Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. 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. Its no surprise that as a college city University Park has the highest education ranking, with 87.8 percent of adults having a bachelors degree or higher. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. The success of these companies have made some of them cross the $1 trillion threshold, while the owners have made tens of billions of dollars, some even crossing a hundred billion in net worth. Only the San Francisco Bay Area, Singapore and Houston saw growth. 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. The Boston metro area is home to a number of higher education institutions including Boston University, Harvard University, and Northeastern University which awarded over 100,000 degrees in 2015 alone. Every item on this page was chosen by a Veranda editor. About 63,000 people lived there as of 2019, and of the adult population 85.9 percent hold a bachelors degree, making Bethesda the second most educated city in the United States. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. The top five cities with the fastest growing millionaire populations are not in the U.S., however. 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. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. McLean is in Fairfax County, which is renowned nationally for its public schools. The capital of Utah and its most populous city is also one with a great opportunity for earning well. Until after World War II, Dix Hills was largely a farming area. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. WebAn income of $0.88 in Birmingham equals an income of $1.27 in San Jose with the U.S as a whole having an average PCPI of $1.00. 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. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. 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. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. 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. To put it another way, the purchasing power of a dollar compared to the U.S. average is $1.13 in Birmingham and $0.79 in San Jose. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. Los Altos Hills, California. Minneapolis-St. Paul-Bloomington, Minn.-Wis. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. Because many towns in the country are small, data can be unreliable. 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. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. 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. While the state as a whole is relatively wealthy, Trenton is the only one of the four metro areas in New Jersey to rank among the wealthiest in the country. The city is one of the most highly-educated communities in the country. More than half the top 100 richest places in America were either in the New York City area or California. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. This type of inequality does not occur overnight. Many of the top-paid employees in the New York metropolitan area work in finance, and Scarsdale also has a high concentration of employment in the sector. 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 typical metro area home is worth $658,900 more than three times the value of the typical American home. 1. The total private wealth held by New York residents was found to exceed $3 trillion. How the National Trust Is Changing America. In Winnetka, however, the median home value was $936,200. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. An 85-year Harvard study found the No. But thats not all the city is known for. This table includes only zip 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. The median household income in a given city is closely tied to several factors. 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. 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. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. Most of these wealthiest communities have large populations of highly-skilled workers. This situation has worsened considerably in 2020. Another way we looked at the data was to measure income disparity in each location. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. In that sense, its a bedroom community for the nations capital. In the Baltimore metro area, 39.5% of adults have a bachelors degree, in line with the 39.3% bachelors degree attainment rate across Maryland. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. 4. 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. Here are 30 great U.S. cities for older Americans 20. 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. 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. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. 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. Cities and towns in the tri-state area of Connecticut, New Jersey and New York accounted for 36 of the 100 top spots, the most concentrated area of wealth of any region. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. In the same year the region of Latin America and the Caribbean had over 100 billionaires (in USD).The countries with the most billionaires are: Brazil (65), Mexico (13), Chile (8), Peru 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. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Of adults living in Ridgewood, 76 percent hold a bachelors degree. Of course, such high-paying jobs often require higher education and skill levels. 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. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. Here are 30 great U.S. cities for older Americans, Want to be a high earner? Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. These are the richest cities 84% of the families in the US have less wealth than the mean for the country. The top 10 wealthiest cities in America. The typical household in the Boston metro area earns $82,380 a year, or nearly $25,000 more than the typical U.S. household income of $57,617. Income inequality is a growing problem in the United States. This is why we selected the median salary. 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. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. Industry composition of these towns is also from the ACS. Now the typical home value in Southlake is $1,047,548. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. More:Is your city's population keeping pace? In comparison, just 6.4% of all American households earn $200,000 or more per year. The oil boom in Midland is the primary reason why Midland has such a high median income. Click here to see the richest towns in America. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. London, United Kingdom (272,400). 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. We may earn commission on some of the items you choose to buy. Fisher Island, a 216-acre barrier island near Miami, is once again the wealthiest zip code (33109) with an average income in 2018 of $2.2 million, according to the Bloomberg analysis. Largely a city of commuters, Los Altos is home to just more than 30,500 people, of which 84.2 percent of adults have at least a bachelors degreemaking it the fourth most educated city in the United States. High incomes are also reflected in the metro area's property values. 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. While these stories are told to everyone to show how America gives everyone equal opportunity, and success only depends on hard work, this theme falls afoul of the fallacy known as the survivorship bias. 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. Brentwood, a suburb of Nashville, makes the list too. For most residents, high incomes are necessary to afford the areas high cost of living. 30 Richest Cities in the United States is originally published on Insider Monkey. The 2022 median home value in the city is $2,895,125, according to Zillow. The wealthiest metropolitan areas are typically home to large college-educated populations. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. For this reason, all data used are five-year estimates for the period 2009-2013. In this article we take a look at the 30 richest cities in the United States. In 2019, Apple invested $1 billion to build a new campus. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. 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