Yahoo Finance America’s Upper Class: 9 Cities Where The Mean Income Is Above $300,000
Where are the wealthiest cities in America?
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An original income study by GOBankingRates found nine US cities with mean incomes over $300,000 per year. Plus, one wannabe that came in just shy of the $300K threshold.
You probably can’t afford to live in any of these cities. But it’s still fun to peer in through the window and get a glimpse of how the upper class live in their most exclusive havens.
1. Los Altos, CA
Surprisingly, no one in the city with the highest average income is in Silicon Valley, sandwiched between Palo Alto and San Jose.
It boasts an average income of $400,817 and the distinction of being the only city in America to cross the $400K barrier. Nearly two-thirds of the population (64.2%) earns over $200,000 per year.
It makes you wonder who brews and serves the $9 lattes available along the tree-lined streets.
They certainly aren’t buying homes, and you won’t either. According to Zillow, the median home price is a jaw-dropping $4,474,587.
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2. Wellesley, MA
Six of the nine cities with average incomes over $300K are in California. Only two are on the East Coast, and one of those is Wellesley.
An outlying town not far from Boston, Wellesley claims a mean income of $367,801. Fully 60.7% of the population earns north of $200K per year.
The town is home to three colleges: Wellesley College, Babson College, and a Massachusetts Bay Community College campus. At least we know who’s serving up the expensive lattes here.
The median home price in Wellesley isn’t cheap at $1,944,397, but it’s not four and a half million either.
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3. McLean, VA
You didn’t have to wait long to discover the other East Coast town making this list.
With an average income of $364,093, McLean confirms what you already know: where your tax dollars go. The majority (61.8%) of the residents earn over $200K per year.
Oh, and the government elite who live here want you to know how to pronounce it properly: “McClane,” like John from Die Hard.
A median home in this DC suburb will set you back $1,359,706.
4. Southlake, TX
A northern suburb sitting between Dallas and Fort Worth, the area around Southlake has seen enormous growth in recent years.
From 2019 to 2022, the average income leaped from $299,637 to $360,078. An impressive 64.3% of the town’s residents earn over $200K per year.
You can buy a median home in Southlake for a cool $1,255,562, according to Zillow.
5. Saratoga, CA
Back to your regularly scheduled programming in California, Saratoga lies southwest of San Jose. Surprise! You spotted another Silicon Valley entry on the list.
The average income in Saratoga lands at $329,142, and 58.3% of the locals earn over $200K.
Start saving your pennies if you want to buy a home among the manicured wineries and high-end restaurants in Saratoga. A median home will set you back $4,038,812.
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6. Menlo Park, CA
Is your enthusiasm for Silicon Valley cities drooping yet?
Bordered by Palo Alto, Stanford, Redwood City, and of course the San Francisco Bay, Menlo Park is another tech bro hub. With an average income of $316,584, you don’t want to try and keep up with the Joneses here. “Only” 49.2% of local residents earn less than $200K — the lowest percentage on this list.
If you really want to, you can buy a median home here for $2,694,830.
7. Lafayette, CA
Breaking the Bay Area trend (sort of), Lafayette lies a little inland from Berkeley. Tech millionaires move here for the semi-rural vibe, rolling hills, and small-town charm.
The average income is $312,233, and 53.6% of the locals earn over $200K.
A median home in Lafayette costs $2,005,282, which feels like a bargain compared to the other California towns on this list. But only compared to them.
8. Los Gatos, CA
Another Silicon Valley staple, Los Gatos, sits just outside San Jose in the foothills of the Santa Clara mountains. Think hiking with quarter-zip sweaters.
The average income here is $305,653, which marks a monstrous 40.2% jump in just three years. Just under half (49.5%) of “the cats” here earn over $200K per year.
Prepare to pay if you want to buy a place here: median homes cost $2,643,377.
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9. Palo Alto, CA
Sick of Silicon Valley yet?
Local incomes jumped nearly 30% from 2019 to 2022, to close at $301,226. Fully 52% of residents earn over $200K.
Buy a median home here, if you dare, for an eye-watering $3,589,863.
Final Thoughts
One other (Silicon Valley) city that almost made the list was San Carlos, with an average income of $298,397.
Paupers.
It’s worth noting that home values seem awfully disconnected from incomes in these cities. In a healthy housing market, homes cost around four times income. The average multiplier between incomes and home prices nationwide is 4.2 times.
Yet, in many markets above, the ratio looks more like 10 times. That sounds like a few California millionaires moving to Texas away from a local housing market correction, given the small size of these towns.
But hey, tech moguls are going to tech mogul.
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This article originally appeared on GOBankingRates.com: America’s Upper Class: 9 Cities Where The Mean Income Is Above $300,000
