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Ho-Ho-Kus borough, New Jersey > Median household income: $165,827 > Total population: 4,109 > Median home value: $775,000 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. West University Place, Texas is a suburb of Houston and had an annual median household income of $205,135 and a poverty rate of just 2.3%. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. We 30 Richest Cities in the United States is originally published on Insider Monkey. Median Home Value only includes owner-occupied units. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. 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 household income in a given city is closely tied to several factors. 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.). This trend is especially common in the tech sector, with Oracle and Tesla moving from California to Austin, and Hewlett-Packard Enterprise relocating to Houston earlier this year. But thats not all the city is known for. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. 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. This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. Kahului-Wailuku-Lahainas median household income of $72,268 a year is the second highest in Hawaii and the 22nd highest of all metro areas nationwide. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. Area colleges and universities awarded 17,891 degrees in 2015 alone. Every item on this page was chosen by a Veranda editor. This type of inequality does not occur overnight. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. 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. 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. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. Here are 30 great U.S. cities for older Americans. 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. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. That again would not be representative of the entire population. What's the best place to keep money you need to use soon? More:Want to be a high earner? Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. And, as a fun fact, once upon a time F. Scott Fitzgerald lived in Westport, as did Martha Stewartboth of whom only add to the citys lavish appeal. 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. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. 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. It has been home to many notable people, including John and Alice Coltrane. 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. Based on the 2019 five-year ACS data, many cities in America were noticing a massive rise in income, with much of the wealth concentrated in Californiaa whopping nine of the 25 richest cities in the U.S. are located within the state. The report links this to major American companies moving their headquarters to these cities. Nationwide, 31.3% of American adults have a bachelors degree or higher. Minneapolis-St. Paul-Bloomington, Minn.-Wis. 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. 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. 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. WebBillionaires Row. Essex Fells borough, New Jersey > Median household income: $171,681 > Total population: 2,115 > Median home value: $820,800 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. Napa's wealth is underscored by the relative scarcity of serious financial hardship. 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. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. The top five cities with the fastest growing millionaire populations are not in the U.S., however. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. 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. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. The city had a median home value of $781,000, far above a median of $176,700 nationwide. 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. Nationally, 15.4% of the population lived below the poverty line. With a median household income of $240,248, Southlakes population earns shockingly more than the average American household, which posted a median income of $69,560 in 2019 (a 15.3 percent increase from the 2017 median of $60,336, which we had previously reported on). Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. The area also ranks among the wealthiest in the nation. 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. The bucolic town of Los Altos Hills, California, climbed three spots to No. A handful of Midwest and Southwest areas made the top 20. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. 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. Nationally, just 48.7% of households were married families, with 20% of all married households having children. Two lake skips to the east of the center of Seattle, Sammamish is a suburb of the Washington metropolis but boasts a reputation of its own due to its low poverty rate, high education rate, and access to ample hiking trails. Poverty rates, median home values, and educational attainment rates also came from the ACS. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. 10. Here are 30 great U.S. cities for older Americans, Want to be a high earner? Compared to New York, a much smaller proportion of them have assets worth over $10 million. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. This city has seen a major increase in median salary over the past year, improving its ranking significantly. A relatively affluent state, Californias median annual household income of $67,739 is about $10,000 higher than the national median household income across the country as a whole. These two cities are a model case of income disparity in small geographic areas. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. Nearly 6,200 met the criteria. 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. One reason for Southlake's wealth? While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. 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. Trump National Golf Club is directly across the Potomac River in Virginia. Income inequality is a growing problem 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%. Homes are expensive in the New York area with a median value of $392,700. Essex Fells is a very small community with a population of 2,115. As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. 25 of America's highest paying jobs, Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty, Home buyers beware: Most expensive housing markets in some states average $750,000-plus, Is your city's population keeping pace? Its also saturated with celebrity homes. 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. People live in the city in 2019 in USD: 83,755 inequality is wealthy. Second year since Bloomberg started to compile the Richest 100, the typical home value in Westfield is $ in... Bezos and Elon Musk leading the way more likely to work in the US, crossing $. In 12 metro areas nationwide los Altos Hills, California, climbed three to! 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