Can you believe it’s been just about 10 years since we knew the U.S. economy was going downhill?
As a whole, the country seems to have recovered: Interest rates are up, unemployment is down, and housing prices are at an all-time high.
Although some places are thriving, others feel like they’re stuck in a bad 2000s movie — and have seen income drop since the recession.
The Penny Hoarder recently compiled a list of cities where income has grown and dropped the most since 2008.
Here are the top five cities in each category as well as tips for increasing your income no matter where you live.
5 cities where income has grown the most
These cities are rebounding harder than Dennis Rodman. In order from least to most, here are the cities that have seen the biggest income gains over the past decade.
5. Fayetteville, Arkansas
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Annual income: $53,662
Gain since 2008: 22 percent
4. Goshen, Indiana
Annual income: $40,240
Gain since 2008: 23.7 percent
3. Hanford, California
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Annual income: $32,793
Gain since 2008: 23.8 percent
2. Bismarck, North Dakota
Annual income: $52,729
Gain since 2008: 25.1 percent
1. Carson City, Nevada
Annual income: $41,804
Gain since 2008: 40.9 percent
A number of factors — greatly dependent on location — led to these jumps.
In Bismarck, for example, “energy, agriculture, retail, and healthcare” have seen “marked growth” since the recession, according to Kate Herzog, marketing and assistant director at the Downtown Business Association of Bismarck.
“The entrepreneurial ecosystem has also contributed to sustainable growth in jobs, with groups like Start Bismarck fueling development in technology and startup businesses,” she said. “Employers are also focusing on key community livability features to attract talent and smart economic growth.”
5 cities where income has fallen the most
Unfortunately, the following five cities have seen the biggest drops in income since 2008.
5. Olympia, Washington
Annual income: $38,157
Loss since 2008: 3.3 percent
4. Longview, Texas
Annual income: $42,153
Loss since 2008: 3.3 percent
3. Grand Junction, Colorado
Annual income: $37,749
Loss since 2008: 4.1 percent
2. Midland, Michigan
Annual income: $45,273
Loss since 2008: 5.2 percent
1. Charlotte, North Carolina
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Annual income: $44,095
Loss since 2008: 11 percent
Sarah Eiley Cowherd, a Charlotte-based doula, found the news about her city surprising.
“We moved from Syracuse, New York, a typical decaying Rust Belt city, and are still amazed to see how much growth and economic opportunity exists in Charlotte,” she said. “There are cranes and excavators everywhere, and whole neighborhoods are being rebuilt.”
How to increase your income — no matter where you live
Whether you live in a city on the first list, in a city on the second list, or somewhere in between, you can always take matters into your own hands.
Here are a few suggestions for increasing your earning power wherever you live.
Improve your value proposition
Before you can even think about asking for more money at your current job — or looking for one that pays better — you need to increase your value.
Here are some strategies to try:
- Ask for more responsibility: With more responsibility comes more money, but you have to ask for it. Propose managing an intern, training a new hire, or leading a special project.
- Find problems to solve: If your boss won’t give you more responsibility, then take it. Look around your workplace for problems to solve; once they see you taking initiative, they might give your request a second look.
- Learn new skills: Think about the skills that would help you do your job better. Coding? Marketing? Graphic design? Then find a way to learn them on Udemy or at a community college.
Ask for a raise
Ready to strike a power pose? If you’ve followed the steps above and spent time increasing your value proposition, then asking for a raise should be no sweat.
But preparation is critical. Here are some steps you can take to prepare before asking for a raise:
- Outline your case in writing: Include details about your achievements and increased job responsibilities.
- Use numbers: Pull salary data from websites such as PayScale and Glassdoor, and if you can, add information about how much you’ve contributed to the company’s bottom line.
- Schedule an in-person meeting: Write up your argument and schedule an in-person meeting to review it.
Consider making a side income in other ways
Tried the steps above and your income still isn’t cutting it? Then it might be time to launch a side hustle.
You could rent out a room on Airbnb, start pet sitting, drive for Uber, or do anything else you think would be a good fit. The important thing is that you enjoy and are good at your chosen gig — and that it’s something people will pay for.
Although some cities have prospered since the recession, others have suffered. No matter where you live, though, you can take action to advocate for yourself and your paycheck.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.23% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
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2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 6.23%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|