Special Report

Richest Town in Every State

Source: Moonshine4711 / Wikimedia Commons

21. Massachusetts: Winchester
> Median household income: $149,321 (state: $70,954)
> Households earning $200,000 or more: 37.5% (state: 9.6%)
> Adults with at least a bachelor’s degree: 74.3% (state: 41.2%)
> Median home value: $796,500 (state: $341,000)
> Population: 22,491

The typical household in the Boston suburb of Winchester earns $149,321 a year, the most of any town in Massachusetts. It is also the only town in the state where more than one in every three households earn at least $200,000 a year. With two stops on the commuter rail line, Winchester’s workforce has access to high-paying jobs in and around Boston, the state’s capital and largest city.

Like most wealthy towns, Winchester is home to a relatively well-educated population. Nearly three out of four adults in the town have a bachelor’s degree or higher. In comparison, fewer than one in three adults nationwide have a four-year college degree.

Source: Ken Lund / Flickr

22. Michigan: Village of Grosse Pointe Shores
> Median household income: $151,440 (state: $50,803)
> Households earning $200,000 or more: 33.7% (state: 3.8%)
> Adults with at least a bachelor’s degree: 70.5% (state: 27.4%)
> Median home value: $431,200 (state: $127,800)
> Population: 2,933

Grosse Pointe Shores, a Detroit suburb located on the western shore of Lake St. Clair, is the wealthiest town in Michigan. Franklin, the second wealthiest town in the state with a median income of $150,250, is located just 30 miles west of Grosse Pointe Shores. Across Michigan as a whole, the typical household earns $50,803, about a third of the median income in Grosse Pointe Shores.

A well-educated town, every adult in Grosse Pointe Shores has a high school diploma and over 70% have a bachelor’s degree.

Source: uteb / iStock

23. Minnesota: Dellwood
> Median household income: $171,250 (state: $63,217)
> Households earning $200,000 or more: 41.3% (state: 5.7%)
> Adults with at least a bachelor’s degree: 71.9% (state: 34.2%)
> Median home value: $528,800 (state: $191,500)
> Population: 1,206

The Twin Cities suburb of Dellwood is by far the wealthiest town in Minnesota. The typical Dellwood household earns $171,250 a year, or about $28,000 more than the median income in Minnetrista, the second wealthiest town in the state, and more than double the median annual household income across the state as a whole of $63,217.

High property values in Dellwood make the town prohibitively expensive for lower-income families and individuals. Dellwood is the only town in Minnesota where more than half of all homes are worth over half a million dollars.

Source: Ditch Fisher / Wikimedia Commons

24. Mississippi: Brandon
> Median household income: $71,485 (state: $40,528)
> Households earning $200,000 or more: 5.8% (state: 2.3%)
> Adults with at least a bachelor’s degree: 40.8% (state: 21.0%)
> Median home value: $169,800 (state: $105,700)
> Population: 23,186

Mississippi is the poorest state in the country, with a median annual household income of $40,528 and a poverty rate of 22.3%. However, some towns in the state are relatively well off. In Brandon, the typical household earns $71,485 a year, the highest median income of any Mississippi town. Despite the relatively high median income, the town does not have an especially high concentration of extremely wealthy households. Just 5.8% of households in Mississippi’s wealthiest town earn $200,000 a year or more, in line with the 5.7% national share.

Source: Paul Sableman / Flickr

25. Missouri: Town and Country
> Median household income: $156,899 (state: $49,593)
> Households earning $200,000 or more: 39.4% (state: 3.5%)
> Adults with at least a bachelor’s degree: 76.0% (state: 27.6%)
> Median home value: $659,700 (state: $141,200)
> Population: 11,001

Town and Country is a small Missouri city less than 20 miles west of downtown St. Louis. The wealthiest town in the state, Town and Country’s median household income of $156,899 a year is more than triple the statewide median of $49,593. Incomes often rise with educational attainment, and not only does Town and Country have the state’s highest median income, it is also home to the state’s largest share of adults with college degrees. More than three in every four adults in the state have a bachelor’s degree or higher, well above the 27.6% share of adults across the state as a whole.

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.