And this isn't a common theme throughout history, it has actually increased significantly over time. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. Tech industry jobs tend to pay relatively well, and the greater Seattle area hosts the operations of some of the largest tech companies in the world. The high incomes are partially offset by a high cost of living the highest of any U.S. metro area. This is why we selected the median salary. In the Minneapolis metro area, 40.5% of adults have a bachelors degree or higher, well above the 31.3% of American adults and the 34.8% of adults across the state with comparable education. Moving from West to East, Americas second richest town is Scarsdale, New York, which is Since the onset of the coronavirus pandemic and the shift to flexible working, companies require less office space and many employees moved to smaller cities to improve their quality of life and lower their cost of living. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. Average household income: $405,073. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. Wise up with top The San Jose metro area is by far the wealthiest in the country. It has been home to many notable people, including John and Alice Coltrane. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. The median household income in Trenton of $77,650 a year is about $1,500 more than the statewide median and $20,000 more than the national median. While the wealth of the city is high, the poverty rate is notably low, at just 2.5 percentthe 11th lowest of 1,775 cities. As of 2022, the median home value is listed at $1,277,815, according to Zillow. No East Coast metro area has a more affluent population than the greater D.C. area. The 2022 median home value in the city is $2,895,125, according to Zillow. 30 Richest Cities in the United States is originally published on Insider Monkey. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. Los Altos Hills, California. Hearst Magazine Media, Inc. All Rights Reserved. Additionally, these cities have become prime retirement destinations, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, who collaborated on the report with Henley & Partners, told CNBC. With more than half of all households in the metro area earning at least $75,000 a year, Napa, Calif., is one of the wealthiest metro areas in the United States. Residents in the wealthiest places in the country are frequently employed in highly-skilled positions in high-paying industries, which require high levels of education. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. This drop was mainly due to the poor performance of major stock market indices," he said. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. Also, safety concerns and taxation are major drivers," Amoils said. The area's high incomes, however, are largely offset by a high cost of living. A recent Bankrate report states that the median sale price for a home in Austin as of January 2023 was $530,000, according to Redfin data. Here are 30 great U.S. cities for older Americans. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. Another option was using the mean, or the average earnings of each city. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. 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. Lexington is northwest of Boston, just 10 miles from downtown. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. For most residents, high incomes are necessary to afford the areas high cost of living. Over the years, Austin has emerged as a tech hub. Scarsdale, located in the famously-affluent Westchester County, tops this list with an annual median household income close to four and a half times the national median income of $53,046. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. We may earn commission on some of the items you choose to buy. Laureen Mcgowan / Eyeem | Eyeem | Getty Images, How this FIRE couple retired in their 30s with $870K in Arizona, How this 39-year-old earns $26,000 a year in California. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? Scarsdale village, New York > Median household income: $233,311 > Total population: 17,337 > Median home value: $1,000,000+ > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA Dollar Money Icon with Bag. This is despite the fact that the vast majority comprises of those who have not made it, and that there are unique conditions that have led to success in these cases, including a huge amount of luck, which has no logical explanation behind it. ALSO READ: The 20 Largest Private Companies in America. Now the typical home value in Southlake is $1,047,548. Over 20% of the metro areas workforce are employed in the professional, scientific, and management industry, the second highest share of any metro area in the country. Source: Bloomberg analysis of data by the U.S. Census Bureau. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. 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. The wealthiest 1% of Americans hold an amazing 40% of all wealth. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. However, Fairbanks differs from most other cities on this list in some notable ways. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. Until after World War II, Dix Hills was largely a farming area. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. The richest counties in the U.S. are found about where one would expect. 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. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. Being near a major metropolitan area does not guarantee an affluent community. The city had a median home value of $781,000, far above a median of $176,700 nationwide. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Partially as a result, the metro area is one of the best educated in the United States. 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. 84% of the families in the US have less wealth than the mean for the country. The houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow. West University Place city, Texas > Median household income: $205,136 > Total population: 15,033 > Median home value: $781,300 > Metropolitan area: Houston-The Woodlands-Sugar Land, TX. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. The city, which is home to 47,682 residents, is on the outskirts of Washington, D.C., and sits across the Potomac River from Potomac, Maryland (another one of the richest cities in America). The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. The D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. Here are 30 great U.S. cities for older Americans 20. In that sense, its a bedroom community for the nations capital. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. 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%. In Scarsdale, the median home was valued at more than $1,000,000. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. While just under 29% of adults nationwide had at least a bachelors degree, nearly 84% of University Park adults had completed at least a bachelors degree. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. The typical household in Denver earns $71,926 a year compared to the median income of $65,685 in Colorado and the national median of $57,617. The median home value is $2.06 million. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. Use this visualizationNew York boasts the largest GDP of any metro area in the U.S. at $1.8T, the same size as the entire Canadian economy.Los Angeles also has a GDP over $1T, roughly the same size as Malaysia.Other large cities have enormous economies. Even smaller American cities have enormous economic weight. 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. The bucolic town of Los Altos Hills, California, climbed three spots to No. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. The typical metro area home is worth $658,900 more than three times the value of the typical American home. What survivorship bias means is that we tend to focus on the success stories i.e. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. 3. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. In eight cities on this list, less than 3% of the labor force was out of work in March. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. 25 of America's highest paying jobs. This was no different in Glen Ridge, where nearly three-quarters of households included a married couple, compared to less than half of households nationwide. Homes are expensive in the New York area with a median value of $392,700. 4. Houston also has one of the fastest growing millionaire populations, according to the report. We found the 50 richest places in the country received $350 million in bailouts. where the concentration of wealthiest cities is the densest). So let's take a look at the cities where you are more than likely to be well off, rather than not, starting with number 30: Median salary in the city in 2019 in USD: 79,251, Median salary in the city in 2018 in USD: 76,653. An 85-year Harvard study found the No. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. Moreover, while 28.8% of adults nationally had at least a bachelors degree, more than 70% of adults in nine of the 10 wealthiest cities did. 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. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. In the United States, 31.3% of adults have a bachelors degree or higher. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. All Rights Reserved. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. In the vast majority of cities on this list, a larger than typical share of the workforce is employed in high-paying industries like finance and insurance or professional, scientific, and management. The area's high incomes may be necessary as a dollar spent there does not go as far as it does in the United States as a whole. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. New York City is home to a number of high paying industries most famously finance. Methodology: Data is from the U.S. Census Bureaus American Community Survey 2016 release of 5-year estimates and cities with populations under 20,000 were excluded from the list. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. Keep reading to find out more about the richest cities in the U.S. A suburb of Dallas/Fort Worth, Southlake had an estimated population of 31,292 people as of 2019, with 69.7 percent of adults holding at least a bachelors degree. University Park, Texas. Nationwide, 31.3% of American adults have a bachelors degree or higher. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. Is just a short stroll from Central Park average earnings of each city bachelors degree or higher, compared 7.2. 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