Housing costs drive up the cost of living considerably. 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. The San Jose metro area is by far the wealthiest in the country. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. 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). Another option was using the mean, or the average earnings of each city. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. These are the richest towns in the country. [3] Virginia has the most counties in the top 100 with 18. As is the case with most of the wealthy cities on this list, married families make up a much higher proportion of Orindas population. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. 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. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. 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, As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. 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. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. 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! This drop was mainly due to the poor performance of major stock market indices," he said. Source: Bloomberg analysis of data by the U.S. Census Bureau. 10. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. In these wealthy communities, the average household income ranged from #1 For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. 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. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. Every item on this page was chosen by a Veranda editor. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. 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 area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. Lafayette sits to the east of Berkeley and touts notable wealth. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. Nationally, less than half of all households included a married couple. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. The typical metro area household earns $78,195 per year, in line with the $78,945 statewide median income both of which are well above the national median household income of $57,617. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. 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. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. The typical metro area home is worth $658,900 more than three times the value of the typical American home. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide 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. 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. It may have the most millionaires in the entire world, but the median salary is still not even in the top 10, and hence New York has to lay low in our list. 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. New The No. Here are 30 great U.S. cities for older Americans 20. Poverty rates, median home values, and educational attainment rates also came from the ACS. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. Essex Fells is a very small community with a population of 2,115. WebBillionaires Row. University Park, Texas. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. In this article we take a look at the 30 richest cities in the United States. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. 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 Twin Cities household earns $73,231 a year, well above the median income across Minnesota of $65,599 and the median across the United States of $57,617. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. The Chicago metropolitan area, where Winnetka is located, is not known for having a particularly expensive housing market -- the median home value there was just $206,300, 68th among large metro areas. No East Coast metro area has a more affluent population than the greater D.C. area. Another way we looked at the data was to measure income disparity in each location. As of 2022, the median home value is listed at $1,277,815, according to Zillow. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. 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. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. The area also ranks among the wealthiest in the nation. As of 2019, 30,697 residents called Saratoga home. 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. 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. 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. 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. Still, data can be subject to sampling issues. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. 30 Richest Cities in the United States is originally published on Insider Monkey. 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. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. 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. Homes are expensive in the New York area with a median value of $392,700. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. Los Altos Hills is a Silicon Moving from West to East, 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. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. 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. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. Wise up with top Despite being home to more than a third of the countrys richest cities, California is not the richest stateMaryland, with a median household income of $86,738, isnor is it home to the richest city. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. It Includes Palm Beach island and the town of West Palm Beach. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. 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. Minneapolis-St. Paul-Bloomington, Minn.-Wis. 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. In comparison, just 6.4% of all American households earn $200,000 or more per year. West Palm Beach, Florida, ranked second on the list. The richest counties in the U.S. are found about where one would expect. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins What's the best place to keep money you need to use soon? Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. First, a high rate of two earners per household raises the median household income. 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%. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. 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). ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. Major employers in the Denver metro area include defense contractors Lockheed Martin and Raytheon, financial services company Charles Schwab, several hospitals and health care providers, as well as technology companies like Oracle and Level 3 Communications. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. The 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. The typical San Francisco area household earns $96,677 annually. 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. In the United States, 31.3% of adults have a bachelors degree or higher. 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. Areas that are home to large college-educated populations also often report high incomes. Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. 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. 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. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. where the concentration of wealthiest cities is the densest). Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. Here are 30 great U.S. cities for older Americans 20. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. With a population of 42,407 people, Brentwood is one of the most educated cities in America as 76.1 percent of adults living there hold a bachelors degree. The education levels in these communities are especially high. Nearly 6,200 met the criteria. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. The 2022 median home value in the city is $2,895,125, according to Zillow. Median household income: $73,231 Households earning 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. Located in Connecticut, Torrington has been rated as one of the highest rated cities in the US, and the high income is a great incentive. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. 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. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. This situation has worsened considerably in 2020. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. ^ 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. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan.
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