Oakland had an annual median household income of $52,583. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. 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. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. 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). The mean, or the average, would be $1.09 million even though 9 out of 10 people would be earning just a tenth of that. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. The greater San Jose area isnt the only place where affluence is centered in California though. ALSO READ: The Least Healthy County in Each State. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. Almost 20% of the countys households earn at least $200,000 a year, the third highest share among metro areas and triple the U.S. share. 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. These two cities are a model case of income disparity in small geographic areas. Partially as a result, the metro area is one of the best educated in the United States. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. More:Which town in your state is the poorest? 3. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. Living in the city will cost you though. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. The prize for the highest Gini on our list goes to Greenwich, Connecticut, with its 0.65 reading, suggesting a much higher proportion of its residents wealth were in the hands of far fewer households. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. Housing costs drive up the cost of living considerably. This is despite the fact that the vast majority comprises of those who have not made it, and that there are unique conditions that have led to success in these cases, including a huge amount of luck, which has no logical explanation behind it. Why that is, I will explain later on in the methodology section. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. 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. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. In eight cities on this list, less than 3% of the labor force was out of work in March. The D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. Every item on this page was chosen by a Veranda editor. As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. A Division of NBC Universal. So let's take a look at the cities where you are more than likely to be well off, rather than not, starting with number 30: Median salary in the city in 2019 in USD: 79,251, Median salary in the city in 2018 in USD: 76,653. Most of these wealthiest communities have large populations of highly-skilled workers. 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. Income inequality is a growing problem in the United States. 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. Also from the ACS, we reviewed poverty rates, median home values, educational attainment rates, the shares of households making less than $10,000 and more than $200,000, as well as the percentage of households that are married, and have children. 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. In 2019, Apple invested $1 billion to build a new campus. Here are 30 great U.S. cities for older Americans 20. 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? 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. Educate your inbox. Here are 30 great U.S. cities for older Americans 20. Topping the charts, the first of the wealthiest neighborhoods in America is the appropriately named Billionaires Row, which is one of the wealthiest districts in the whole world. The area's high incomes, however, are largely offset by a high cost of living. West Palm Beach, Florida, ranked second on the list. University Park, Texas. 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. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. There are six cities in where the median household income is less than $20,000: (1) Livingston, Alabama; (2) Hawaiian Ocean View, Hawaii; (3) Homer, In Scarsdale, the median home was valued at more than $1,000,000. 25% of the total families in US don't even have $10,000. The typical household in the metro area earns $71,897 a year, more than in any other metro area in New York state and well above the national median household income of $57,617. What survivorship bias means is that we tend to focus on the success stories i.e. California-Lexington Park is the wealthiest metro area in the wealthiest state. Cities like New York City and L.A. might be some of the wealthiest in America, but it's smaller cities that are becoming more and more appealing to millionaires. Click here to see the richest towns in America. Essex Fells is a very small community with a population of 2,115. Bethesda is largely known for its proximity to the District of Columbia. Ask a Fool, As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers, Which town in your state is the poorest? Income Inequality is becoming the most important economic topic going into this election cycle. Amazon, Microsoft, Facebook, and Google all are major area employers. 84% of the families in the US have less wealth than the mean for the country. Analyst Says Bull Market Will Not End With Top Tech Stocks So Cheap, 10 Reasons Why Everything in the World Is About to Change, 11 Analyst Stocks Under $10 With Massive Upside Targets, Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More, Bakken Formation Still Has 6 Billion Barrels of Oil, 9 Oil and Gas Stocks Analysts Want You to Buy Now, The 20 Largest Privately Held Companies in America, Tesla Investor Day: No gen-3 vehicle announcement, next gigafactory coming to Mexico, South Korea February factory activity shrinks for eighth month, SoftBank-Backed Arm Rules Out UK Listing for Now to Focus on US IPO, UPDATE 1-Biden says other companies will slash insulin prices after Eli Lilly move. The typical metro area household earns $78,195 per year, in line with the $78,945 statewide median income both of which are well above the national median household income of $57,617. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. 1. 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. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. Four of the 10 wealthiest towns are within commuting distance of New York City, two are close to Dallas, and two are outside of San Francisco. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. New York City is home to more rich people than any other city in the world, according to a new report by investment migration consultancy Henley & Partners. We What's the best place to keep money you need to use soon? New York City is home to a number of high paying industries most famously finance. The Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. 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. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. 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. The typical Twin Cities household earns $73,231 a year, well above the median income across Minnesota of $65,599 and the median across the United States of $57,617. Total Wine & More is the biggest company to work for in Potomac, as its situated just a few miles down the road from the center of town in Bethesda, Maryland, another of Americas richest cities. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. Like Los Altos, Saratoga is another city in the greater San Jose area. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. 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. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. As one of the densest cities on this listwith 60,257 residents as of 2019its not entirely shocking that of all the richest cities in America, Cupertino has one of the highest poverty rates at 6 percent. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. Hearst Magazine Media, Inc. All Rights Reserved. It is a small community with a population of less than 5,000 people. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. The wealthiest 1% of Americans hold an amazing 40% of all wealth. In Orinda, it was 71.6% of all households. The village is home to hundreds of wealthy businesspeople, athletes and entertainers. 4. 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. Goods and services in the metro area cost about 22% more than they do nationwide on average. Keep reading to find out more about the richest cities in the U.S. 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 bachelors degree. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. A handful of Midwest and Southwest areas made the top 20. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. The total private wealth held by New York residents was found to exceed $3 trillion. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. This type of inequality does not occur overnight. London, United Kingdom (272,400). The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617.