Finance · Rankings
Best US Cities for Underwriters
Top US cities for Underwriters ranked by estimated median salary, with cost-of-living-adjusted earning power.
Top 10 cities by salary
| # | City | Estimated salary | Cost mult. | vs national |
|---|---|---|---|---|
| 1 | San Francisco, CA | $123,300 | 1.45× | +$38,300 |
| 2 | Oakland, CA | $114,800 | 1.35× | +$29,800 |
| 3 | New York City, NY | $112,200 | 1.32× | +$27,200 |
| 4 | Honolulu, HI | $110,500 | 1.30× | +$25,500 |
| 5 | Irvine, CA | $110,500 | 1.30× | +$25,500 |
| 6 | Los Angeles, CA | $103,700 | 1.22× | +$18,700 |
| 7 | Boston, MA | $103,700 | 1.22× | +$18,700 |
| 8 | San Diego, CA | $102,900 | 1.21× | +$17,900 |
| 9 | Yonkers, NY | $102,000 | 1.20× | +$17,000 |
| 10 | Anchorage, AK | $102,000 | 1.20× | +$17,000 |
All 50 cities, ranked
| # | City | Salary | Hourly |
|---|---|---|---|
| 1 | San Francisco, CA | $123,300 | $59/hr |
| 2 | Oakland, CA | $114,800 | $55/hr |
| 3 | New York City, NY | $112,200 | $54/hr |
| 4 | Honolulu, HI | $110,500 | $53/hr |
| 5 | Irvine, CA | $110,500 | $53/hr |
| 6 | Los Angeles, CA | $103,700 | $50/hr |
| 7 | Boston, MA | $103,700 | $50/hr |
| 8 | San Diego, CA | $102,900 | $49/hr |
| 9 | Yonkers, NY | $102,000 | $49/hr |
| 10 | Anchorage, AK | $102,000 | $49/hr |
| 11 | Seattle, WA | $100,300 | $48/hr |
| 12 | Long Beach, CA | $100,300 | $48/hr |
| 13 | Anaheim, CA | $100,300 | $48/hr |
| 14 | Scottsdale, AZ | $100,300 | $48/hr |
| 15 | Chula Vista, CA | $97,700 | $47/hr |
| 16 | Miami, FL | $95,200 | $46/hr |
| 17 | Portland, OR | $93,500 | $45/hr |
| 18 | Newark, NJ | $93,500 | $45/hr |
| 19 | Sacramento, CA | $93,500 | $45/hr |
| 20 | Riverside, CA | $93,500 | $45/hr |
| 21 | Denver, CO | $91,800 | $44/hr |
| 22 | Chicago, IL | $89,300 | $43/hr |
| 23 | Austin, TX | $89,300 | $43/hr |
| 24 | Baltimore, MD | $89,300 | $43/hr |
| 25 | Stockton, CA | $89,300 | $43/hr |
| 26 | Aurora, CO | $89,300 | $43/hr |
| 27 | Hialeah, FL | $89,300 | $43/hr |
| 28 | Frisco, TX | $89,300 | $43/hr |
| 29 | Las Vegas, NV | $88,400 | $43/hr |
| 30 | Minneapolis, MN | $88,400 | $43/hr |
| 31 | Plano, TX | $88,400 | $43/hr |
| 32 | Chandler, AZ | $88,400 | $43/hr |
| 33 | Phoenix, AZ | $86,700 | $42/hr |
| 34 | Philadelphia, PA | $86,700 | $42/hr |
| 35 | Atlanta, GA | $86,700 | $42/hr |
| 36 | Tampa, FL | $86,700 | $42/hr |
| 37 | Henderson, NV | $86,700 | $42/hr |
| 38 | Reno, NV | $86,700 | $42/hr |
| 39 | Gilbert, AZ | $86,700 | $42/hr |
| 40 | Charleston, SC | $86,700 | $42/hr |
| 41 | Salt Lake City, UT | $86,700 | $42/hr |
| 42 | Orlando, FL | $85,900 | $41/hr |
| 43 | Wilmington, DE | $85,000 | $41/hr |
| 44 | Raleigh, NC | $85,000 | $41/hr |
| 45 | Virginia Beach, VA | $85,000 | $41/hr |
| 46 | St. Paul, MN | $85,000 | $41/hr |
| 47 | Chesapeake, VA | $85,000 | $41/hr |
| 48 | North Las Vegas, NV | $85,000 | $41/hr |
| 49 | Boise, ID | $85,000 | $41/hr |
| 50 | Fresno, CA | $85,000 | $41/hr |
| 51 | Worcester, MA | $85,000 | $41/hr |
| 52 | Dallas, TX | $84,200 | $40/hr |
| 53 | Nashville, TN | $84,200 | $40/hr |
| 54 | Colorado Springs, CO | $84,200 | $40/hr |
| 55 | Bakersfield, CA | $84,200 | $40/hr |
| 56 | St. Petersburg, FL | $84,200 | $40/hr |
| 57 | Madison, WI | $84,200 | $40/hr |
| 58 | Norfolk, VA | $83,300 | $40/hr |
| 59 | Jacksonville, FL | $82,500 | $40/hr |
| 60 | Charlotte, NC | $82,500 | $40/hr |
| 61 | Mesa, AZ | $82,500 | $40/hr |
| 62 | Houston, TX | $81,600 | $39/hr |
| 63 | Fort Worth, TX | $81,600 | $39/hr |
| 64 | Tucson, AZ | $81,600 | $39/hr |
| 65 | Glendale, AZ | $81,600 | $39/hr |
| 66 | Garland, TX | $81,600 | $39/hr |
| 67 | Spokane, WA | $81,600 | $39/hr |
| 68 | Pittsburgh, PA | $80,800 | $39/hr |
| 69 | Arlington, TX | $80,800 | $39/hr |
| 70 | Tallahassee, FL | $80,800 | $39/hr |
| 71 | Milwaukee, WI | $79,900 | $38/hr |
| 72 | Albuquerque, NM | $79,900 | $38/hr |
| 73 | New Orleans, LA | $79,900 | $38/hr |
| 74 | San Antonio, TX | $79,100 | $38/hr |
| 75 | Grand Rapids, MI | $79,100 | $38/hr |
| 76 | Columbus, OH | $78,200 | $38/hr |
| 77 | Detroit, MI | $78,200 | $38/hr |
| 78 | Cincinnati, OH | $78,200 | $38/hr |
| 79 | Kansas City, MO | $78,200 | $38/hr |
| 80 | Lexington, KY | $78,200 | $38/hr |
| 81 | Corpus Christi, TX | $78,200 | $38/hr |
| 82 | Buffalo, NY | $78,200 | $38/hr |
| 83 | Greensboro, NC | $78,200 | $38/hr |
| 84 | Knoxville, TN | $78,200 | $38/hr |
| 85 | El Paso, TX | $77,400 | $37/hr |
| 86 | Cleveland, OH | $77,400 | $37/hr |
| 87 | St. Louis, MO | $77,400 | $37/hr |
| 88 | Winston-Salem, NC | $77,400 | $37/hr |
| 89 | Indianapolis, IN | $76,500 | $37/hr |
| 90 | Louisville, KY | $76,500 | $37/hr |
| 91 | Omaha, NE | $76,500 | $37/hr |
| 92 | Memphis, TN | $75,700 | $36/hr |
| 93 | Oklahoma City, OK | $75,700 | $36/hr |
| 94 | Lincoln, NE | $75,700 | $36/hr |
| 95 | Birmingham, AL | $74,800 | $36/hr |
| 96 | Toledo, OH | $74,800 | $36/hr |
| 97 | Lubbock, TX | $74,800 | $36/hr |
| 98 | Wichita, KS | $73,100 | $35/hr |
| 99 | Fort Wayne, IN | $73,100 | $35/hr |
| 100 | Mobile, AL | $73,100 | $35/hr |
Why pay varies for Underwriters by city
The estimated median Underwriter salary varies from $73,100 in Mobile to $123,300 in San Francisco — a 69% range. The drivers:
- Cost of living: SF Bay, NYC, Honolulu, Boston cost 20-45% more than US average. Employers compete for talent by paying proportionally more.
- Employer concentration: tech metros (SF, Seattle, Austin, NYC) pay tech roles much more than general-market cities. Healthcare hubs (Boston, NYC) similar effect for medical roles.
- State and local taxes: TX, FL, NV, WA, AK have no state income tax — net pay is effectively higher. NYC, Philly, Detroit have local taxes that reduce take-home.
- Industry density: a Underwriter at a top-tier employer in a major metro can out-earn the local median by 30-50%.
Highest-paying ≠ best earning power
San Francisco and New York lead nominal pay rankings for most jobs. But housing in SF averages $4,500+/month for a 1-bedroom; same in NYC $3,500-4,500. After housing, transit, and taxes, a Underwriter earning $150K in SF often takes home less spendable income than one earning $100K in Austin or Raleigh.
For real-world earning power, weight salaries against cost of living. Use our cost of living comparison tool to see what specific city pairs translate to.
Underwriters and remote work
Post-2020, many employers offer location-independent finance roles. Pay policies vary:
- Same nationwide (rare): same salary regardless of where you live. Best for low-COL areas.
- Tier-based (most common): 3-4 pay tiers based on metro cost. SF gets tier 1, mid-tier metros tier 2, low-COL tier 3.
- Location-of-employer: pay matches the city the company is HQ'd in.
- Local-only: must live within commuting distance regardless of remote status.
Always confirm with the employer before relocating expecting their salary to follow you. The right strategy: live in a low-COL city, work for a high-COL-tier employer (if they allow it).
Other Finance jobs to compare
Frequently Asked Questions
What's the highest-paying city for a Underwriter?▾
Based on our cost-of-living-adjusted estimates, San Francisco, CA is the highest-paying city for Underwriters with an estimated median of $123,300/year. Major metros (SF Bay, NYC, Boston) tend to top the list — they pay more but also cost much more to live in.
Why does pay vary so much by city?▾
Three main factors: (1) cost of living — employers pay more where housing and services cost more; (2) employer concentration — tech-heavy cities pay tech roles more; (3) state and local taxes — no-state-tax states (TX, FL, NV) effectively pay more after taxes. Use our individual Underwriter salary by city pages for take-home math.
Is the highest-paying city actually the best for me?▾
Not necessarily. SF pays the most for many roles but housing alone can eat 40-50% of net income. The "adjusted earning power" column accounts for this — what salary buys after cost of living. Lower-COL cities like Austin or Raleigh sometimes win on adjusted basis despite lower nominal pay.
How accurate are these salary estimates?▾
These are population-level estimates based on US BLS national medians × city cost-of-living multipliers from BEA Regional Price Parities. Real salaries vary 30%+ within a metro depending on employer, role specifics, and experience. Cross-reference with Glassdoor, Levels.fyi, salary.com for your specific situation.
What about remote work?▾
Many employers now base pay on cost of living — a remote Underwriter living in Tucson but employed by a Bay Area company might earn close to local Tucson rates. Check the employer's policy. Some pay the same nationwide; many adjust by location.