Incomes are up more than 20% in these boomtowns

The upside of income inequality

Former Bain Capital Managing Director Ed Conard argues there are benefits to income inequality.

Certain boomtowns across the country are not only experiencing sudden and rapid population and economic growth -- but also big pay increases.

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According to a new survey by GoBankingRate.com, five boomtowns scattered through the country have seen income levels skyrocket more than 20 percent from 2012 to 2017.

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To determine which areas are seeing the biggest bumps in pay, the personal finance website used several key factors including population growth, real estate figures, GDP statistics as well as personal income growth sourced from the Bureau of Economic Analysis for more than 345 major U.S. cities across the country.

Here are five boomtowns where paychecks grew the most from 2012 to 2017.

1. Naples, Florida

aerial view of condos along beach in naples florida

Income increase: 22.8%

Population increase: 6.8%

Housing increase: 3.8%

GDP increase: 34%

2. Sebastian, Florida

Sebastian, Florida on the Beach at Sunset.

Income increase: 20.9%

Population increase: 9.3%

Housing increase: 5.5%

GDP increase: 23.5%

3. Boulder, Colorado

Boulder, Colorado, USA - April 27, 2018: Night scene along popular Pearl Street Mall with people, tulips and lights in downtown Boulder Colorado

Income increase: 24.3%

Population increase: 7.2%

Housing increase: 4.9%

GDP increase: 22.3%

4. Santa Rosa, California

The Wine Country is an area of Northern California in the United States known worldwide as a premium wine-growing region. Viticulture and wine-making have been practiced in the region since the mid-19th century. There are over 400 wineries in the are

Income increase: 28.6%

Population increase: 4.2%

Housing increase: 2%

GDP increase: 33.8%

5. Reno, Nevada

Reno at sunrise

Income increase: 26.5%

Population increase: 5.9%

Housing increase: 3.6%

GDP increase: 36.7%