Ultra-Rich: The 3 Texas Cities that are Among the Wealthiest in America
A story shared by Veranda last November linked to updated estimates that reveal 3 Texas cities made their list of the Top 25 Wealthiest Cities in America.
We know it's hard to pick just one 'boomtown' in Texas. Different sources seem to say different things. Some pick a Dallas, Texas suburb. Others claim spots in the Austin, Texas area. Honestly, with the influx of both businesses and people in the Lone Star State, it feels that all of Texas is a bit of a 'boomtown' right now.
When you think of the wealthiest cities in America, what comes to mind? Any Texas cities you'd name off the top of your head?
Veranda Magazine referenced a post from 24/7 Wall St., and the "recently released five-year estimates of median household income from the U.S. Census Bureau’s 2021 American Community Survey."
What factors are considered in these studies?
The wealthiest areas in the country are located in densely populated metro areas that have at least relatively simple access to economic hot centers and skew more educated. The median incomes are high and poverty rates, as you might imagine, are low. Then real estate prices are factored in, as well.
If you pondered the question I posed earlier as to what cities you may guess would be listed, there's a good chance you at least named one on the list of the 25 wealthiest cities in America.
Quite a few on the list are located in Silicon Valley and yes several are on the East Coast.
But what about in Texas?
The 3 Texas cities that made the list of the 25 wealthiest cities in America? Well, we could say 4. I'll tell ya why below.
#18 on the List: Colleyville, Texas
Colleyville, Texas is one of many of Dallas/Fort Worth's suburbs. As of 2022, the median home value, says Zillow, was $851,064. According to 24/7 Wall St., "Colleyville, Texas, is one place where the median household income is more than double the national figure. The typical household in the area earns $180,698 a year..."
#4 on the List: Southlake, Texas
Southlake, Texas is just north of Colleyville and is another DFW suburb and has a median household income of $239,833. According to Veranda's post, "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. According to Zillow, the average cost of a home in Southlake is $1,186,969."
#2 on the List: University Park, Texas
Wait. Number TWO? In the entire country? Yep. According to the post referenced above, University Park, Texas comes in at #2. Above I said I would reference another city, simply because it adjoins University Park and is well-known to be one of the wealthiest cities in Texas, at the very least. If you guessed I referring to Highland Park, which sits just south of University Park, you get a gold star. Many gold stars, as would be fitting when referencing these prestigious towns within a city.
University Park is home, of course, to Southern Methodist University and boasts a median household income of over $247K. It has a very high education ranking and Zillow says the average home value here is $2,043,050.
Whew. Texas itself seems to be one giant boomtown.
Are any of these places listed here, too?
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