Southlake, Texas—known 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 24/7 Wall St., which used five-year estimates of median household income from the U.S. Census Bureau’s 2019 American Community Survey (ACS). With a median household income of $240,248, Southlake’s 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). (That said, the latest five-year ACS accounts for years 2014–2018. 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.)
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 California—a whopping nine of the 25 richest cities in the U.S. are located within the state. Despite being home to more than a third of the country’s richest cities, California is not the richest state—Maryland, with a median household income of $86,738, is—nor is it home to the richest city.
One reason for Southlake's wealth? The city boasts a population in which 69.7 percent of adult residents have at least a bachelor’s degree. While that may seem quite high, it’s surprisingly ranked only 57th of the 1,775 cities evaluated. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. Together, these two factors—high college education and low poverty rates—are common among America’s richest cities (which will be apparent in the slides ahead). Keep reading to find out more about the richest cities in the U.S.
1
Southlake, Texas
Median household income: $240,248
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 bachelor’s degree. A big reason why Southlake has become so wealthy is its proximity to the DFW International Airport, which was built in the 1970s and led the area to grow rapidly in the '80s, '90s, and '00s. The city is very family oriented, with 60.5 percent of the 6,414 households including children and 88 percent of homes inhabited by married couples. While the wealth of the city is high, the poverty rate is notably low, at just 2.5 percent—the 11th lowest of 1,775 cities.
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. Now the typical home value in Southlake is $1,047,548.
2
Los Altos, California
Median household income: $235,278
Los Altos—which means “The Heights” in Spanish—is on the western border of Silicon Valley, located in the San Francisco Bay area. 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 bachelor’s degree—making it the fourth most educated city in the United States. 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.
Although Los Altos isn’t the wealthiest city in the U.S., it does boast the highest median home value. In 2019 the median home value was more than $2,000,000—now, in 2022, Zillow reports that the typical home value in the California city is a whopping $4,150,436.
3
University Park, Texas
Median household income: $224,485
University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. It’s no surprise that as a college city University Park has the highest education ranking, with 87.8 percent of adults having a bachelor’s degree or higher. 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.
According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022.
4
McLean, Virginia
Median household income: $207,184
McLean is in Fairfax County, which is renowned nationally for its public schools. 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). McLean has a low poverty rate (2.7 percent) and a high median home value ($1,031,200 in 2019 and $1,226,956 in 2022, according to Zillow) and has been home to many high-ranking public officials, including President Joseph R. Biden, Jr. and First Lady Dr. Jill Biden.
5
Westport, Connecticut
Median household income: $206,466
Located along the Long Island Sound, Westport is just 52 miles northeast of New York City, making it a popular destination for those looking to work in the city but live outside of it. Of adults residing in Westport, 78 percent hold a bachelor’s degree or higher. And, as a fun fact, once upon a time F. Scott Fitzgerald lived in Westport, as did Martha Stewart—both of whom only add to the city’s lavish appeal.
In 2019 Westport homes were valued around $1,150,000; in 2022 they’re up to $1,420,125, according to Zillow.
6
Wellesley, Massachusetts
Median household income: $197,132
Part of greater Boston, Wellesley is home to three colleges—Wellesley College, Babson College, and a campus of Massachusetts Bay Community College—which makes it no surprise that the city has the fifth highest percentage of adults with at least a bachelor’s degree. As of 2019 the city’s population was just less than 30,000 with the poverty rate teetering at 4.4 percent.
Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow.
7
Potomac, Maryland
Median household income: $195,884
Considering this city has its very own television show centered around wealth—The Real Housewives of Potomac—it’s no surprise that it’s one of the richest places in America. Since the city is nestled just outside of the District of Columbia, many of its 45,000-plus residents work in the nation’s capital, and 80.6 percent of adults have at least a bachelor’s degree. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. Another interesting fact about the city? Total Wine & More is the biggest company to work for in Potomac, as it’s situated just a few miles down the road from the center of town in Bethesda, Maryland, another of America’s richest cities.
As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow.
8
Saratoga, California
Median household income: $191,677
Like Los Altos, Saratoga is another city in the greater San Jose area. It’s situated below the southwestern shore of San Francisco Bay. As of 2019, 30,697 residents called Saratoga home. Some of the biggest companies with offices in the city include Roku, See’s Candies, and a handful of software companies (Saratoga is on the outskirts of Silicon Valley).
Unsurprisingly it’s not cheap to live in Saratoga. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos.
9
Lexington, Massachusetts
Median household income: $186,201
Lexington is northwest of Boston, just 10 miles from downtown. 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.
10
Ridgewood, New Jersey
Median household income: $184,355
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 adults living in Ridgewood, 76 percent hold a bachelor’s degree. 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.
11
San Carlos, California
Median household income: $182,083
Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelor’s degree. Like the California cities ranking among America’s top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley.
According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022.
12
Lafayette, California
Median household income: $178,889
The greater San Jose area isn’t the only place where affluence is centered in California though. Lafayette sits to the east of Berkeley and touts notable wealth. But that’s not all the city is known for. Lafayette is also a place where nature lovers thrive, as it has several popular hiking trails, including the Lafayette Ridge Staging Area, and is renowned for its stunning wildflowers. Of course, the city’s homes aren’t too shabby either, with typical values around $1,800,000 in 2022, according to Zillow.
13
Sammamish, Washington
Median household income: $174,003
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. The houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow.
14
Cupertino, California
Median household income: $171,917
Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. As one of the densest cities on this list—with 60,257 residents as of 2019—it’s not entirely shocking that of all the richest cities in America, Cupertino has one of the highest poverty rates at 6 percent. (That’s not to say it shouldn’t be addressed though.)
The reason Cupertino is so packed is the large number of tech companies with offices there, including Apple, Amazon, and Verizon, among other big businesses. The 2022 median home value in the city is $2,895,125, according to Zillow.
15
Westfield, New Jersey
Median household income: $170,798
Less than 20 miles southwest of New York City, Westfield is considered a “bedroom community” for Manhattan—in that many of its 29,877 residents live in New Jersey but work in the city. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow.
16
Brentwood, Tennessee
Median household income: $168,688
Of course, the South, East, and West coasts aren’t the only places where wealthy cities exist. Brentwood, a suburb of Nashville, makes the list too. 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 bachelor’s degree.
It’s also saturated with celebrity homes. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. Considering how many A-listers have walked the streets of Brentwood, you might be surprised to find that the median home value is $1,064,755, notably less than the homes in the greater San Jose area (a.k.a. where the concentration of wealthiest cities is the densest).
17 Dix Hills, New York
Median household income: $166,334
Dix Hills is in the greater Huntington area in Long Island, New York. Until after World War II, Dix Hills was largely a farming area. It is a rural place to live but is only a little over an hour away from both Manhattan and the Hamptons, so it’s a great central location for commuters and beach lovers alike. It has been home to many notable people, including John and Alice Coltrane. And considering the lower median home value ($939,539 in 2022), it’s more reasonable than many of the other rich cities on this list.
18
Needham, Massachusetts
Median household income: $165,547
Another suburb of Boston, Needham (which is located just below Wellesley) is a popular residence for folks looking to work in the city without having to live in it. As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelor’s degree. As of 2022, the median home value is listed at $1,277,815, according to Zillow.
19
Wilmette, Illinois
Median household income: $164,681
Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. Wilmette may not be the richest city in America, but it’s one of the most educated with 83.2 percent of adults holding a bachelor’s degree or higher. 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.
20
Bethesda, Maryland
Median household income: $164,142
Bethesda is largely known for its proximity to the District of Columbia. In that sense, it’s a “bedroom community” for the nation’s capital. About 63,000 people lived there as of 2019, and of the adult population 85.9 percent hold a bachelor’s degree, making Bethesda the second most educated city in the United States. Living in the city will cost you though. According to Zillow, the 2022 median home value is $1,112,584.
21
Colleyville, Texas
Median household income: $163,509
Although it’s just south of Southlake (America’s richest city), Colleyville—another suburb of Dallas/Fort Worth—is notably less wealthy (albeit still one of the richest places in the country). Still, according to Zillow, the median home value in the city in 2022 is $784,672.
22
Ladera Ranch, California
Median household income: $161,348
Taking things south in California, Ladera Ranch is a suburb of Los Angeles and boasts a population of 27,277. The city is essentially one giant neighborhood dotted with delicious restaurants, plenty of shopping, and beautiful homes—which, according to Zillow, are listed at a median value of $1,137,939. Plus it’s only about 23 minutes to the beach.
23
Danville, California
Median household income: $160,808
Danville, which is located to the east of Oakland, is another notable city in Northern California. Major corporations like JPMorgan Chase & Co., First Republic Bank, Chico’s, and Trek Bicycle have offices there, which lends to the population of 44,605 people. As for housing, Zillow reports the median house value in Danville as $2,378,653.
24
Menlo Park, California
Median household income: $160,784
Menlo Park is yet another city in the greater San Jose area. While far from having the highest household income, Menlo Park's median home value is at $2,926,940 in 2022, according to Zillow. Of course, the Bay Area city has far more exciting things than just expensive homes. Its proximity to the Redwood forest, as well as the beach, makes it an ideal location for adventurers and outdoor lovers as a whole. Menlo Park is also home to Meta.
25
San Ramon, California
Median household income: $160,783
Last but not least is San Ramon, which is, as you may have guessed by now, also in Northern California, just 30 miles north of Silicon Valley. San Ramon has the highest population of America's top 25 richest cities, with 75,648 people calling it home. And speaking of homes, they’re not cheap. According to Zillow, the 2022 median home value in San Ramon is $1,797,274.
While San Ramon is more suburban than other California cities on this list, it serves as the site of Chevron’s headquarters, as well as 24 Hour Fitness’. Additionally some other big companies have offices there, including GE, JPMorgan Chase & Co., AT&T, Procter & Gamble, and The Coca-Cola Company.
Published by REBECCA R. NORRIS
Published on FEB 18, 2022
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