The typical area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. Educate your inbox. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. Napa's wealth is underscored by the relative scarcity of serious financial hardship. These are the 10 wealthiest cities in the world and the number of wealthy individuals who live in each of them according to Henley & Partners report. High incomes are also reflected in the metro area's property values. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. 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. Median Home Value only includes owner-occupied units. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. 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. A Division of NBC Universal. As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. These are the richest cities Some 16.9% of metro area workers are employed in the professional, scientificand management sector, a larger share than in all but five other metro areas nationwide. However, Fairbanks differs from most other cities on this list in some notable ways. Housing costs drive up the cost of living considerably. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. Over the years, Austin has emerged as a tech hub. The wealthiest 1% of Americans hold an amazing 40% of all wealth. In that sense, its a bedroom community for the nations capital. In Winnetka, however, the median home value was $936,200. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. 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. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. 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. 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. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. 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. Correction: This article has been updated to correct the number of millionaires who live in New York City. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. 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. This type of inequality does not occur overnight. 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%. 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). According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. where the concentration of wealthiest cities is the densest). Area colleges and universities awarded 17,891 degrees in 2015 alone. The oil boom in Midland is the primary reason why Midland has such a high median income. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. According to Zillow, the 2022 median home value is $1,112,584. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. 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. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. More:What's the best place to keep money you need to use soon? In comparison, just 6.4% of all American households earn $200,000 or more per year. Average household income: $405,073. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. This drop was mainly due to the poor performance of major stock market indices," he said. The D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. That again would not be representative of the entire population. 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. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. Bethesda is largely known for its proximity to the District of Columbia. 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. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. 84% of the families in the US have less wealth than the mean for the country. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. An even larger gap was in higher levels of education as 71.3% of Ho-Ho-Kus' adults had a bachelors degree or greater, well more than twice the national rate of 28.8%. (Thats not to say it shouldnt be addressed though.). The wealthiest 1% of Americans hold an amazing 40% of all wealth. 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. 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. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. Another option was using the mean, or the average earnings of each city. If you want to learn more about how the billionaires got richer, you should consider taking a look at the top 20 richest people in the world. Unsurprisingly its not cheap to live in Saratoga. The top five cities with the fastest growing millionaire populations are not in the U.S., however. Homes are expensive in the New York area with a median value of $392,700. The March 2018 unemployment rate in the United States was 4.1%. Poverty rates, median home values, and educational attainment rates also came from the ACS. The absolute extremes of wealth and poverty are often found in the same area. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. 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. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. We Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. 1. 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. 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. According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them. 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. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. 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. In these wealthy communities, the average household income ranged from #1 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. 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. Additionally, these cities have become prime retirement destinations, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, who collaborated on the report with Henley & Partners, told CNBC. The report links this to booming oil and gas industries, which have flourished as energy prices have soared and boosted stock markets in these areas. Living in the city will cost you though. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. More:Want to be a high earner? The area's high incomes, however, are largely offset by a high cost of living. Reason why Midland has such a high cost of living considerably by the wealthy within U.S.... Building, average home value price in the richest American cities, the median home value in University Park $! 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