Eleven of America's 25 Wealthiest Cities Are in California
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The richest city in America for 2023 is... Los Altos, California. Here we tell you about it and rest of the 25 richest cities in the USA according to 24/7 Wall St., based on the recently released five-year estimates of median household income from the U.S. Census Bureau’s 2021 American Community Survey.
Reading about these areas below, you'll note some themes. Most of the wealthiest areas are in highly populated metropolitan areas where residents can commute to the country's largest economic engines, and they all tend to have highly educated populations, high median incomes, and low poverty rates. You'll also notice they boast some of the most expensive real estate in the country (not surprisingly, many of the most expensive houses in the world, including Oprah's Montecito home, are in California too). In fact, 11 of the top 25 cities are located in Silicon Valley, three are in the Dallas-Forth Worth metroplex, and most of the rest are near the East Coast's largest cities. If you look at wealth by state instead, though, its top ranks are all on the East Coast, with Maryland at No. 1, followed by Massachusetts, New Jersey, Hawaii, and then California.
And now for that list you're here for: here are America's 25 richest cities for 2023...
Los Altos, California
Median household income: $250,000+
Los Altos—which means “The Heights” in Spanish—is on the western border of Silicon Valley, located in the San Francisco Bay area. Largely a city of commuters, Los Altos is home to just 31,562 people, of which 85.9 percent of adults have at least a bachelor’s degree—making it the third most educated city in the United States. Despite being just outside San Francisco (a city known for its homelessness), Los Altos has the 4th lowest
SNAP recipiency rate of 1,826 cities, at a mere 0.5 percent.
Los Altos also boasts the highest median home value at more than $2,000,000, according to the 2021 survey—now, in 2023, Zillow reports that the typical home value in the California city is a whopping $3,902,535.
University Park, Texas
Median household income: $247,045
University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. It’s no surprise that as a college city University Park has the highest education ranking, with 88.5 percent of adults having a bachelor’s degree or higher. Despite its extreme wealth and high education rate, University Park has a slightly higher poverty rate, at 4.8 percent.
According to Zillow, the typical home value in University Park is $2,043,050, with particular demand rising in the past year.
McLean, Virginia
Median household income: $242,610
McLean is in Fairfax County, which is renowned nationally for its public schools. The city, which is home to 49,310 residents, is on the outskirts of Washington, D.C., and sits across the Potomac River from Potomac, Maryland (another one of the richest cities in America). McLean has a low poverty rate (2.2 percent) and a high median home value ($1,102,100 in 2021 and $1,246,367 in 2023, according to Zillow) and has been home to many high-ranking public officials, including President Joseph R. Biden, Jr. and First Lady Dr. Jill Biden.
Southlake, Texas
Median household income: $239,833
A suburb of Dallas/Fort Worth, Southlake had an estimated population of 30,754 people as of 2021, with 73 percent of adults holding at least a bachelor’s degree. A big reason why Southlake has become so wealthy is its proximity to the DFW International Airport, which was built in the 1970s and led the area to grow rapidly in the '80s, '90s, and '00s. The city is very family oriented, with 33.2 percent of its population under age 18. While the wealth of the city is high, the poverty rate is notably low, at just 2.3 percent.
According to Zillow, the average cost of a home in Southlake is $1,186,969.
Wellesley, Massachusetts
Median household income: $226,250
Part of greater Boston, Wellesley is home to three colleges—Wellesley College, Babson College, and a campus of Massachusetts Bay Community College—which makes it no surprise that the city has the sixth highest percentage of adults with at least a bachelor’s degree. As of 2021 the city’s population was just less than 30,000 with the poverty rate teetering at 4.9 percent.
Wellesley's typical home value is $1,776,766 as of 2023, according to Zillow.
Saratoga, California
Median household income: $224,179
Like Los Altos, Saratoga is another city in the greater San Jose area. It’s situated below the southwestern shore of San Francisco Bay. As of 2021, 31,194 residents called Saratoga home. Some of the biggest companies with offices in the city include See’s Candies and a handful of software companies (Saratoga is on the outskirts of Silicon Valley).
Unsurprisingly it’s not cheap to live in Saratoga. According to Zillow, the typical home value as of 2022 is $3,468,553, making it tied for the highest with Los Altos.
San Carlos, California
Median household income: $204,570
Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. More than 30,000 people lived there as of 2021, with 67.7 percent of adults holding a bachelor’s degree. Like the California cities ranking among America’s top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley.
According to Zillow, homes in San Carlos cost around $2,190,165 on average as of 2023.
Lexington, Massachusetts
Median household income: $202,852
Lexington is northwest of Boston, just 10 miles from downtown. Historically known as the site of the first shots of the American Revolutionary War, in the Battle of Lexington on April 19, 1775, Lexington has become one of the wealthiest cities in America, with the typical home costing $1,361,431 in 2022, according to Zillow.
Cupertino, California
Median household income: $199,778
Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. As one of the densest cities on this list—with 60,681 residents as of 2021—it’s not entirely shocking that of all the richest cities in America, Cupertino has one of the highest poverty rates at 5.1 percent. (That’s not to say it shouldn’t be addressed though.)
The reason Cupertino is so packed is the large number of tech companies with offices there, including Apple and Seagate Technology, among other big businesses. The 2022 median home value in the city is $2,600,828, according to Zillow.
Potomac, Maryland
Median household income: $198,870
Considering this city has its very own television show centered around wealth—The Real Housewives of Potomac—it’s no surprise that it’s one of the richest places in America. Since the city is nestled just outside of the District of Columbia, many of its 45,000-plus residents work in the nation’s capital, and 83.8 percent of adults have at least a bachelor’s degree. Another interesting fact about the city? Total Wine & More is the biggest company to work for in Potomac, as it’s situated just a few miles down the road from the center of town in Bethesda, Maryland, another of America’s richest cities.
As for home value, the typical home in Potomac in 2022 is worth $1,249,422, according to Zillow.
Sammamish, Washington
Median household income: $195,648
Two lake skips to the east of the center of Seattle, Sammamish is a suburb of the Washington metropolis but boasts a reputation of its own due to its low poverty rate, high education rate, and access to ample hiking trails. The houses are quite notable, too, with median home values at $1,461,158 in 2023, according to Zillow.
Palo Alto, California
Median household income: $194,782
Known as the “Birthplace of Silicon Valley,” Palo Alto is home to a population of 68,624 with 82.7 percent of them boasting bachelor's degrees. As a tech hub, it is home it Tesla and Hewlett Packard Enterprise. Median home values are also tied for the highest at $3,144,660 in 2023, according to Zillow.
Ridgewood, New Jersey
Median household income: $194,256
Located roughly 25 miles northwest of New York City, Ridgewood is home to 25,991 residents, many of whom commute into the city for work. Of adults living in Ridgewood, 78.3 percent hold a bachelor’s degree. Unlike the other top richest cities in America ranked above it, the typical home value in Ridgewood is less than $1 million, coming in at $987,732 in 2022, according to Zillow.
Lafayette, California
Median household income: $192,546
The greater San Jose area isn’t the only place where affluence is centered in California though. Lafayette sits to the east of Berkeley and touts notable wealth. But that’s not all the city is known for. Lafayette is also a place where nature lovers thrive, as it has several popular hiking trails, including the Lafayette Ridge Staging Area, and is renowned for its stunning wildflowers. Of course, the city’s homes aren’t too shabby either, with typical values around $1,914,728 in 2022, according to Zillow.
Westfield, New Jersey
Median household income: $185,319
Less than 20 miles southwest of New York City, Westfield is considered a “bedroom community” for Manhattan—in that many of its 30,950 residents live in New Jersey but work in the city. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. Taking things inside, the median home value in Westfield is $1,052,230 in 2023, according to Zillow.
Needham, Massachusetts
Median household income: $182,813
Another suburb of Boston, Needham (which is located just below Wellesley) is a popular residence for folks looking to work in the city without having to live in it. As of 2021, 31,808 people lived in Needham, with 81 percent of adults being highly educated with at least a bachelor’s degree. As of 2023, the median home value is listed at $1,357,201, according to Zillow.
Danville, California
Median household income: $181,453
Danville, which is located to the east of Oakland, is another notable city in Northern California. Major corporations like JPMorgan Chase & Co., First Republic Bank, Chico’s, and Trek Bicycle have offices there, which lends to the population of 43,673 people. As for housing, Zillow reports the median house value in Danville as $1,869,416.
Colleyville, Texas
Median household income: $180,698
Although it’s just south of Southlake, Colleyville—another suburb of Dallas/Fort Worth—is notably less wealthy (albeit still one of the richest places in the country). Still, according to Zillow, the median home value in the city in 2022 is $851,064.
Menlo Park, California
Median household income: $179,913
Menlo Park is yet another city in the greater San Jose area. While far from having the highest household income, Menlo Park's median home value is at $2,549,093 in 2023, according to Zillow. Of course, the Bay Area city has far more exciting things than just expensive homes. Its proximity to the Redwood forest, as well as the beach, makes it an ideal location for adventurers and outdoor lovers as a whole. Menlo Park is also home to Meta.
Bethesda, Maryland
Median household income: $178,370
Bethesda is largely known for its proximity to the District of Columbia. In that sense, it’s a “bedroom community” for the nation’s capital. 66,294 people lived there as of 2021, and of the adult population 87.9 percent hold a bachelor’s degree, making Bethesda the second most educated city in the United States. Living in the city will cost you though. According to Zillow, the 2022 median home value is $1,120,054.
Belmont, California
Median household income:$ 178,125
Belmont is nestled about half way between San Francisco and San Jose and is known for its quiet wooded hills and open space. Waterdog Lake Park is a destination for its hiking and biking. The city has a population of 28,109. According to Zillow, its average home price was $2,091,367 in 2023.
Parkland, Florida
Median household income: $174,295
Located northwest of Miami, Parkland, as you might suspect from its name, has a park-like character and is known for its nine parks and emphasis on environmental preservation. It also borders the Everglades and offers many recreational activities. According to Zillow, its median home value was $1,061,252 in 2023.
Wilmette, Illinois
Median household income: $173,967
Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. Wilmette may not be the richest city in America, but it’s one of the most educated with 83.8 percent of adults holding a bachelor’s degree or higher. Additionally the city has one of the lowest median home values (of the richest cities, that is), listed at $795,360 in 2023, according to Zillow.
Foster City, California
Median household income: $173,721
Another San Francisco Bay area city, Foster City is located just north of Palo Alto on the bay's west side, South of San Francisco itself. As San Mateo County’s largest and oldest master-planned community, it boasts almost 20 square miles of canals and lakes plus 3 miles of shoreline and 12 residential islands, and hence has plenty of recreational opportunities. According to Zillow, its median house value in 2023 is $1,795,599.
San Ramon, California
Median household income: $173,519
San Ramon, which is, as you may have guessed by now, also in Northern California, just 30 miles north of Silicon Valley. It has the highest population of America's top 25 richest cities, with 85,688 people calling it home. And speaking of homes, they’re not cheap. According to Zillow, the 2023 median home value in San Ramon is $1,536,120.
While San Ramon is more suburban than other California cities on this list, it serves as the site of Chevron’s headquarters, as well as 24 Hour Fitness’. Additionally some other big companies have offices there, including GE, JPMorgan Chase & Co., AT&T, Procter & Gamble, and The Coca-Cola Company.
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