A new study from GoBankingRates.com revealed the most affluent suburbs in the United States for June 2024.
The key finding was that New York suburbs beat out California. The No. 1 and No. 2 wealthiest suburbs in America are both just outside New York City: Scarsdale, NY (average income of $569K) and Rye, NY (average income of $405K).
Additionally, the study found:
- Outside of NYC, just one northeastern suburb cracks the top 10. Wellesley, MA ranked No. 10 overall with an average household income of approximately $368,000.
- Texas ranks higher than Florida. Two Texas suburbs ranked among the 10 wealthiest in America (West University Place and University Park), while the highest ranking Florida suburb was Palm Beach, at No. 11.
The study's methodology included GOBankingRates looking at all cities with 5,000 households or more. They then isolated the 50 cities with the highest average household income as sourced from the 2022 American Community Survey. '
Then, they were able to find which metro area they were a suburb of as well as the 2024 typical home value for the city as sourced from Zillow. All data was collected and is up to date as of June 18, 2024.
Moving to the southern regions, West University Place in Texas, a suburb of Houston, stands out with an average household income of $403,845 and home values around $1.6 million. This area exemplifies the economic growth and the appeal of Texan suburbs, blending high-income living with relatively more affordable housing compared to some northeastern counterparts.
Similarly, University Park in the Dallas-Fort Worth area shows the economic dynamism of Texas, with average incomes of $381,235 and home values of $2.3 million, highlighting the state's burgeoning affluence.
On the West Coast, Los Altos, California, within the San Jose-Sunnyvale-Santa Clara region, showcases extreme wealth with average household incomes at $400,817 and home values reaching a staggering $4.5 million, the report says. The Silicon Valley effect is palpable here, as tech-driven prosperity pushes real estate prices to astronomical heights.
Another Californian suburb, Paradise Valley in Arizona, part of the Phoenix metropolitan area, combines high incomes averaging $385,643 with home values of $3.4 million, marking it as a premier destination for the wealthy seeking luxurious living with scenic desert landscapes.
The suburbs around the nation's capital also feature prominently on this list. Great Falls and McLean in Virginia, part of the Washington-Arlington-Alexandria metro area, both boast average household incomes well above $360,000, with home values hovering around $1.5 million.
These suburbs are notable for their proximity to the political power center of Washington D.C., providing a residential haven for high-income professionals and government officials.
From the Midwest to the Southeast, affluent suburbs like Hinsdale, Illinois, and Palm Beach, Florida, also make the list. Hinsdale, part of the Chicago metro area, reflects the blend of historical charm and modern wealth, with average incomes of $380,479 and home values over $1 million.
Palm Beach, a renowned enclave within the Miami metropolitan area, tops the charts with home values averaging an astonishing $11.5 million, fueled by its status as a playground for the ultra-rich. This diversity in geographic locations among the wealthiest suburbs illustrates the widespread nature of wealth across different regions of the United States.
The full study and full list of top 50 suburbs from GoBankingRates can be found here.
