SAN FRANCISCO (KRON) — There are more jobs in the San Francisco Bay Area that pay over $500,000 than any other metro region in the county, according to a recent survey. About one in every 127 jobs pays upwards of $500,000 a year the survey, which was published by ADP Research back in November, determined.
And that coveted high-paying job we might dream of might be more common than you’d think. According to the study, there are well over a million people in the United States who earn $500,000 or more.
‘American Nightmare’ kidnapper pleads guilty to South Bay home invasions
“This isn’t just a small handful of executives,” the survey said. “It’s a substantial number of professionals found in every major metro across the country.”
‘In a league of its own’
While a number of large U.S. metros ranked high for the share of residents earning $500,000 and up, the SF Bay Area’s close proximity to Silicon Valley puts it “in a league of its own,” the report said.
The Bay Area “vastly outranked every other metro in terms of high-paying jobs,” the survey that. That includes jobs that pay more than $1 or $2 million annually. While about one in every 127 jobs nationally pays more than $500,000, in the Bay Area it’s one in every 48 jobs.
That’s nearly double the second- and third-highest ranking metros of Austin and New York.
Here’s how the overall rankings shook out:
Graph: ADP Research
Why are salaries in the Bay Area so high?
So, what’s behind the disproportionate number of astronomically high Bay Area salaries? According to ADP Research, unlike other highly paid professionals like doctors or lawyers, tech execs’ incomes aren’t limited by the number of patients or clients they see.
“Productivity in the tech industry, particularly at large employers, faces fewer constraints,” the survey said. “A single star engineer or executive has the power to dramatically shift a company’s trajectory, and tech giants with enormous revenue at stake often reward these select individuals with extraordinary compensation.”
That, according to the report, explains why tech hub Austin is ranked second, followed by New York, which is both a tech hub and a financial center.
“The Bay Area’s considerable lead likely reflects not just the dominance of tech in its economy and workforce, but also its position as the nucleus for the industry’s top talent and the corporate giants that rely most heavily on their expertise.”
The Bay Area’s notoriously high real estate prices may also be a factor, according to the report. With skyrocketing housing prices squeezing out low- and middle-income earners, while discouraging newcomers, “high earners account for a greater share of the population than they would otherwise,” the survey said.
Methodology
The survey relied on a sample consisting of hundreds of millions of active and anonymized ADP payroll records spanning the period of July 1, 2023, to June 30, 2024. SAN FRANCISCO (KRON) — There are more jobs in the San Francisco Bay Area that pay over $500,000 than any other metro region in the county, according to a recent survey. About one in every 127 jobs pays upwards of $500,000 a year the survey, which was published by ADP Research back in November, determined.
And that coveted high-paying job we might dream of might be more common than you’d think. According to the study, there are well over a million people in the United States who earn $500,000 or more.
‘American Nightmare’ kidnapper pleads guilty to South Bay home invasions
“This isn’t just a small handful of executives,” the survey said. “It’s a substantial number of professionals found in every major metro across the country.”
‘In a league of its own’
While a number of large U.S. metros ranked high for the share of residents earning $500,000 and up, the SF Bay Area’s close proximity to Silicon Valley puts it “in a league of its own,” the report said.
The Bay Area “vastly outranked every other metro in terms of high-paying jobs,” the survey that. That includes jobs that pay more than $1 or $2 million annually. While about one in every 127 jobs nationally pays more than $500,000, in the Bay Area it’s one in every 48 jobs.
That’s nearly double the second- and third-highest ranking metros of Austin and New York.
Here’s how the overall rankings shook out:
Graph: ADP Research
Why are salaries in the Bay Area so high?
So, what’s behind the disproportionate number of astronomically high Bay Area salaries? According to ADP Research, unlike other highly paid professionals like doctors or lawyers, tech execs’ incomes aren’t limited by the number of patients or clients they see.
“Productivity in the tech industry, particularly at large employers, faces fewer constraints,” the survey said. “A single star engineer or executive has the power to dramatically shift a company’s trajectory, and tech giants with enormous revenue at stake often reward these select individuals with extraordinary compensation.”
That, according to the report, explains why tech hub Austin is ranked second, followed by New York, which is both a tech hub and a financial center.
“The Bay Area’s considerable lead likely reflects not just the dominance of tech in its economy and workforce, but also its position as the nucleus for the industry’s top talent and the corporate giants that rely most heavily on their expertise.”
The Bay Area’s notoriously high real estate prices may also be a factor, according to the report. With skyrocketing housing prices squeezing out low- and middle-income earners, while discouraging newcomers, “high earners account for a greater share of the population than they would otherwise,” the survey said.
Methodology
The survey relied on a sample consisting of hundreds of millions of active and anonymized ADP payroll records spanning the period of July 1, 2023, to June 30, 2024.
SAN FRANCISCO (KRON) — There are more jobs in the San Francisco Bay Area that pay over $500,000 than any other metro region in the county, according to a recent survey. About one in every 127 jobs pays upwards of $500,000 a year the survey, which was published by ADP Research back in November, determined.
And that coveted high-paying job we might dream of might be more common than you’d think. According to the study, there are well over a million people in the United States who earn $500,000 or more.
‘American Nightmare’ kidnapper pleads guilty to South Bay home invasions
“This isn’t just a small handful of executives,” the survey said. “It’s a substantial number of professionals found in every major metro across the country.”
‘In a league of its own’
While a number of large U.S. metros ranked high for the share of residents earning $500,000 and up, the SF Bay Area’s close proximity to Silicon Valley puts it “in a league of its own,” the report said.
The Bay Area “vastly outranked every other metro in terms of high-paying jobs,” the survey that. That includes jobs that pay more than $1 or $2 million annually. While about one in every 127 jobs nationally pays more than $500,000, in the Bay Area it’s one in every 48 jobs.
That’s nearly double the second- and third-highest ranking metros of Austin and New York.
Here’s how the overall rankings shook out:
Graph: ADP Research
Why are salaries in the Bay Area so high?
So, what’s behind the disproportionate number of astronomically high Bay Area salaries? According to ADP Research, unlike other highly paid professionals like doctors or lawyers, tech execs’ incomes aren’t limited by the number of patients or clients they see.
“Productivity in the tech industry, particularly at large employers, faces fewer constraints,” the survey said. “A single star engineer or executive has the power to dramatically shift a company’s trajectory, and tech giants with enormous revenue at stake often reward these select individuals with extraordinary compensation.”
That, according to the report, explains why tech hub Austin is ranked second, followed by New York, which is both a tech hub and a financial center.
“The Bay Area’s considerable lead likely reflects not just the dominance of tech in its economy and workforce, but also its position as the nucleus for the industry’s top talent and the corporate giants that rely most heavily on their expertise.”
The Bay Area’s notoriously high real estate prices may also be a factor, according to the report. With skyrocketing housing prices squeezing out low- and middle-income earners, while discouraging newcomers, “high earners account for a greater share of the population than they would otherwise,” the survey said.
Methodology
The survey relied on a sample consisting of hundreds of millions of active and anonymized ADP payroll records spanning the period of July 1, 2023, to June 30, 2024.
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