The effects of COVID-19 on American workers — unemployment, reduced incomes, and even a fall into poverty for many — are all too familiar in many parts of the United States. However, while the pandemic has had some impact everywhere, there are some highly affluent parts of the country where people are so wealthy that the pandemic-driven downturn likely did not have a meaningful impact on quality of life.
In nearly every state, even relatively low-income states, there is at least one town where incomes are far higher than the median nationwide. To identify the richest town in every state, 24/7 Wall St. reviewed the median annual household income in cities, towns, villages, and Census designated places with populations of at least 1,000 and less than 25,000.
All of the places on this list have incomes well in excess of the national median household income of $65,712, with some places exceeding the maximum median household income recorded by the Census — $250,000. Generally speaking, the cities on this list with median household incomes exceeding $250,000 are in affluent states such as New York, New Jersey, and California.
One factor that has among the strongest correlations with income in the United States is education. Americans with a bachelor’s degree are far more likely to be employed and earn higher incomes than Americans with lower levels of education. Nationwide, 31.5% of adults have a bachelor’s degree. In the vast majority of places on this list, more than half of adults do, with some places recording adult bachelor’s attainment levels in excess of 80%. Incomes also tend to correlate with other factors, such as home values and poverty. The towns on this list tend to have very high home values and very low poverty rates.
Click here to see the richest town in every state.
Click here to see our methodology.
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.