Yahoo Finance America’s 50 Richest Beach Towns
Whether for the natural beauty, a more relaxed atmosphere, easy access to beach-related activities or scientifically proven health benefits, living near the water is a dream for many. Due to high costs, it remains just a dream for a lot of folks.
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With so many people willing to pay top dollar to live on or near the beach, it makes sense that beach towns tend to be magnets for high earners. But levels of wealth vary widely in beach towns around the U.S.
GOBankingRates set out to rank U.S. beach towns by wealth, using $200,000 annual household income as a peg. For this study, we’ve used percentages of households earning that amount to determine the rankings. To compile our list, we’ve analyzed data from U.S. Census American Community Survey and multiple other sources. (Our full methodology is included at the end of this story.)
Of the 50 wealthiest beach towns by this measurement, 12 are in California. That includes six of the top 10. Other states with high totals include Hawaii (9), Florida (7) and North Carolina (6).
It’s worth noting that not all beach towns are crawling with $200,000 earners. Some don’t have any, or at least not enough to register percentage-wise.
Here’s GBR’s list of the 50 wealthiest U.S. beach towns, in reverse order by the percentage of households with annual incomes of $200,000 or more. Also see the most overpriced beach towns on the East Coast.
Charleston, South Carolina
Population: 149,960
Number of households: 65,198
Monthly total cost of living: $5,429
Percentage of households earning $200,000+ annually: 14.7
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Holly Ridge, North Carolina
Population: 4,236
Number of households: 1,583
Monthly total cost of living: $4,047
Percentage of households earning $200,000+ annually: 15.2
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Kihei, Hawaii
Population: 22,247
Number of households: 8,001
Monthly total cost of living: $11,123
Percentage of households earning $200,000+ annually: 15.2
Miami Beach, Florida
Population: 82,400
Number of households: 41,711
Monthly total cost of living: $17,761
Percentage of households earning $200,000+ annually: 15.3
New York City
Population: 8,622,467
Number of households: 3,282,804
Monthly total cost of living: $7,335
Percentage of households earning $200,000+ annually: 15.6
Indian Rocks Beach, Florida
Population: 3,689
Number of households: 1,840
Monthly total cost of living: $8,107
Percentage of households earning $200,000+ annually: 16.1
Niantic, Connecticut
Population: 3,497
Number of households: 1,568
Monthly total cost of living: $4,960
Percentage of households earning $200,000+ annually: 16.5
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Kilauea, Hawaii
Population: 3,386
Number of households: 986
Monthly total cost of living: $12,370
Percentage of households earning $200,000+ annually: 16.7
Cape May, New Jersey
Population: 2,815
Number of households: 1,233
Monthly total cost of living: $5,888
Percentage of households earning $200,000+ annually: 17
Lihue, Hawaii
Population: 8,649
Number of households: 2,714
Monthly total cost of living: $7,993
Percentage of households earning $200,000+ annually: 17.1%
Paia, Hawaii
Population: 2,211
Number of households: 800
Monthly total cost of living: $10,195
Percentage of households earning $200,000+ annually: 17.6
Ocean Isle Beach, North Carolina
Population: 809
Number of households: 432
Monthly total cost of living: $5,662
Percentage of households earning $200,000+ annually: 17.8
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Emerald Isle, North Carolina
Population: 3,870
Number of households: 1,751
Monthly total cost of living: $6,963
Percentage of households earning $200,000+ annually: 18.1
San Diego
Population: 1,383,987
Number of households: 515,475
Monthly total cost of living: $9,328
Percentage of households earning $200,000+ annually: 18.6
Hanalei, Hawaii
Population: 300
Number of households: 125
Monthly total cost of living: $27,545
Percentage of households earning $200,000+ annually: 19.2
Saugatuck, Michigan
Population: 751
Number of households: 407
Monthly total cost of living: $5,573
Percentage of households earning $200,000+ annually: 19.2
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Boston
Population: 665,945
Number of households: 276,053
Monthly total cost of living: $7,255
Percentage of households earning $200,000+ annually: 19.6
Kure Beach, North Carolina
Population: 2,313
Number of households: 973
Monthly total cost of living: $7,130
Percentage of households earning $200,000+ annually: 20.1
Haleiwa, Hawaii
Population: 4,708
Number of households: 1,497
Monthly total cost of living: $12,609
Percentage of households earning $200,000+ annually: 20.2
Hilton Head Island, South Carolina
Population: 37,708
Number of households: 17,126
Monthly total cost of living: $8,176
Percentage of households earning $200,000+ annually: 20.2
Lewes, Delaware
Population: 3,339
Number of households: 1,591
Monthly total cost of living: $5,677
Percentage of households earning $200,000+ annually: 20.6
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Sonoma, California
Population: 10,702
Number of households: 5,338
Monthly total cost of living: $8,581
Percentage of households earning $200,000+ annually: 21.8
Kapolei, Hawaii
Population: 22,701
Number of households: 6,944
Monthly total cost of living: $8,157
Percentage of households earning $200,000+ annually: 21.8
Anna Maria, Florida
Population: 825
Number of households: 486
Monthly total cost of living: $16,153
Percentage of households earning $200,000+ annually: 22.4
Santa Barbara, California
Population: 88,640
Number of households: 36,233
Monthly total cost of living: $14,039
Percentage of households earning $200,000+ annually: 23
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Huntington Beach, California
Population: 197,481
Number of households: 77,641
Monthly total cost of living: $10,464
Percentage of households earning $200,000+ annually: 23.1
Kaneohe, Hawaii
Population: 35,493
Number of households: 11,285
Monthly total cost of living: $9,596
Percentage of households earning $200,000+ annually: 23.8
Washington, D.C.
Population: 670,587
Number of households: 315,785
Monthly total cost of living: $6,947
Percentage of households earning $200,000+ annually: 23.9
Santa Cruz, California
Population: 61,367
Number of households: 21,594
Monthly total cost of living: $10,681
Percentage of households earning $200,000+ annually: 24.2
Chatham, Massachusetts
Population: 1,637
Number of households: 915
Monthly total cost of living: $9,696
Percentage of households earning $200,000+ annually: 24.4
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Gulf Breeze, Florida
Population: 6,372
Number of households: 2,668
Monthly total cost of living: $4,737
Percentage of households earning $200,000+ annually: 25
Kennebunkport, Maine
Population: 1,318
Number of households: 628
Monthly total cost of living: $9,068
Percentage of households earning $200,000+ annually: 25.3
Santa Monica, California
Population: 92,168
Number of households: 46,207
Monthly total cost of living: $17,268
Percentage of households earning $200,000+ annually: 26.6
Seattle
Population: 734,603
Number of households: 345,246
Monthly total cost of living: $8,043
Percentage of households earning $200,000+ annually: 27
Provincetown, Massachusetts
Population: 3,433
Number of households: 1,890
Monthly total cost of living: $12,608
Percentage of households earning $200,000+ annually: 27.8
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Sag Harbor, New York
Population: 2,587
Number of households: 1,107
Monthly total cost of living: $14,357
Percentage of households earning $200,000+ annually: 28.5
Sanibel, Florida
Population: 6,420
Number of households: 3,491
Monthly total cost of living: $8,949
Percentage of households earning $200,000+ annually: 29.2
Nantucket, Massachusetts
Population: 10,479
Number of households: 3,261
Monthly total cost of living: $19,899
Percentage of households earning $200,000+ annually: 29.7
Kailua, Hawaii
Population: 40,323
Number of households: 13,262
Monthly total cost of living: $12,025
Percentage of households earning $200,000+ annually: 30.1
Bald Head Island, North Carolina
Population: 138
Number of households: 76
Monthly total cost of living: $10,444
Percentage of households earning $200,000+ annually: 30.3
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Montauk, New Jersey
Population: 4,322
Number of households: 1,580
Monthly total cost of living: $13,787
Percentage of households earning $200,000+ annually: 30.3
San Clemente, California
Population: 64,232
Number of households: 23,646
Monthly total cost of living: $12,884
Percentage of households earning $200,000+ annually: 32.1
Longboat Key, Florida
Population: 7,479
Number of households: 4,171
Monthly total cost of living: $11,558
Percentage of households earning $200,000+ annually: 32.2
Carmel-by-the-Sea, California
Population: 3,239
Number of households: 1,587
Monthly total cost of living: $16,661
Percentage of households earning $200,000+ annually: 33.5
San Francisco
Population: 851,036
Number of households: 360,842
Monthly total cost of living: $11,228
Percentage of households earning $200,000+ annually: 35
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Naples, Florida
Population: 19,315
Number of households: 9,583
Monthly total cost of living: $6,416
Percentage of households earning $200,000+ annually: 35.1
Solana Beach, California
Population: 12,946
Number of households: 5,436
Monthly total cost of living: $17,027
Percentage of households earning $200,000+ annually: 35.5
Wrightsville Beach, North Carolina
Population: 2,848
Number of households: 1,326
Monthly total cost of living: $14,497
Percentage of households earning $200,000+ annually: 37.3
Newport Beach, California
Population: 85,159
Number of households: 38,636
Monthly total cost of living: $25,367
Percentage of households earning $200,000+ annually: 39.5
Malibu, California
Population: 10,698
Number of households: 4,401
Monthly total cost of living: $26,407
Percentage of households earning $200,000+ annually: 45.9
Methodology: For this study, GOBankingRates analyzed waterfront cities to determine the highest concentration of households earning $200,000 a year or more. GBR gathered a list of waterfront cities from USA Today’s Most Affordable Waterfront Cities, WSAZ’s 100 Best Beach Towns, Travel + Leisure’s Best Beach Towns and Best Secluded Beaches, U.S. News & World Report’s Best Places to Live Near the Beach, loveEXPORING’s Destinations, TripSavvy’s Best Beach Towns in the U.S., and Realtor’s Most Affordable Beach Towns for Homebuyers. For each city, GBR determined total population, total households, household median income, household mean income and the percentage of households that earn more than $200,000 (all sourced from the U.S. Census American Community Survey); cost-of-living indexes (sourced from Sperling’s BestPlaces); the average single-family home value from April 2024 (sourced from Zillow Home Value Index); and livability index (sourced from AreaVibes). For each home value, the average mortgage cost was calculated by assuming a 10% down payment and using the national average 30-year fixed mortgage rate. The average expenditure costs were calculated using cost-of-living indexes, and the national average expenditure costs for all residents as sourced from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey. The average expenditure cost and mortgage cost were used to find the total monthly cost of living for each city. The percentage of households that earn $200,000 or more was used with the total households to calculate the number of households that earn over $200,000 a year. The cities were sorted by the percentage of households that earn $200,000 or more. All data was collected on and is up to date as of June 10, 2024.
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This article originally appeared on GOBankingRates.com: America’s 50 Richest Beach Towns
