The 7 Wealthiest Cities In The USA In 2022

The 7 Wealthiest Cities In The USA In 2022

The prosperity of individuals is directly related to the prosperity of a city. According to Martin Wolf of the Financial Times, cities are engines of economic progress. Successful cities are, therefore, those that focus intelligently on developing the long-term values that create economic, social, and human wealth.

According to Zillow, our list of the 7 wealthiest U.S. cities is based on median household income, population growth rate, and median home price.

The 7 Wealthiest U.S. Cities in 2022

While various metrics are used to determine a city’s wealth, in this article, we decided to leave aside aesthetics and beauty and focus on how each city on our list stacks up in terms of median household income, population, and housing costs.

Take a look at the wealthiest cities in the United States:

1. Ridgewood, New Jersey

  • Median household income: $184,355.

Ridgewood is a small town in Bergen County, New Jersey. According to the 2020 U.S. Census, the town has a population of 25,179. The median household income of Ridgewood residents is $141,315 per year, which is higher than the U.S. average of $53,482 per year.

This small town offers a unique combination of modern luxury. In addition to its downtown location and proximity to New York City, Ridgewood schools consistently rank in the top 10% of schools in the state. The public schools consist of nine public schools and two additional school buildings that house the district’s preschool program and private preschool.

According to a report by bestplaces.net, the job market in Ridgewood declined by -0.5% last year. Employment is projected to grow 25.9% over the next ten years, below the U.S. average of 33.5%.

2. Lexington, Massachusetts

  • Median household income: $186,201.

Lexington is a suburb of Middlesex County in the U.S. state of Massachusetts, located 10 miles from downtown Boston. According to the 2020 census, the town has a population of 34,454.

The most common occupations in Lexington are management, sales and finance, technical, and health care workers.

Lexington is one of the wealthiest cities in the United States, with an average home value of $1,593,730. This figure is seasonally adjusted and includes only middle-class homes. Last year, property values in Lexington increased by 17.3%.

3. Saratoga, California

  • Median household income: $191,677.

Located at the base of California’s Santa Cruz Mountains, Saratoga is a beautiful residential community with a small-town feel. Additionally, it’s one of the wealthiest American cities. It is known for its excellent schools, unique shops, great cultural institutions, and excellent restaurants. Saratoga promises its residents a high quality of life and an escape from the hustle and bustle of Silicon Valley.

In 2019, there were 30,697 residents living in Saratoga. In 2018, Saratoga ranked as the 8th wealthiest city in the United States, according to the American Community Survey.

According to Zillow’s latest report, the value of a typical home in Saratoga will be $3,742,407 in 2022, making it the second wealthiest city after Los Altos.

4. Potomac, Maryland

  • Median household income: $195,884.

Potomac is a city where prosperity is the focus. Given its proximity to Washington, D.C., a large portion of the city’s more than 45,000 residents have offices in the capital, and 80.6% of adults have at least a bachelor’s degree.

Another well-known fact is that there are more women than men in the city: for every 90 women, there are about 82 men.

Potomac has a dense suburban atmosphere, with most residents owning their own homes. There are several cafes and parks in Potomac.

According to Zillow, the price of a house in Potomac is $1,186,488.

5. Wellesley, Massachusetts

  • Median household income: $197,132

The town of Wellesley is located in Massachusetts Norfolk County. It is also part of the Boston metropolitan area. The city is home to Wellesley College, Babson College, and the Massachusetts Bay Community College campus.

The percentage of adults in the city who have at least a bachelor’s degree ranks fifth highest. In 2019, the city’s population was just under 30,000, and the poverty rate was a staggering 4.4%.

Wellesley is home to several local, national and global companies, including Blank Label Apparel, Eagle Investment Systems, Benchmark Senior Living, EPG Incorporated, GrandBanks Capital, Harvard Pilgrim Health Care, Sun Life Financial U.S., Roche Bros., and Livingston and Haynes PC

Zillow estimates the average value of a home to be $1,643,010 in 2022.

6. Westport, Connecticut

  • Median household income: $206,466 U.S.

Westport is a small town in Fairfield County, U.S. State of Connecticut, located on Long Island Sound on Connecticut’s Gold Coast.

Westport has a vibrant downtown and thriving business environment that combines the charm of a New England village with the conveniences of modern life.

Residents enjoy a high quality of life through their commitment to protecting natural resources, preserving traditions, and supporting community events. The city offers a multitude of recreational activities and event venues. The town is located on Long Island Sound and has three beaches along the shoreline.

In Westport, 78% of adults have a bachelor’s degree or higher. Interestingly, Westport was the home of F. Scott Fitzgerald and Martha Stewart, which adds to the town’s luxury.

7. McLean, Virginia

  • Median household income: $207,184 U.S.

McLean is located in Fairfax County, known for its excellent public schools. The city, with a population of over 47,682, is located on the outskirts of Washington, D.C., across the Potomac River from Potomac, Maryland (also one of the wealthiest cities in America).

Its proximity to Washington, D.C., the Pentagon, and the Central Intelligence Agency makes it home to many diplomats, soldiers, members of Congress, and senior government officials.

According to the 2018 American Community Survey, McLean was the third wealthiest city in the United States, with a poverty rate of 2.6 percent and an average household income of $190,258.

The cost of living in McLean is relatively high; compared to the U.S. average of 100, the city’s cost of living index is 142.6.

Conclusion

While the most successful cities are those with growing populations and thriving economies, indices such as quality of life and public services are key factors in measuring a city’s success.

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