To determine the richest towns in the country, 24/7 Wall St. considered median household incomes from the U.S. Census Bureaus 2013 American Community Survey (ACS). The typical metro area home is worth $658,900 more than three times the value of the typical American home. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. The area's high incomes, however, are largely offset by a high cost of living. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. 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. 6. More:Want to be a high earner? There has been absolutely no change in this MSA, which is an exceptional statistic in itself. Newcomers to the list include three areas in suburban Chicago. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. While there are affluent areas all across the country, most of the very richest cities in the nation are concentrated in highly populated states with large economies, Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. The No. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. The report finds that around 4% of New York's 8.38 million citizens own investable assets property, cash or stocks worth over $1 million. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. The area's high median income is partially attributable to a strong job market. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. One of the most impactful components of cost of living is housing costs. In that sense, its a bedroom community for the nations capital. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. WebBillionaires Row. Just 26.1% of area adults have a bachelors degree, below both the 31.3% college attainment rate nationwide and the 39.3% rate statewide. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. More:Thinking about where to retire? There are likely two reasons for this. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. This is why we selected the median salary. All Rights Reserved. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. First, a high rate of two earners per household raises the median household income. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. Here is the list, Thinking about where to retire? The top 10 wealthiest cities in America. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. The city is also one of two high-income areas within commuting distance of the Dallas-Fort Worth-Arlington metro area, where residents have access to higher numbers of higher-paying jobs. The San Jose metro area is by far the wealthiest in the country. Methodology: Bloomberg evaluated inflation-adjusted household income data for all U.S. "places", as defined by the Census, with a minimum of 2,000 households and ranked them based on average household income. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. This situation has worsened considerably in 2020. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. 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. Hawaii has a few well off cities, and Kapaa is no exception. More than half the top 100 richest places in America were either in the New York City area or California. And not just by a million or two. Compared to New York, a much smaller proportion of them have assets worth over $10 million. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. The wealthiest 1% of Americans hold an amazing 40% of all wealth. 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. 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. Located along the Long Island Sound, Westport is just 52 miles northeast of New York City, making it a popular destination for those looking to work in the city but live outside of it. Being near a major metropolitan area does not guarantee an affluent community. Despite being just outside San Francisco (a city known for its homelessness), Los Altos is proud to have the 24th lowest poverty rate of 1,775 cities, at a mere 2.8 percent. 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. Its situated below the southwestern shore of San Francisco Bay. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. 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. Nationwide, 31.3% of American adults have a bachelors degree or higher. Just 1.9% of the areas labor force are out of work, the second lowest unemployment rate of any metro area nationwide and well below the 4.1% U.S. unemployment rate. Nationally, just 48.7% of households were married families, with 20% of all married households having children. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. Some of the biggest companies with offices in the city include Roku, Sees Candies, and a handful of software companies (Saratoga is on the outskirts of Silicon Valley). The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. 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. Four of the 10 wealthiest towns are within commuting distance of New York City, two are close to Dallas, and two are outside of San Francisco. Less than 20 miles southwest of New York City, Westfield is considered a bedroom community for Manhattanin that many of its 29,877 residents live in New Jersey but work in the city. Homes are expensive in the New York area with a median value of $392,700. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. What's the best place to keep money you need to use soon? The median household income of $77,613 in Santa Cruz-Watsonville is the 12th highest of any metro area in the country and the fourth highest in California. 40 million Americans lost their jobs in the pandemic, which has claimed over a million lives globally and over 200,000 American lives and has infected over 7 million in the country, including a president who is doing a drive-by while infected, risking the lives and health of his aides and security. 20 Richest Towns in The US 2022 - The Wealthiest Towns in From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. These two cities are a model case of income disparity in small geographic areas. An 85-year Harvard study found the No. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. For most residents, high incomes are necessary to afford the areas high cost of living. As in most of the wealthiest American towns, more than 44% of households in University Park reported incomes of at least $200,000, many times the less than 5% of households across the nation. Nationally, less than half of all households included a married couple. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. 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. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. New York is the most populous metro area in the United States and also one of the wealthiest. New Hampshire is a relatively wealthy state, and the median income in Manchester-Nashua is only slightly higher than the median income of $70,936 across the state as a whole. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Just 7.3% of area residents live in poverty, nearly the lowest poverty rate of any U.S. metro area and about half the U.S. poverty rate of 14.0% and the California rate of 14.3%. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. More:Teacher pay: States where educators are paid the most and least. Dix Hills is in the greater Huntington area in Long Island, New York. Topping the charts, the first of the wealthiest neighborhoods in America is the appropriately named Billionaires Row, which is one of the wealthiest districts in the whole world. How this 39-year-old earns $26,000 a year in California. The area also ranks among the wealthiest in the nation. 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. 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%. 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. In eight cities on this list, the typical home is worth over half a million dollars. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. Hearst Magazine Media, Inc. All Rights Reserved. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. ALSO READ: The Healthiest County in Each State, 3. 25% of the total families in US don't even have $10,000. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. ALSO READ: The 20 Largest Privately Held Companies in America, 2. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. Over the years, Austin has emerged as a tech hub. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. 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. High-Earning residents does not mean an absence of financial hardship on this list, Thinking where! To afford the areas high cost of living metro area this 39-year-old earns 78,945! 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