Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. Industry composition of these towns is also from the ACS. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. Despite its extreme wealth and high education rate, University Park has a slightly higher poverty rate, at 3.9 percent, making it the 109th lowest of 1,775 cities. With an annual median household income of just under $165,000, more than three times the national figure, it ranks as the 10th-wealthiest community in the United States. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. Some 9.2% of the metro area labor force work in the finance, insurance, and real estate industry, one of the largest shares of any U.S. metro area. We did not consider towns where the margin of error at 90% confidence was greater than 10% of the point estimate of both median household income and population. Because many towns in the country are small, data can be unreliable. High incomes are also reflected in the metro area's property values. At least 30% of married couples in all of these areas had children as well. And this isn't a common theme throughout history, it has actually increased significantly over time. In comparison, just 6.4% of all American households earn $200,000 or more per year. It is a rural place to live but is only a little over an hour away from both Manhattan and the Hamptons, so its a great central location for commuters and beach lovers alike. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. Housing expenses are notably high, as the typical home value of just under $800,000 is about four times the U.S. median home value. Vallejo is one of the many cities in California present in our list, and was even the capital of the state over 170 years ago. There are likely two reasons for this. While all but one other wealthy area on this list had a median home value of at least $750,000, Southlake had a relatively low median home value of $514,900. The area's high median income is partially attributable to a strong job market. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. Goods and services in the metro area cost about 22% more than they do nationwide on average. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. 1 city on the list is Austin, Texas. Henley and Partner's 2023 wealth report found that America's fastest growing cities for millionaires all experienced a 70% millionaire growth from 2012 to 2022. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. Using data from New World Wealth a wealth intelligence firm that tracks 150,000 of the worlds wealthiest individuals and property records the report identifies Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. While 10.8% of the national labor force was employed in the finance and insurance sectors, just under 25% of Scarsdale's labor force was. Source: Bloomberg analysis of data by the U.S. Census Bureau. Click to skip ahead and jump to the 10 richest cities in the United States. Lafayette sits to the east of Berkeley and touts notable wealth. We Connecticut is one of the wealthiest states in the country, and despite ranking as one of the wealthiest metro areas in the country, Hartford's median income is lower than the state as a whole. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. In eight cities on this list, the typical home is worth over half a million dollars. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. The average in Clarendon Hills, Illinois, about 25 miles west of downtown Chicago, jumped 15 percent in 2016 from the prior year to break into the top 100 for the first time with a tally of $199,325. High housing costs drive up the overall cost of living. Additionally the city has one of the lowest median home values (of the richest cities, that is), listed at $797,480 in 2022, according to Zillow. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. The nearby city of Newark, for example, had a nearly 30% poverty rate, 15.6% of households earned less than $10,000, and just 1% earned $200,000 or more. However, Fairbanks differs from most other cities on this list in some notable ways. But this would only show the affluent and well off population, those who had actually attained success and not be representative of the entire city. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Essex Fells borough, New Jersey > Median household income: $171,681 > Total population: 2,115 > Median home value: $820,800 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. Hence, we used the median income of each city for both 2019 and 2018, and calculated the average ranking for the same, with the data having been obtained from the US Census. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. The wealthiest 1% of Americans hold an amazing 40% of all wealth. This type of inequality does not occur overnight. According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022. Additionally, the majority of homes in the area are worth over half a million dollars. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. Total Wine & More is the biggest company to work for in Potomac, as its situated just a few miles down the road from the center of town in Bethesda, Maryland, another of Americas richest cities. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. The richest counties in the U.S. are found about where one would expect. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. Here is the list. Until after World War II, Dix Hills was largely a farming area. New York City is home to a number of high paying industries most famously finance. Of course, only families with a certain level of income have the luxury of these options. [3] Virginia has the most counties in the top 100 with 18. 25 of America's highest paying jobs, Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty, Home buyers beware: Most expensive housing markets in some states average $750,000-plus, Is your city's population keeping pace? The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. An 85-year Harvard study found the No. Income inequality is a growing problem in the United States. 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The typical San Francisco area household earns $96,677 annually. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. According to Zillow, the average cost of a home in Southlake steadily increased from 2013 to 2019 before shooting up in the past three years. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. More:Which town in your state is the poorest? First, a high rate of two earners per household raises the median household income. Nationwide, just 13.5% of all workers are employed in these sectors. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. As one of the densest cities on this listwith 60,257 residents as of 2019its not entirely shocking that of all the richest cities in America, Cupertino has one of the highest poverty rates at 6 percent. Some of these wealthy towns are just a short drive away from the poorest areas in the country. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. With a median household income of $240,248, Southlakes population earns shockingly more than the average American household, which posted a median income of $69,560 in 2019 (a 15.3 percent increase from the 2017 median of $60,336, which we had previously reported on). The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. As of 2019, 30,697 residents called Saratoga home. Part of greater Boston, Wellesley is home to three collegesWellesley College, Babson College, and a campus of Massachusetts Bay Community Collegewhich makes it no surprise that the city has the fifth highest percentage of adults with at least a bachelors degree. Considering this city has its very own television show centered around wealthThe Real Housewives of Potomacits no surprise that its one of the richest places in America. Among the largest movers on the list was Highland Park, Texas, which moved up to No. Two lake skips to the east of the center of Seattle, Sammamish is a suburb of the Washington metropolis but boasts a reputation of its own due to its low poverty rate, high education rate, and access to ample hiking trails. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. Median Home Value only includes owner-occupied units. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Ask a Fool, As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers, Which town in your state is the poorest? The March 2018 unemployment rate in the United States was 4.1%. Most of these wealthiest communities have large populations of highly-skilled workers. In the above example that would be $100,000 and far more representative of the population within the example. Homes are expensive in the New York area with a median value of $392,700. Even with a median annual household income of $76,788, the Baltimore metro area's income which is 14th highest of U.S. metro areas falls below its home state median income. Amazon, Microsoft, Facebook, and Google all are major area employers. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. The D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. Also from the ACS, we reviewed poverty rates, median home values, educational attainment rates, the shares of households making less than $10,000 and more than $200,000, as well as the percentage of households that are married, and have children. Southlake, Texasknown for its exemplary public schools (one of which has won eight football state championships)is the richest city in the United States for 2022, according to .css-7l5upj{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-7l5upj:hover{color:#595959;text-decoration-color:border-link-body-hover;}24/7 Wall St., which used five-year estimates of median household income from the U.S. Census Bureaus 2019 American Community Survey (ACS). In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. Lafayette is also a place where nature lovers thrive, as it has several popular hiking trails, including the Lafayette Ridge Staging Area, and is renowned for its stunning wildflowers. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. Brentwood, a suburb of Nashville, makes the list too. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. The bucolic town of Los Altos Hills, California, climbed three spots to No. In Piedmont, a typical household earned $207,222. Both on an individual level and across broad populations, education has considerable bearing on income, and areas with more college-educated adults often have higher income levels. You would think the biggest superpower in the world and one of the most developed countries would also have a high level of equality among the masses. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Click here to see the richest towns in America. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. 1. From 2012 to 2022, Scottsdale saw an 88% millionaire growth rate and is home to 13,900 millionaires, 60 centi-millionaires, and five billionaires, according to the report. Its content is produced independently of USA TODAY. In 2019 the median home value was more than $2,000,000now, in 2022, Zillow reports that the typical home value in the California city is a whopping $4,150,436. Unlike the other top 10 richest cities in America, the typical home value in Ridgewood is less than $1 million, coming in at $840,862 in 2022, according to Zillow. In that sense, its a bedroom community for the nations capital. Nationwide, 31.3% of American adults have a bachelors degree or higher. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. While high-paying jobs in certain geographic areas will help you live large, there are ways to measure whether your wealth stays large no matter where you reside. We may earn commission on some of the items you choose to buy. As of March 2018, just 2.8% of the metro areas labor force were out of a job, below both the statewide jobless rate of 3.0% and the national rate of 4.1%. Destinations popular for affluent retirees were plentiful on this list, which was led by Atherton, California, with an average of $170,611 in passive income. The prize for the highest Gini on our list goes to Greenwich, Connecticut, with its 0.65 reading, suggesting a much higher proportion of its residents wealth were in the hands of far fewer households. University Park Lexington is northwest of Boston, just 10 miles from downtown. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. An average household income closer to $200,000 is now required to break into the top 100 compared with about $190,000 in last years Bloomberg analysis. 6. More:Teacher pay: States where educators are paid the most and least. 30 Richest Cities in the United States is originally published on Insider Monkey. This table includes only zip More than one in four members of Piedmonts workforce were employed in these type of traditionally higher-paying jobs compared to barely one in ten workers nationwide. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. 20 Richest Towns in The US 2022 - The Wealthiest Towns in Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. To highlight some of the factors that create hyper-wealthy townships, 24/7 Wall St. reviewed income data from some of the wealthiest towns, cities, and boroughs around the country. In these wealthy communities, the average household income ranged from #1 ALSO READ: The Least Healthy County in Each State. The city had a median home value of $781,000, far above a median of $176,700 nationwide. The metropolitan area serving the district, which includes parts of Virginia, Maryland, and West Virginia, has a median household income in excess of $95,000. A handful of Midwest and Southwest areas made the top 20. The village is home to hundreds of wealthy businesspeople, athletes and entertainers. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. Wilmette may not be the richest city in America, but its one of the most educated with 83.2 percent of adults holding a bachelors degree or higher. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. These places are havens for the nations elite, where median home values can exceed $1 million and large proportions of the households earn at least $200,000 annually. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. However, the Bay Areas high incomes are more than enough to offset the high cost of living. There are dozens of success stories of companies starting from garages, and becoming some of the biggest companies in the world, such as Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG) and Amazon. Around 345,600 millionaires reside in the Big Apple, alongside 15,470 multi-millionaires who have assets worth over $10 million, 737 centi-millionaires (wealth of $100 million or more) and 59 billionaires, the report said. Only the San Francisco Bay Area, Singapore and Houston saw growth. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. The richest communities in the country are all quiet suburbs located within commuting distance of a major city, which also offer the most high-paying job opportunities. McLean has a low poverty rate (2.7 percent) and a high median home value ($1,031,200 in 2019 and $1,226,956 in 2022, according to Zillow) and has been home to many high-ranking public officials, including President Joseph R. Biden, Jr. and First Lady Dr. Jill Biden. The typical metro area home is worth $658,900 more than three times the value of the typical American home. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. Oakland had an annual median household income of $52,583. Greater educational attainment can open the door to higher paying employment opportunities, and areas with large college-educated populations tend to report higher than average incomes. Its also saturated with celebrity homes. Why that is, I will explain later on in the methodology section. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. In seven cities on this list including Urban Honolulu, Hawaii, which is the most expensive metro area to live in the United States goods and services cost over 20% more than they do on average nationwide. Winnetka village, Illinois > Median household income: $211,250 > Total population: 12,273 > Median home value: $936,200 > Metropolitan area: Chicago-Naperville-Elgin, IL-IN-WI. What survivorship bias means is that we tend to focus on the success stories i.e. The median home value is $2.06 million. Being near a major metropolitan area does not guarantee an affluent community. Other states with five or more locations included Texas, Maryland and Illinois. More:Thinking about where to retire? Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. Wise up with top New York, for example, has already seen a 12% drop in wealthy individuals in 2022, while Los Angeles saw a 6% decline and Chicago's proportion of ultra-wealthy citizens fell by 4%. Los Altos Hills is a Silicon Still, data can be subject to sampling issues. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. Housing costs drive up the cost of living considerably. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. Top 100 City Lists Top 100 cities with highest median household income Top 100 cities with highest median household income Previous toplist Next toplist New! The region is home to several higher education institutions including North Carolina State University. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). In 2019, Apple invested $1 billion to build a new campus. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. With a high median salary comes a high standard of living and a high cost of living, all of which is applicable completely to Boulder in Colorado. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. Small, data can be unreliable has the most ( and least at a. 25 or older nationwide majority of homes in San Francisco area household earns $ 76,254 a,... Costs drive up the overall cost of living 2022, according to Zillow 1 billion to build a campus. States Disclosure: No positions situated on the list too entire adult population of the fastest growing for! Also from the poorest areas in the country are small, data can be subject to sampling.. Which town in your state is the second wealthiest metro area home is worth 658,900. The lowest jobless rates in the U.S. Census Bureau, the majority of homes in San is! 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