318
Iowa City, IA $293,659.00 152,586 133 $1.89286 14.41% 255
Richmond, VA $2,419,992.00 1,258,251 134 $1.89163 14.33% 44
Baltimore-Towson, MD $5,209,507.00 2,710,489 135 $1.89034 14.26% 20
Blacksburg, VA $312,735.00 162,958 136 $1.88752 14.08% 244
Orlando, FL $4,092,620.00 2,134,411 137 $1.88588 13.99% 26
Great Falls, MT $155,815.00 81,327 138 $1.88437 13.89% 359
Charlottesville, VA $384,484.00 201,559 139 $1.87614 13.40% 208
Farmington, NM $247,716.00 130,044 140 $1.87350 13.24% 301
Winston-Salem, NC $909,101.00 477,717 141 $1.87168 13.13% 105
Greenville, NC $359,766.00 189,510 142 $1.86714 12.85% 220
Pittsfield, MA $248,995.00 131,219 143 $1.86631 12.80% 296
Sioux City, IA-NE-SD $271,947.00 143,577 144 $1.86290 12.60% 273
Reno-Sparks, NV $805,515.00 425,417 145 $1.86230 12.56% 115
Columbia, MO $327,147.00 172,786 146 $1.86219 12.55% 232
Saginaw-Saginaw Township North, MI $378,070.00 200,169 147 $1.85766 12.28% 215
Davenport-Moline-Rock Island, IA-IL $716,738.00 379,690 148 $1.85661 12.22% 134
Kalamazoo-Portage, MI $614,919.00 326,589 149 $1.85185 11.93% 148
St. Louis, MO-IL $5,295,893.00 2,812,896 150 $1.85172 11.92% 19
Jackson, MI $300,340.00 160,248 151 $1.84336 11.42% 251
Columbus, OH $3,441,849.00 1,836,536 152 $1.84324 11.41% 32
Coeur d'Alene, ID $259,303.00 138,494 153 $1.84148 11.30% 280
Cincinnati, OH-KY-IN $3,984,972.00 2,130,151 154 $1.83994 11.21% 27
Battle Creek, MI $254,031.00 136,146 155 $1.83515 10.92% 288
Bay City, MI $201,047.00 107,771 156 $1.83479 10.90% 335
Niles-Benton Harbor, MI $292,506.00 156,813 157 $1.83460 10.89% 254
Albany-Schenectady-Troy, NY $1,621,964.00 870,716 158 $1.83212 10.74% 59
Amarillo, TX $462,864.00 249,881 159 $1.82184 10.11% 184
Roanoke, VA $570,732.00 308,707 160 $1.81834 9.90% 153
Harrisonburg, VA $230,573.00 125,228 161 $1.81091 9.45% 306
Burlington, NC $277,822.00 151,131 162 $1.80802 9.28% 261
Trenton-Ewing, NJ $673,675.00 366,513 163 $1.80780 9.27% 140
Jefferson City, MO $275,316.00 149,807 164 $1.80754 9.25% 265
Waterloo-Cedar Falls, IA $307,311.00 167,819 165 $1.80106 8.86% 237
Vineland-Millville-Bridgeton, NJ $287,125.00 156,898 166 $1.79988 8.79% 253
Hot Springs, AR $175,556.00 96,024 167 $1.79815 8.68% 349
Cumberland, MD-WV $188,630.00 103,299 168 $1.79599 8.55% 339
Binghamton, NY $458,868.00 251,725 169 $1.79288 8.36% 186
Augusta-Richmond County, GA-SC $1,015,110.00 556,877 170 $1.79285 8.36% 92
Dubuque, IA $170,614.00 93,653 171 $1.79177 8.30% 353
Rocky Mount, NC $277,596.00 152,392 172 $1.79160 8.29% 263
Flint, MI $775,183.00 425,790 173 $1.79060 8.23% 120
Springfield, IL $382,338.00 210,170 174 $1.78923 8.14% 204
Lynchburg, VA $459,487.00 252,634 175 $1.78884 8.12% 183
Glens Falls, NY $234,236.00 128,923 176 $1.78696 8.01% 299
Utica-Rome, NY $543,419.00 299,397 177 $1.78516 7.90% 160
Nashville-Davidson--Murfreesboro, TN $2,880,135.00 1,589,934 178 $1.78166 7.69% 37
Muskegon-Norton Shores, MI $311,558.00 172,188 179 $1.77962 7.56% 234
Danville, VA $192,681.00 106,561 180 $1.77840 7.49% 337
Goldsboro, NC $221,405.00 122,623 181 $1.77585 7.34% 309
Florence, SC $370,844.00 205,566 182 $1.77431 7.24% 267
Kingston, NY $329,107.00 182,493 183 $1.77370 7.21% 226
Monroe, MI $273,894.00 152,021 184 $1.77202 7.10% 264
Lansing-East Lansing, MI $833,169.00 464,036 185 $1.76592 6.74% 109
Holland-Grand Haven, MI $473,601.00 263,801 186 $1.76574 6.72% 174
Pine Bluff, AR $179,721.00 100,258 187 $1.76307 6.56% 344
Texarkana, TX-Texarkana, AR $243,750.00 136,027 188 $1.76242 6.52% 287
Springfield, MO $782,413.00 436,712 189 $1.76210 6.50% 112
Salisbury, MD $224,297.00 125,203 190 $1.76197 6.50% 308
Spartanburg, SC $509,124.00 284,307 191 $1.76127 6.45% 163
College Station-Bryan, TX $408,296.00 228,660 192 $1.75620 6.15% 193
St. Joseph, MO-KS $227,058.00 127,329 193 $1.75388 6.01% 303
Syracuse, NY $1,180,655.00 662,577 194 $1.75257 5.93% 80
Rochester, NY $1,877,514.00 1,054,323 195 $1.75146 5.86% 51
Elmira, NY $157,948.00 88,830 196 $1.74881 5.70% 357
Memphis, TN-MS-AR $2,337,491.00 1,316,100 197 $1.74683 5.58% 41
Winchester, VA-WV $227,756.00 128,472 198 $1.74361 5.39% 298
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $10,561,043.00 5,965,343 199 $1.74125 5.24% 6
Anderson, SC $331,261.00 187,126 200 $1.74111 5.24% 222
Jacksonville, NC $314,639.00 177,772 201 $1.74076 5.21% 227
Jonesboro, AR $213,245.00 121,026 202 $1.73297 4.74% 312
Sumter, SC $188,886.00 107,456 203 $1.72886 4.49% 333
Bloomington-Normal, IL $297,450.00 169,572 204 $1.72524 4.28% 235
Bismarck, ND $190,424.00 108,779 205 $1.72174 4.06% 330
Champaign-Urbana, IL $404,833.00 231,891 206 $1.71704 3.78% 192
Bremerton-Silverdale, WA $438,118.00 251,133 207 $1.71584 3.71% 182
Lawrence, KS $192,383.00 110,826 208 $1.70732 3.19% 328
San Antonio, TX $3,716,198.00 2,142,508 209 $1.70595 3.11% 24
Des Moines, IA $986,927.00 569,633 210 $1.70404 3.00% 88
Spokane, WA $815,061.00 471,221 211 $1.70120 2.82% 108
Tyler, TX $362,634.00 209,714 212 $1.70071 2.79% 200
Athens-Clarke County, GA $332,237.00 192,541 213 $1.69713 2.58% 219
Wichita, KS $1,073,694.00 623,061 214 $1.69488 2.44% 86
Poughkeepsie-Newburgh-Middletown, NY $1,154,051.00 670,301 215 $1.69334 2.35% 79
Joplin, MO $301,371.00 175,518 216 $1.68877 2.07% 231
Abilene, TX $282,987.00 165,252 217 $1.68426 1.80% 240
Boston-Cambridge-Quincy, MA-NH $7,793,647.00 4,552,402 218 $1.68380 1.77% 10
San Angelo, TX $191,352.00 111,823 219 $1.68303 1.73% 325
Topeka, KS $400,150.00 233,870 220 $1.68282 1.71% 189
Pocatello, ID $155,071.00 90,656 221 $1.68238 1.69% 355
Madison, WI $971,417.00 568,593 222 $1.68033 1.56% 89
Virginia Beach-Norfolk-Newport News, VA-NC $2,848,285.00 1,671,683 223 $1.67579 1.29% 36
Lubbock, TX $483,463.00 284,890 224 $1.66908 0.88% 161
Tuscaloosa, AL $371,157.00 219,461 225 $1.66337 0.54% 195
Sherman-Denison, TX $203,597.00 120,877 226 $1.65660 0.13% 314
La Crosse, WI-MN $224,725.00 133,665 227 $1.65357 -0.06% 290
Grand Forks, ND-MN $165,417.00 98,461 228 $1.65236 -0.13% 346
Waco, TX $394,549.00 234,906 229 $1.65195 -0.15% 188
Longview, TX $359,095.00 214,369 230 $1.64754 -0.42% 197
Beaumont-Port Arthur, TX $650,601.00 388,745 231 $1.64604 -0.51% 132
Cape Girardeau-Jackson, MO-IL   $160,928.00 96,275 232 $1.64403 -0.63% 350
Kansas City, MO-KS $3,396,584.00 2,035,334 233 $1.64133 -0.80% 29
Fayetteville-Springdale-Rogers, AR-MO $772,340.00 463,204 234 $1.63993 -0.88% 107
Peoria, IL $631,004.00 379,186 235 $1.63670 -1.07% 135
Corpus Christi, TX $710,406.00 428,185 236 $1.63179 -1.37% 114
Sioux Falls, SD $378,499.00 228,261 237 $1.63088 -1.43% 191
Decatur, IL $183,380.00 110,768 238 $1.62828 -1.58% 331
Manchester-Nashua, NH $663,068.00 400,721 239 $1.62744 -1.63% 130
Boise City-Nampa, ID $1,017,199.00 616,561 240 $1.62263 -1.93% 85
Chicago-Naperville-Joliet, IL-IN-WI $15,568,610.00 9,461,105 241 $1.61844 -2.18% 3
Eau Claire, WI $265,021.00 161,151 242 $1.61748 -2.24% 243
Oshkosh-Neenah, WI $274,532.00 166,994 243 $1.61690 -2.27% 238
Savannah, GA $570,207.00 347,611 244 $1.61335 -2.49% 143
Little Rock-North Little Rock, AR $1,147,493.00 699,757 245 $1.61285 -2.52% 72
Rome, GA $157,878.00 96,317 246 $1.61216 -2.56% 352
Burlington-South Burlington, VT $346,073.00 211,261 247 $1.61116 -2.62% 201
Warner Robins, GA $229,125.00 139,900 248 $1.61081 -2.64% 274
Victoria, TX $188,788.00 115,384 249 $1.60923 -2.74% 320
Macon, GA $378,813.00 232,293 250 $1.60391 -3.06% 190
Columbus, GA-AL $480,773.00 294,865 251 $1.60364 -3.07% 157
Midland, TX $221,613.00 136,872 252 $1.59247 -3.75% 281
Charlotte-Gastonia-Concord, NC-SC $2,845,880.00 1,758,038 253 $1.59213 -3.77% 33
Valdosta, GA $225,264.00 139,588 254 $1.58721 -4.07% 278
Kankakee-Bradley, IL $182,897.00 113,449 255 $1.58561 -4.16% 324
Brunswick, GA $181,130.00 112,370 256 $1.58537 -4.18% 326
Milwaukee-Waukesha-West Allis, WI $2,506,228.00 1,555,908 257 $1.58426 -4.24% 39
Danville, IL $131,406.00 81,625 258 $1.58337 -4.30% 360
Albany, GA $253,037.00 157,308 259 $1.58206 -4.38% 252
Logan, UT-ID $201,329.00 125,442 260 $1.57853 -4.59% 304
New Haven-Milford, CT $1,384,050.00 862,477 261 $1.57832 -4.60% 60
Killeen-Temple-Fort Hood, TX $649,274.00 405,300 262 $1.57558 -4.77% 127
Green Bay, WI $490,506.00 306,241 263 $1.57533 -4.78% 152
Rockford, IL $559,542.00 349,431 264 $1.57493 -4.81% 145
Fond du Lac, WI $161,165.00 101,633 265 $1.55964 -5.73% 341
Manhattan, KS   $201,274.00 127,081 266 $1.55775 -5.85% 297
Cedar Rapids, IA $408,023.00 257,940 267 $1.55581 -5.96% 177
Odessa, TX $216,475.00 137,130 268 $1.55262 -6.16% 282
Albuquerque, NM $1,399,881.00 887,077 269 $1.55210 -6.19% 57
Wenatchee, WA $174,873.00 110,884 270 $1.55112 -6.25% 327
New York-Northern New Jersey-Long Island,NY-NJ-PA $29,682,674.00 18,897,109 271 $1.54489 -6.62% 1
Sheboygan, WI $181,234.00 115,507 272 $1.54320 -6.73% 323
Norwich-New London, CT $429,665.00 274,055 273 $1.54199 -6.80% 170
Wausau, WI $210,056.00 134,063 274 $1.54105 -6.86% 291
Gainesville, GA $280,222.00 179,684 275 $1.53385 -7.29% 225
Appleton, WI $350,752.00 225,666 276 $1.52871 -7.60% 194
Hartford-West Hartford-East Hartford, CT $1,877,815.00 1,212,381 277 $1.52336 -7.93% 45
Omaha-Council Bluffs, NE-IA $1,333,208.00 865,350 278 $1.51529 -8.41% 58
Racine, WI $301,037.00 195,408 279 $1.51519 -8.42% 217
Janesville, WI $246,458.00 160,331 280 $1.51187 -8.62% 250
Las Cruces, NM $321,250.00 209,233 281 $1.51009 -8.73% 199
Mankato-North Mankato, MN $147,728.00 96,740 282 $1.50192 -9.22% 348
Grand Rapids-Wyoming, MI $1,178,645.00 774,160 283 $1.49741 -9.49% 69
McAllen-Edinburg-Pharr, TX $1,179,244.00 774,769 284 $1.49700 -9.52% 68
Duluth, MN-WI $425,512.00 279,771 285 $1.49589 -9.59% 165
Yakima, WA $369,819.00 243,231 286 $1.49541 -9.61% 187
Mount Vernon-Anacortes, WA $177,569.00 116,901 287 $1.49396 -9.70% 315
Dalton, GA $215,804.00 142,227 288 $1.49234 -9.80% 277
Los Angeles-Long Beach-Santa Ana, CA $19,390,317.00 12,828,837 289 $1.48658 -10.15% 2
Brownsville-Harlingen, TX $612,204.00 406,220 290 $1.48226 -10.41% 124
Fairbanks, AK $147,010.00 97,581 291 $1.48174 -10.44% 343
Riverside-San Bernardino-Ontario, CA $6,352,361.00 4,224,851 292 $1.47881 -10.62% 12
Longview, WA $153,768.00 102,410 293 $1.47677 -10.74% 340
Bellingham, WA $301,501.00 201,140 294 $1.47428 -10.89% 209
Rochester, MN $278,633.00 186,011 295 $1.47328 -10.95% 223
Columbia, SC $1,148,180.00 767,598 296 $1.47118 -11.08% 70
El Paso, TX $1,192,338.00 800,647 297 $1.46470 -11.47% 65
Minneapolis-St. Paul-Bloomington, MN-WI $4,842,583.00 3,279,833 298 $1.45216 -12.23% 16
Hinesville-Fort Stewart, GA $114,891.00 77,917 299 $1.45025 -12.34% 361
Raleigh-Cary, NC $1,663,591.00 1,130,490 300 $1.44734 -12.52% 47
St. Cloud, MN $277,151.00 189,093 301 $1.44155 -12.87% 221
Laredo, TX $366,846.00 250,304 302 $1.44147 -12.88% 181
San Luis Obispo-Paso Robles, CA $393,949.00 269,637 303 $1.43698 -13.15% 171
Sacramento--Arden-Arcade--Roseville, CA $3,125,517.00 2,149,127 304 $1.43037 -13.55% 25
Hanford-Corcoran, CA $221,963.00 152,982 305 $1.42702 -13.75% 260
Houston-Baytown-Sugar Land, TX $8,591,542.00 5,946,800 306 $1.42095 -14.12% 5
Lincoln, NE $435,900.00 302,157 307 $1.41888 -14.24% 154
Charleston-North Charleston, SC $958,180.00 664,607 308 $1.41799 -14.29% 78
Olympia, WA $361,151.00 252,264 309 $1.40807 -14.89% 180
Corvallis, OR $122,493.00 85,579 310 $1.40778 -14.91% 358
Fargo, ND-MN $298,526.00 208,777 311 $1.40634 -15.00% 202
Atlanta-Sandy Springs-Marietta, GA $7,462,139.00 5,268,860 312 $1.39295 -15.81% 9
Santa Cruz-Watsonville, CA $371,038.00 262,382 313 $1.39083 -15.94% 175
Chico, CA $310,836.00 220,000 314 $1.38963 -16.01% 196
Eugene-Springfield, OR $496,260.00 351,715 315 $1.38774 -16.12% 144
Santa Barbara-Santa Maria-Goleta, CA $595,677.00 423,895 316 $1.38211 -16.46% 118
Redding, CA $249,004.00 177,223 317 $1.38190 -16.48% 228
Napa, CA $191,518.00 136,484 318 $1.38012 -16.58% 284
Santa Rosa-Petaluma, CA $677,960.00 483,878 319 $1.37803 -16.71% 104
Colorado Springs, CO $897,143.00 645,613 320 $1.36672 -17.39% 81
San Diego-Carlsbad-San Marcos, CA $4,279,163.00 3,095,313 321 $1.35970 -17.82% 17
Idaho Falls, ID $177,313.00 130,374 322 $1.33764 -19.15% 294
San Francisco-Oakland-Fremont, CA $5,859,991.00 4,335,391 323 $1.32941 -19.65% 11
Ogden-Clearfield, UT $737,490.00 547,184 324 $1.32560 -19.88% 93
San Jose-Sunnyvale-Santa Clara, CA $2,472,499.00 1,836,911 325 $1.32385 -19.98% 31
Vallejo-Fairfield, CA $554,586.00 413,344 326 $1.31961 -20.24% 123
Oxnard-Thousand Oaks-Ventura, CA $1,102,236.00 823,318 327 $1.31673 -20.41% 63
Denver-Aurora, CO $3,395,406.00 2,543,482 328 $1.31296 -20.64% 21
Medford, OR $268,465.00 203,206 329 $1.29939 -21.46% 207
Durham, NC $666,098.00 504,357 330 $1.29894 -21.49% 102
Salinas, CA $544,618.00 415,057 331 $1.29055 -22.00% 121
Dallas-Fort Worth-Arlington, TX $8,355,402.00 6,371,773 332 $1.28972 -22.05% 4
Anchorage, AK $499,298.00 380,821 333 $1.28952 -22.06% 133
Austin-Round Rock, TX $2,235,782.00 1,716,289 334 $1.28124 -22.56% 34
Bend, OR $205,348.00 157,733 335 $1.28044 -22.61% 248
Kennewick-Richland-Pasco, WA $325,878.00 253,340 336 $1.26515 -23.53% 176
Portland-Vancouver-Beaverton, OR-WA $2,855,767.00 2,226,009 337 $1.26179 -23.74% 23
Salem, OR $500,670.00 390,738 338 $1.26025 -23.83% 131
Madera, CA $191,973.00 150,865 339 $1.25153 -24.36% 262
Boulder, CO $374,413.00 294,567 340 $1.25013 -24.44% 159
Modesto, CA $653,370.00 514,453 341 $1.24912 -24.50% 100
Grand Junction, CO $186,143.00 146,723 342 $1.24778 -24.58% 269
Fresno, CA $1,179,885.00 930,450 343 $1.24720 -24.62% 55
Pueblo, CO $200,950.00 159,063 344 $1.24254 -24.90% 246
El Centro, CA $220,389.00 174,528 345 $1.24198 -24.93% 230
Yuba City, CA $210,683.00 166,892 346 $1.24160 -24.96% 239
Stockton, CA $862,343.00 685,306 347 $1.23761 -25.20% 76
Bakersfield, CA $1,051,318.00 839,631 348 $1.23150 -25.57% 61
Washington-Arlington-Alexandria, DC-VA-MD-WV $6,970,911.00 5,582,170 349 $1.22822 -25.76% 7
Salt Lake City, UT $1,401,163.00 1,124,197 350 $1.22585 -25.91% 48
Greeley, CO $314,296.00 252,825 351 $1.22267 -26.10% 179
Tallahassee, FL $453,660.00 367,413 352 $1.21441 -26.60% 138
Seattle-Tacoma-Bellevue, WA $4,226,240.00 3,439,809 353 $1.20840 -26.96% 15
Merced, CA $308,988.00 255,793 354 $1.18807 -28.19% 178
Bridgeport-Stamford-Norwalk, CT $1,105,338.00 916,829 355 $1.18576 -28.33% 56
Visalia-Porterville, CA $531,838.00 442,179 356 $1.18296 -28.50% 111
St. George, UT $165,901.00 138,115 357 $1.18140 -28.59% 279
Santa Fe, NM $164,210.00 144,170 358 $1.12025 -32.29% 271
Fort Collins-Loveland, CO $340,812.00 299,630 359 $1.11871 -32.38% 155
Provo-Orem, UT $517,472.00 526,810 360 $0.96610 -41.61% 97