This idyllic town has all the charms of Old Florida--a thriving fishing industry, mom-and-pop eateries, and, of course, beaches built for casual strolling. The 2014 slump in energy prices touched off the state's worst recession in three decades. These places aren't in the best states to move to in the USA, but a few are some of the wor. A suburb of Kansas City, Fairway, like many small cities and towns on this list, is well within commuting distance of employment opportunities in a major city. Over the last five years, the number of people living Ocean Pointe jumped by 44%. Although median income in the micro area is roughly $12,000 above than the national level, median home value beats the U.S. median by a whopping $280,900. More importantly, it makes Laconia a relatively easy drive from points farther south where millionaires maintain their primary residences. Here are the 20 richest counties in the U.S. and the average household incomes of each, according to DailyMail.com's report. The town is just outside of Anchorage, Alaska's largest city, providing residents access to many, likely higher-paying, employment opportunities. Of all area residents 25 and older, 70.6% have a bachelor's degree or higher compared to 28.6% of adults across the state as a whole. In Essex Junction, the wealthiest small city or town in the state, the median household income is just $75,439. However, also has some seriously luxurious mansions and impressively large . The typical household in Avondale Estates earns $108,299 a year, nearly twice the state median income of $55,679 and far more than the national figure of $60,293. Driving time: 6 hours, 14 minutes. Located less than 25 miles west of St. Louis, Clarkson Valley residents have access to employment opportunities in the nearby city, many of them high paying. Relative to much of the country, median incomes do not vary much from place to place in Vermont. In most states, the wealthiest town has a median household income that is two or three times higher than the median across the state as a whole. The typical Hampton household earns $92,688 a year, the most of any small town in New Hampshire and far more than the $74,057 state median household income. In the first half of the 2010s, North Dakota had the fastest-growing economy in the nation, thanks to the explosion in shale oil drilling. A far higher than average share of workers in Buckner work as health diagnosing and treating practitioners, which are generally high paying jobs. Lexington has become one of the wealthiest cities in America, with the typical home costing $1,361,431 in 2022, according to Zillow. Latest checked 2011 [1] The Church of Jesus Christ of Latter-day Saints. Happily for residents, Washington is among the most friendly states for taxes (opens in new tab). The rugged mountain terrain is ideal for hiking, mountain biking, camping, you name it. They have new homes, drive new cars, and have bright futures. 2,047) Atherton. tech stocks Centerton is situated next to Bentonville, the home to Walmart's corporate offices and its roughly 17,000 employees. Fully 8.7% of Heber's 9,567 households have at least $1 million in investable assets. Median household income: $170,952 (state: $53,560), Poverty rate: 1.3% (state: 14.2%), Median home value: $629,200 (state: $151,600). Posted Mon, Feb 24, 2020 at 12:35 pm ET. Clarkson Valley is the only small city or town in the state where more than 75% of the adult population has a bachelor's degree or higher. The typical home in New Albany is worth $494,600, more than three times the state median home value of $140,000. West Virginia's median household income is one of the lowest among states, at just under $45,000. The town is centered by Hidden Valley Lake. To determine America's richest towns, 24/7 Wall St. reviewed household income data from the U.S. Census Bureau's American Community Survey in every American town with a population of between . Based on median household income, Mississippi is the poorest state in the country. Here are nine of the best stocks for rising interest rates. The typical home in Weddington is worth $443,600, the highest median home value of any small city or town in North Carolina and more than twice the $165,900 state median. By Dan Burrows The Federal Reserve has been aggressive in its rate hiking, and it's likely not done yet. Real estate values in Winchester reflect the area's high incomes. Back out things such as the value of real estate (the bulk of most folks' wealth is tied up in their homes), employer-sponsored retirement plans and business partnerships, and only 6.7% of American households qualify as millionaires. Millionaires in America 2020: All 50 States Ranked. For example, your friend asks you, "how much money do you have . Greenville's median home value is more than triple that of New York state, at over $950,000. Median household income: $106,285 (state: $54,325), Poverty rate: 3.7% (state: 14.1%), Median home value: $196,800 (state: $135,400). Clarkson Valley is a small Missouri city of less than 3,000 people. For year-round activities, the Heber Valley features five 18-hole championship golf courses, three state parks and a historic tourism railroad. Top employers in Elko County include the Elko County School District and West Wendover Casinos. Data on household incomes and home values come from the U.S. Census Bureau. Dalton Gardens is north of Coeur d'Alene, Idaho, and across the border from Spokane, Washington, giving its residents access to two major population centers where they can find employment. A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. Many of those jobs in and around Fairway are high paying, as most households in the area earn over $100,000 a year, and more than one in five households earn $200,000 or more. Hot springs, rafting, kayaking, fishing, hiking, mountain biking and golf, among many other activities, make Glenwood Springs a year-round destination. However, when it comes to the highest concentration of . Rock Springs has since transitioned from coal to an economy dependent on trona mines and oil and gas, and is today the wealthiest small town in Wyoming. In Avondale Estates, 74.8% of adults have at least a bachelor's degree, the largest share of any city in Georgia and more than twice the state college attainment rate of 30.7%. Destrehan is a Census-designated place with 11,000 residents, located about 20 miles west of downtown New Orleans. Oak Hill is a small city of approximately 4,600 residents located about 7 miles south of downtown Nashville. Tiny Elko, Nevada, owes its high concentration of millionaires to its status as the capital of Nevada's gold mining industry. Boating, fishing, snorkeling, scuba diving and lazing on the beach are just some of Key West's draws. Bloomberg created and ordered this list by annual household income. For example, giant brands like The Coca-Cola Company (NYSE: KO ), Walmart Inc. (NYSE: WMT ), oil companies like Exxon Mobil Corporation (NYSE: XOM ), and many U.S.-based airlines, American . Most households in the area earn over $170,000 a year -- more than triple the median annual household income statewide of $55,000. By the end of the last decade, fortunes were once again looking up, but that came to a halt with the coronavirus. Water views, rolling hills and a verdant landscape (at least in the warmer months) make for many an idyllic scene. Carson City, capital of the Silver State, is just 20 miles to the north of Gardnerville Ranchos, and high rollers can reach Reno's casinos in an hour. Port Royal, Naples, Florida. Median household income: $84,075 (state: $56,499), Poverty rate: 2.5% (state: 13.6%), Median home value: $206,600 (state: $159,100). In most of these cities, people have it made, financially. Since then, the 2020 median household income has been reported as $67,521, a 2.9 percent decrease since 2019, . Most homes in Pinecrest are worth over $900,000, while most Florida homes are worth less than $200,000. Examples of investable assets include cash, stocks, bonds and funds, among a bunch of other types of investments and financial products. Situated on the northeast shore of White Bear Lake some 20 miles from downtown Minneapolis, Dellwood is one of the wealthiest suburbs in the Midwest. Cost of living: 21.1% above U.S. average. Hard work is embedded in American culture. As a bonus, gun buyers aren't reliant on hit-and-miss sales or once-a-year clearance events, to save money. 100. worldwide. Bridgeport, just south of Morgantown and West Virginia University, has the highest four-year college attainment rate of any town in the state, at 50.7%. The economy in Los Alamos is supported by the Los Alamos National Lab -- a research and development center for the Department of Energy and the National Nuclear Security Administration. The mansions of America's wealthiest could just be a short trip from where you live although you might need a boat to get there. Another appealing aspect of the area for millionaires: It's a straight shot down Interstate 80 to reach Sacramento, the state capital, and San Francisco. Concord also is a major distribution, industrial and transportation hub. Seattle-Tacoma-Bellevue. Not only is there no state income tax, but the government actually pays residents an annual stipend. The county seat of Loudoun is in Leesburg, where most administration activities take place. The aforementioned Park City, which hosts Robert Redford's Sundance Film Festival, also boasts several world-class ski resorts. 27 / 52. New Albany boasts 53 miles of walking trails, more than 2,000 acres of parkland, and a 5,000 acre business park. Median household income: $180,541 (state: $63,575), Poverty rate: 1.2% (state: 13.1%), Median home value: $625,100 (state: $187,200). If your ideal summer retreat is a lakeside getaway, you could hardly do better than Laconia. To ensure accuracy, we only considered places where the margin of error for population and median household income was less than 10%. Median household income: $71,111 (state: $53,089), Poverty rate: 3.6% (state: 13.8%), Median home value: $364,600 (state: $192,300). The typical Montana City household earns $93,194 a year, the most of any small city or town in Montana and far more than the $52,559 state median household income. This city in the oil-rich Bakken Formation soon found itself home to fracking millionaires. Its richest municipality, Dalton Gardens, has a median household income of just over $71,000, which is lower than that of any other municipality on this list. By Kyle Woodley This table shows the astonishing list of wealthiest counties in America by average household income. Median household income: $161,641 (state: $59,445), Poverty rate: 5.8% (state: 12.8%), Median home value: $602,000 (state: $174,100). Nevin Rudloff October 8, 2020 . The Oak Harbor, Washington, micro area actually encompasses all of Whidbey Island. Once upon a time before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. Initially a mining camp in the 19th century, Montana City has since developed into a wealthy suburb of approximately 2,800 residents. But high concentrations of millionaires can be found in some far-flung places too. The tiny town about 35 miles northwest of Santa Fe is home to a government nuclear weapons laboratory and a number of chemists, engineers and physicists. 6. But as anyone who works in the oil patch knows, booms and busts are an integral part of the industry. Weddington is a small town of approximately 11,000 residents located 16 miles south of downtown Charlotte. New York, The sun-kissed island and nearby neighbors offer a tropical paradise in the good ol' U.S. of A. Los Alamos sounds like an unlikely place to find a lot of millionaires, but we're talking about the concentration of millionaire households, not the total number of millionaires. Known for high-income levels and a low unemployment rate, Luxembourg is the richest country in the world. The 25 Best Low-Fee Mutual Funds You Can Buy. "Coupeville and Langley have higher incomes, swankier homes and older residents." Median household income: $214,477 (state: $59,570), Poverty rate: 4.3% (state: 15.5%), Median home value: $1,230,200 (state: $161,700). Published 11 January 23. stocks More than half of all adults in the area have a bachelor's degree or higher, compared to 35.3% of adults living in Washington state. Median household income: $132,587 (state: $52,413), Poverty rate: 1.7% (state: 15.4%), Median home value: $443,600 (state: $165,900). "Oak Harbor is usually regarded as the poorer but more developed stepsister when compared to other Whidbey municipalities," notes the Whidbey News-Times. 65 Best Dividend Stocks You Can Count On in 2020. Median household income: $80,135. Reply. West Virginia has the lowest bachelor's degree attainment rate of any state, at 20.3%. Reply. Subscribe and turn on notifications (?) An 85-year Harvard study found the No. In Brandon, most households earn over $84,000 a year, about $28,000 more than the typical South Dakota household. The typical Whitefish Bay household earns $117,300 a year, nearly twice the $59,209 state median household income and the $60,293 national figure. Fitness buffs have plenty of options: In the snowy Minnesota winter, you can cross-country ski along miles of groomed trails or snowshoe through Carleton's Cowling Arboretum. [2] Sree Venkateswara Swamy Temple. The typical household in Horace today earns $131,354 a year, the most of any small town in North Dakota and more than twice the state median household income of $63,473. Looking to buy a car? The 150 richest cities in the world by GDP in 2020. Sign up here, Your California Privacy Rights/Privacy Policy. To compiler their 2020 list of the 50 richest places, Bloomberg "evaluated . On the plus side, Massachusetts' reputation as a high-tax state is overblown (opens in new tab). The typical home in University Park is worth $1.2 million, compared to the median home value of $161,700 statewide. Let's break out of Northern California and talk about an expensive Florida neighborhood - Port Royal, located in Naples. That helps explain its inclusion on the list of small towns with high concentrations of millionaires. For the fourth straight year, Atherton topped Bloomberg's Richest Places annual index. If there's a silver lining, it's that North Dakota is one of the nation's more tax-friendly states (opens in new tab). A 35-minute train ride from New York City, the town sports quaint shops and top-rated schools . It also has a trio of 18-hole golf courses. 18 Stocks Warren Buffett Is Selling (And 6 He's Buying). He has written for The Wall Street Journal, Bloomberg, Consumer Reports, Senior Executive and Boston magazine, and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among other publications. But the area offers much more than pricey lift tickets and celebrity spotting. Heber boasts world-class recreational activities for the wealthy and regular Joes alike. Incomes tend to rise with educational attainment, and as is often the case in other states, Missouri's wealthiest town is also its best educated. Bloomfield Hills is the wealthiest place in Michigan. Hudson has become popular with millionaires and non-millionaires alike thanks to its myriad restaurants, art galleries and nightlife. Edgeworth was originally developed in the late 19th century as a haven for managers and professionals wanting to escape the pollution of industrialized Pittsburgh, and today it has some of the most expensive homes in the state. . But the area offers a wealth of outdoor fun year-round. Edgeworth is a small borough of approximately 1,600 residents located some 12 miles up the Ohio River from downtown Pittsburgh. Be that as it may, property taxes as a percentage of home value are the lowest in the U.S. By this point in our list of small towns with the highest concentrations of millionaires, it should be clear that Western ski resort towns are mighty popular with people of means. Darien is the wealthiest small municipality in one of the wealthiest states. While the median income in Essex Junction is about $15,000 more than the statewide median, it falls below the overall median in several other states, including neighboring Massachusetts and nearby Connecticut. Atherton, CA- Average household income - $450,696. The village was originally incorporated in 1892 as a means to organize a school system for the children of farmers, and today it is the wealthiest small town in Wisconsin. The typical Spring Creek home is worth $225,400, less than the $242,400 state median home value. In Oak Hill, some 78.2% of adults have at least a bachelor's degree -- about three times the 26.6% state college attainment rate and by far the most of any small city or town in Tennessee. And just when Alaska could see an end to the downturn, COVID-19 hammered the energy sector. In Dellwood, some 75.2% of adults have a bachelor's degree, more than twice both the state bachelor's degree attainment rate of 35.4% and the national rate of 31.5%. Highland, Utah, is located between Salt Lake City, the largest metro area in the state, and Provo, home to Brigham Young University, the state's largest college. Connecticut's median annual household of $76,106 is about $26,000 more than the median nationwide. The median home value in Hidden Valley is $196,800, more than $60,000 higher than the median home value in Indiana as a whole. Here in Utah, things couldn't be more odd. The median annual household income in Ocean Pointe is $114,801, more than in any other small city or town in Hawaii. Oxnard-Thousand Oaks-Ventura, California. As we shall see, another area near Laconia makes this list of small towns with a high percentage of millionaires. Following Atherton is Scarsdale, New York, which is less than 25 miles away from Manhattan; Hillsborough, California, about 20 miles south of San Francisco; Cherry Hills Village, Colorado, a Denver suburb; and Los Altos Hills, California, near Silicon Valley. Tiny Easton, on the Eastern Shore of the Chesapeake Bay, prides itself on its out-of-the-way feel, with country farms mixing with lavish waterfront estates. With roots dating back to the early 1800s, Travilah is home to a large number of historic homes with large tracts of land, and it has some of the most expensive houses in the country. More than 8,000 people call Upper Saddle River in Bergen County home. 20. New Albany is a suburb of the Columbus metro area, located less than 15 miles northeast of the Ohio state capital. Median household income: $75,439 (state: $60,076), Poverty rate: 6.2% (state: 11.2%), Median home value: $283,400 (state: $223,700). But it's Colorado's status as a tax-friendly state for both retirees and working residents that helps make Edwards a great deal for year-round living. Sergey Brin. Belvedere, California is just north of Richardson Bay, across the water from San Francisco -- the second richest metro area in the country -- and within driving distance of San Jose, which is the richest metro area. 6. The typical household earns $214,477 a year, more than three times both the state median household income of $59,570 and the $60,293 national figure. 1 Bethany ($121,149) This town is the richest in the entire state of Oregon and it even has a larger population of 20,646. The median household income in Highland Lakes is more than triple the median income across Alabama as a whole. We only considered areas with populations between 1,000 and 25,000. In many cases, the chef is why someone visits a restaurant. Find the full list of America's 100 Richest Places on Bloomberg. The typical actual cost that students . Median household income: $213,801 (state: $79,363), Poverty rate: 3.9% (state: 10.4%), Median home value: $644,900 (state: $327,900). The city continues to attract some very educated people; about 44% of adults in the area have at least Bachelor's Degrees. 3); and Cherry Hills Village, Colorado (No. The median in Jenks is tens of thousands of dollars higher, at over $93,000. Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University. Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio. The wealthiest town in the state, Destrehan's median household income of $92,052 is nearly double the median income across Louisiana of $47,942. When you purchase through links on our site, we may earn an affiliate commission. . Check out: The best credit cards of 2020 could earn you over $1,000 in 5 years, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. One characteristic these towns have in common is a high level of education. In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics and more. Source: Bloomberg. It's a good thing, too, considering the high price of homes in the area. Many residents likely commute to high-paying jobs in nearby Birmingham. This combines to explain why the town is on the list of the 20 richest in New Jersey in 2019. Top 5 fastest-growing U.S. cities for millionaires. The three largest employers in Linn County, where Robins is located, are in the aerospace, insurance, and health care fields, all of which can pay relatively high salaries. In comparison with most other states, Mississippi's most expensive neighborhood isn't actually all that expensive especially when you consider that the median home value in Florida is more than $8 million. With nearly a $12 million annual salary, Walters was one of the highest-paid news anchors . Located in Washington County, Arkansas, the small town of Goshen is considered to be the wealthiest in the state. New Mexico's personal income tax rates top out at 4.9% on taxable income over $16,000 for single filers and over $24,000 for married couples filing jointly. In others, a particular industry drives local wealth. Given the school's very highly selective . Incomes tend to rise with educational attainment, and not only is Cumberland Hill the wealthiest place in the state, it is also the best educated. Bethany is the most affluent neighborhood in Oregon. Indeed, former presidents Bill Clinton and Barack Obama have summered there, and Jacqueline Kennedy Onassis long maintained a home on the island. And, unlike more rural parts of the vacation wonderland, Laconia is just a few miles off Interstate 93. You'll find the Truckee-Grass Valley area on the California side of Lake Tahoe, with Truckee proper situated near the shore of the famed lake itself and Grass Valley sitting farther to the west. Phoenix Marketing International (opens in new tab), a firm that tracks the affluent market, annually ranks 933 urban areas, large and small, based on the percentage of millionaire households in each location. Median household income: $88,199 (state: $63,296), Poverty rate: 5.3% (state: 13.1%), Median home value: $251,300 (state: $249,800). But the town's signature draws are antiques and architecture. Analysts say a tough 2022 has left these small-cap stocks priced for outperformance in the new year and beyond. Jenks, Oklahoma, is located just south of Tulsa, so residents have access to the many high-paying jobs in the bigger city, in sectors like health care and aerospace engineering. The Evergreen State makes the cut because it doesn't have an income tax. Median household income: $117,300 (state: $59,209), Poverty rate: 3.5% (state: 11.9%), Median home value: $373,200 (state: $173,600). And when demand finally started to improve, the COVID-19 pandemic slammed the energy sector. And thanks to abundant revenue that the state collects from oil and mineral rights, Wyoming millionaires shoulder one of the lowest tax burdens in the U.S. For those living in Idaho, the tax situation is a bit more mixed (opens in new tab). Happily, for all of Elko's residents, Nevada is a no-income-tax haven, and one of Kiplinger's top 10 most tax-friendly states. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Median Home Value: $288,200. Great Falls is the richest town in Virginia and one of the richest in the entire country. Not all parts of the state are low income, however. As a result, Hanover buzzes with a diverse mix of art, culture and outdoor sporting and recreational activities year-round. The rules that keep American housing expensive. The typical home is worth $625,100, more than three times both the state median home value of $187,200 and the national value of $204,900. Hidden Valley is a private residential community on the eastern edge of Indiana, just across the Ohio border from Cincinnati. Glencoe, IL. With three major ski resorts and an abundance of other year-round recreational activities, it's easy to see the appeal for those with means. NY 10036. Estimates of millionaire households provided by Phoenix Marketing International. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts. Atherton is joined by Scarsdale, New York (No. The poverty rate in Dalton Gardens is 3.6%, a fraction of Idaho's 13.8% poverty rate. 24/7 Wall St. reviewed the median annual household income in over 2,600 cities, towns, villages, and census designated places to identify the richest town in every state. The typical home in Rock Springs is worth $217,400, slightly more than the $213,300 state median home value. 25% of the total families in US don't even have $10,000. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000.
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