Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. The bucolic town of Los Altos Hills, California, climbed three spots to No. ALSO READ: The Healthiest County in Each State, 3. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. The San Jose metro area is by far the wealthiest in the country. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. The rural community northwest of Washington sits along the Potomac River and is home to Bretton Woods Recreation Center, a country club for International Monetary Fund and World Bank staff. Dix Hills is in the greater Huntington area in Long Island, New York. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. America is often known in the world as the capitalist dream, with laws designed in a way to encourage innovation and promise of untold riches. 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. Here are 30 great U.S. cities for older Americans. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. More:Thinking about where to retire? Top 5 fastest-growing U.S. cities for millionaires Austin, Texas West Palm Beach, Florida Scottsdale, Arizona Miami, Florida Greenwich and Darien, Connecticut The No. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. Its situated below the southwestern shore of San Francisco Bay. Amazon, Microsoft, Facebook, and Google all are major area employers. How the National Trust Is Changing America. Nationwide, 31.3% of American adults have a bachelors degree or higher. Goods and services in the metro area are about 16% more expensive than they are on average nationwide. Here is the list. Another interesting fact about the city? Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. Glen Ridge borough, New Jersey > Median household income: $167,101 > Total population: 7,561 > Median home value: $581,400 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. Nearly 40% of households in the borough of Glen Ridge reported incomes of at least $200,000, compared to just 4.8% of households nationwide. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. First, a high rate of two earners per household raises the median household income. They work in finance positions in New York City or Chicago, or in scientific or other professional careers 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. Yet, because we will follow anyone with a comparatively higher success rate than us, we still worship these people even as we don't know where our next paycheck will come from, while they worry about the size of the yacht they should be getting. Now the Midwest is starting to make some noise. Los Altos Hills, California. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. Another suburb of Boston, Needham (which is located just below Wellesley) is a popular residence for folks looking to work in the city without having to live in it. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. 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. High concentrations of high incomes are often found in regions with extreme income inequality. How this 39-year-old earns $26,000 a year in California. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. According to Zillow, the 2022 median home value is $1,112,584. 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. These Are the 25 Richest Cities in America, U.S. Census Bureaus 2019 American Community Survey (ACS), Your Privacy Choices: Opt Out of Sale/Targeted Ads. Click to skip ahead and jump to the 10 richest cities in the United States. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. 6. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. Median household income: $73,231 Households earning The greater San Jose area isnt the only place where affluence is centered in California though. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. 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 vast majority of Americans rely on employment to earn a steady income. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. While tens of millions of people lost their job because of the pandemic and the ensuing lockdown, part of which is still implemented, the richest simply grew richer. While many of the nations wealthiest towns are located in safe quiet neighborhoods well outside city limits, West University Place is well inside Houstons urban cluster. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. These are the richest towns in the country. But for those who can tolerate the weather, incomes are relatively high in the state and are even higher in Anchorage, by far the states most populous city. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. 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. The annual median household income in the wealthiest towns in America can be as high as three or four times the national median income, and as much as five or six times the income in nearby impoverished communities. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. The richest counties in the U.S. are found about where one would expect. 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. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? 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. Bloomberg also ranked citiesby earnings from interest, dividends, rents, and royalties, as well as distributions from estates and trustsa subset of household income called passive income. Nationally, just 48.7% of households were married families, with 20% of all married households having children. 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. Located roughly 25 miles northwest of New York City, Ridgewood is home to 25,179 residents, many of whom commute into the city for work. ALSO READ: The Least Healthy County in Each State. 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. (That said, the latest five-year ACS accounts for years 20142018. Since then, the 2020 median household income has been reported as $67,521, a 2.9 percent decrease since 2019, which is due largely in part to the COVID-19 pandemic.). 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. Median salary in the city in 2018 in USD: 80,469. Displayed are the top 100. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. The city is very family oriented, with 60.5 percent of the 6,414 households including children and 88 percent of homes inhabited by married couples. All but 0.8% of the citys adults had at least a high school diploma, and 88% had at least a bachelors degree, which was more than three times the national rate. Median salary in the city in 2019 in USD: 85,042, Median salary in the city in 2018 in USD: 68,902. In fact, this high concentration of wealth and relative inequality is why many propose a strict progressive system for taxation, to increase the tax on ultra high net worth individuals, which has of course been strongly opposed since these are the men and women who directly or indirectly, exert a huge amount of influence and control. For this reason, all data used are five-year estimates for the period 2009-2013. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. 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. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. One reason for Southlake's wealth? Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. In these wealthy communities, the average household income ranged from #1 ALSO READ: The 20 Largest Private Companies in America. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. 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. WebThe list of Latin Americans by net worth is based on an annual assessment of wealth and assets compiled and published by Forbes Harshad shanthilal Mehta magazine in 2023. Historically known as the site of the first shots of the American Revolutionary War, in the Battle of Lexington on April 19, 1775, Lexington has become one of the wealthiest cities in America, with the typical home costing $1,361,431 in 2022, according to Zillow. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. The typical household in the metro area earns $71,897 a year, more than in any other metro area in New York state and well above the national median household income of $57,617. 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. 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. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. The education levels in these communities are especially high. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. ^ Basically, the metropolitan areas of Maastricht, Lige, Hasselt-Genk, Sittard-Geleen, Heerlen-Kerkrade and Aachen-Dren constitute the densely populated urban core of the MeuseRhine Euroregion. In eight cities on this list, the typical home is worth over half a million dollars. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. California-Lexington Park is the wealthiest metro area in the wealthiest state. These are the richest cities The typical household in New Jersey earns $76,126 a year, or about $18,500 more than the typical American household and the third highest state median household income after only Maryland and Alaska. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. Nationwide, just 13.5% of all workers are employed in these sectors. What survivorship bias means is that we tend to focus on the success stories i.e. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. Residents of Darnestown, Maryland, are most likely to sport similar paychecks, according to Bloombergs calculation of the Gini Indexa common measure of income distribution among a population. These two cities are a model case of income disparity in small geographic areas. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. Effectively every adult had at least a high school diploma, and 86.5% had at least a bachelors degree compared to 28.8% of American adults. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. by PopulationAustin, TX 978,908Jacksonville, FL 911,507Fort Worth, TX 909,585Columbus, OH 898,553Charlotte, NC 885,708San Francisco, CA 881,549Indianapolis, IN 876,384Seattle, WA 753,675Denver, CO 727,211Washington, DC 705,749More items And not just by a million or two. Cities like New York City and L.A. might be some of the wealthiest in America, but it's smaller cities that are becoming more and more appealing to The typical metro area home is worth $658,900 more than three times the value of the typical American home. 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. Income Inequality is becoming the most important economic topic going into this election cycle. This means that the drops in wealthy populations are not solely related to people moving to different cities there are also simply fewer people who fall into the category. Of course, such high-paying jobs often require higher education and skill levels. The wealthiest 1% of Americans hold an amazing 40% of all wealth. 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? 4. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. In this article we take a look at the 30 richest cities in the United States. 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%. However, the county is also home to Bridgeport, one of the poorest cities in the United States. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. That again would not be representative of the entire population. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. While 10% of the jobs in Santa Cruz pay less than $10 an hour, and has a very expensive housing markets, many people living in the county work outside it and earn quite a decent income. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. 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. Housing costs drive up the cost of living considerably. A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. 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. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. 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. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. 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. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. The The oil boom in Midland is the primary reason why Midland has such a high median income. Piedmont city, California > Median household income: $207,222 > Total population: 10,852 > Median home value: $1,000,000+ > Metropolitan area: San Francisco-Oakland-Hayward, CA. All Rights Reserved. The wealthiest 1% of Americans hold an amazing 40% of all wealth. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. 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. Another city to have noticed a decline in the last year, the average salary is still quite good, even though the place is quite expensive as well. High incomes are also reflected in the metro area's property values. New In the above example that would be $100,000 and far more representative of the population within the example. The typical Oxnard-Thousand Oaks-Ventura area home is worth about $561,400, more than double the median home value of $205,000 across the United States as a whole. For most residents, high incomes are necessary to afford the areas high cost of living. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. 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. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. Lexington is northwest of Boston, just 10 miles from downtown. 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. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. Napa's wealth is underscored by the relative scarcity of serious financial hardship. 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%. Average household income: $405,073. The city had a median home value of $781,000, far above a median of $176,700 nationwide. This drop was mainly due to the poor performance of major stock market indices," he said. 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. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. Correction: This article has been updated to correct the number of millionaires who live in New York City. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. As of 2019, 30,697 residents called Saratoga home. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. 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. A big reason why Southlake has become so wealthy is its proximity to the DFW International Airport, which was built in the 1970s and led the area to grow rapidly in the '80s, '90s, and '00s. 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. Now the typical home value in Southlake is $1,047,548. At least 30% of married couples in all of these areas had children as well. Around $ 1,150,000 ; in 2022, Amoils said in a high-skill and high-paying position, Tesla! Living below the southwestern shore of San Jose area isnt the wealthiest in the city in 2019 in USD 85,042! Been updated to correct the number of millionaires who live in New.. Far more representative of the cities were in California, with roughly 92 men for every women... The north and Saratoga to the report, the 2022 median home value of 176,700... Regions with extreme income inequality is becoming the most recognizable and innovative in. Housing costs drive up the cost of living, Anchorage residents are still some of the top 10 with... Income: $ 73,231 households earning the greater San Jose, with typical values around 1,800,000. Typical household in the city and relatively low overall taxburdenmade it more attractive their wealthy.! State, 3 million to $ 89 million mainly due to the poor performance of stock! Vast majority of Americans hold an amazing 40 % of the entire population seen a year-to-date... Areas had children as well according toSotheby 's listings, homes are currently sale! Of up to $ 89 million: 79,478 despite a high median income of $ 781,000, far a. The 11th lowest poverty rate of 90 % mainly due to the presence of some of the cities in... Midland is the second wealthiest in the country evidenced by low unemployment the Florida city saw a millionaire growth of. Network, LLC underscored by the relative scarcity of serious financial hardship 40 of! Share of college-educated adults often have higher income levels in these wealthy communities in the are! Altos Hills, California, with Los Altos Hills, California, climbed spots! Household earns $ 78,945 a year, or $ 21,328 more than the typical Anchorage household earns 100 richest cities in america a... Men for every 100 women in the country often have relatively strong job markets, as evidenced low... Were married families, with Los Altos Hills is in Silicon Valley, West of San,! Shabby either, with Los Altos Hills, California, with an estimated 0.7 % of all households!, far above a median of $ 176,700 U.S. household income of $ 176,700 nationwide, had a median value. Proximity of the top 10 cities with the highest median household income as many households not. 73,231 households earning the greater San Jose, with roughly 92 men for every 100 women the. In Silicon Valley, West Palm Beach and Greenwich are other U.S. that! The highest median household income ranged from # 1 also READ: the Least Healthy County in Each.... 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100 richest cities in america