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An individual’s wealth is directly relative to the city’s wealth. According to Martin Wolf of Financial Times, cities are the driving force of economic progress. As such, the few thriving cities are those that smartly focus on developing long-term assets that build economic, social, and human wealth.
Our list of wealthiest cities in the USA was selected based on the median household income of each city, population growth rate, and median housing prices as reported on Zillow.
While various indices are used to match the wealth of a city, this article chose to ignore the aesthetics and beauty of a town and pay attention to the meat and potatoes of how each city on our list functions in terms of median household income, population, and cost of housing.
Here’s an outline of the wealthiest cities in the USA.
Median household income: $223,621
Southlake, a Dallas/Fort Worth suburb, had an estimated population of 31,292 people in 2019, with 69.7 percent of adults holding a bachelor’s degree or more. The closeness of the DFW International Airport, established in the 1970s and led to the area’s rapid growth in the 1980s, 1990s, and 2000s, is a significant cause of Southlake’s wealth.
The city is strongly family-oriented, with children in 60.5 percent of the 6,414 households and married couples in 88 percent of homes. While the city is wealthy, the poverty rate is noticeably low, at only 2.5 percent—the 11th lowest of 1,775 cities.
The median cost of a home in Southlake has been rising since 2013 with an expected home value of $1,199,989. Southlake property values have increased by 27.1% in the last year.
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Median household income: $235,278
Los Altos, “The Heights” in Spanish, is located in the San Francisco Bay area on the western edge of Silicon Valley.
Los Altos is primarily a commuter community, with a population of slightly over 30,500 people, with 84.2 percent of adults holding a bachelor’s degree or more, ranking it fourth in the United States. Despite its proximity to San Francisco, Los Altos boasts the 24th lowest poverty rate of 1,775 cities, at 2.8 percent.
The seven-square mile City is designed with small businesses, schools, libraries, and churches.
The average home value in Los Altos is $4,244,095. This number is seasonally adjusted and only includes residences in the middle price range. Home values in Los Altos have increased 10.7% in the last year.
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Median household income: $224,485
University Park is a Dallas suburb with a population of 25,027 people. Located in Dallas County, the city is considered to be one of the best areas to live in Texas.
Southern Methodist University, a nationally renowned private university in the Dallas suburbs, is located in University Park. As a college town, it’s no wonder that University Park has the highest education ranking, with 87.8 percent of adults holding a bachelor’s degree or more.
Despite its richness and high education rate, University Park has a somewhat higher poverty rate, at 3.9 percent, ranking it 109th out of 1,775 communities.
University Park provides inhabitants with a modest suburban feel, and most homeowners own their homes. According to Zillow, The typical home value of homes in University Park is $2,074,884. The City’s home values have increased 26.9% over the past year.
Median household income: $207,184
McLean is in Fairfax County, which is noted for its excellent public schools. With over 47,682 persons, the city sits on the outskirts of Washington, D.C., across the Potomac River from Potomac, Maryland (another one of the richest cities in America).
Owing to its proximity to Washington, D.C., the Pentagon, and the Central Intelligence Agency, the city is home to many diplomats, the military, members of Congress, and high-ranking government officials.
According to the American Community Survey, McLean was the third wealthiest city in the United States in 2018, with a poverty rate of 2.6% and a median household income of $190,258.
The cost of living in McLean is relatively high; compared to a U.S. average of 100, the cost of living index for the community is 142.6.
Median household income: $206,466
Westport is a small town in Fairfield County, Connecticut, United States, situated along the Long Island Sound within Connecticut’s Gold Coast.
Westport is a dynamic downtown and a thriving commercial environment that combines the charm of a New England village with the conveniences of modern living.
Residents have a high quality of life due to their dedication to preserving natural resources, preserving traditions, and supporting community events. The town offers a wide choice of recreational activities and places. The village is situated on Long Island Sound and has three beaches along its coastline.
In Westport, 78 percent of adults have a bachelor’s degree or higher. And, as a fun fact, F. Scott Fitzgerald and Martha Stewart both lived in Westport at one point, adding to the city’s luxury.
According to a report on Zillow, homes in Westport were valued at $1,420,125
Median household income: $197,132
Wellesley is a town in Norfolk County, Massachusetts, United States. It is also part of Greater Boston. This town houses Wellesley College, Babson College, and a campus of Massachusetts Bay Community College.
The city has the fifth highest percentage of adults with a minimum of bachelor’s degree. As of 2019, the city’s population was slightly less than 30,000, with the poverty rate staggering at 4.4 percent.
Wellesley is home to the headquarters of many local, national and global businesses like Blank Label Apparel, Eagle Investment Systems, Benchmark Senior Living, EPG Incorporated, GrandBanks Capital, Harvard Pilgrim Health Care, Livingston and Haynes PC, Roche Bros., and Sun Life Financial U.S.
Zillow estimates the average home value at $1,643,010 as of 2022.
Median household income: $195,884
Potomac is a city centered around wealth. Since the city is nestled just outside of the District of Columbia, a good percentage of its 45,000-plus residents have their offices in the nation’s capital, and 80.6 percent of adults have at least a bachelor’s degree.
Another known fact about the city is that women outnumber males, with approximately 82 men for every 90 women.
Potomac provides inhabitants with a dense suburban feel; most residents own their houses. There are various coffee shops and parks in Potomac.
In the area of housing, homes in Potomac are worth $1,186,488, according to Zillow.
Median household income: $191,677
Nestled in the foothills of the Santa Cruz Mountains of California, Saratoga is a beautiful residential community with a small-town feel. It is also one of the wealthiest cities in America. It is renowned for its excellent schools, unique shops, great cultural institutions, and fine dining. Saratoga promises its residents a high quality of life and a chance to escape the hustle of Silicon Valley.
As of 2019, 30,697 residents called Saratoga home. In 2018, data from the American Community Survey opines that Saratoga was the 8th wealthiest city in the United States.
According to the latest report on Zillow, the typical home value in Saratoga in 2022 is $3,742,407, making it the second highest after Los Altos.
Median household income: $186,201
Lexington is a suburb town in Middlesex County, Massachusetts, United States located 10 miles (16 km) from Downtown Boston. It has a population of 34,454 residents as of the 2020 census.
The most common jobs in Lexington are management occupations, business and financial occupations, technical jobs, and healthcare practitioners.
Lexington is one of the wealthiest cities in the US with an average home value cost of $1,593,730. This number is seasonally adjusted and only includes residences in the middle price range. Lexington home values have increased 17.3% in the last year.
Median household income: $184,355
Ridgewood is a small city in Bergen County, New Jersey. It is home to 25,179 residents according to the 2020 United States Census.
The average median household income of residents of Ridgewood is $141,315 a year which is above the US average of $53,482 a year.
This small-sized town has a unique blend of modern luxury. In addition to the downtown and its closeness to New York City, Ridgewood’s schools are always ranked among the top 10 percent of schools in the state. The Public Schools are made up of nine public schools and two additional school facilities, which house a pre-school program run through the district and a private daycare center.
According to a report on bestplaces.net, Ridgewood has seen the job market decrease by -0.5% over the last year. Future job growth over the next ten years is predicted to be 25.9%, which is lower than the US average of 33.5%.
Southlake Texas is the wealthiest city in the US with a median household income of $223,621.
Currently, the wealthiest city in the world is Tokyo.
According to Statista, California is the U.S. state with the most billionaires, with 186 billionaires calling the state home. New York was second, with 135 resident billionaires.
California has the largest millionaire households in the U.S., with 1.14 million households having one million or more invested assets.
While the wealthiest cities maybe those with a growing population and buzzing economy, indices like the quality of life and public service activities are all key factors that quantify a city’s success rate.