When we think of wealth in America, our minds tend to jump to major cities like NYC, Miami or Los Angeles. But according to a new report from GoBankingRates.com, some of the wealthiest Americans are residing in the suburbs—specifically a suburb in New York.
After analyzing cities in the United States with 5,000 or more households, GoBankingRates narrowed down 50 cities with the highest average household income. From there, they found the wealthiest suburbs in the nation by considering the 2024 typical home value and metro area location.
Scarsdale, New York was found to be the wealthiest suburb in the U.S., located just an hour drive from NYC in Westchester. Scarsdale’s average household income comes to a $568,942. For context, the area median income for a three-person household in NYC is $127,100, according to NYC Housing Preservation and Development.
You think living in NYC is expensive? The average home value in Scarsdale is a whopping $1.4M!
New York is not only home to the wealthiest suburb in the U.S., but also the second wealthiest suburb: Rye, New York. The typical home value in this suburb is even greater at $2.1M, but with an average household income at $405,074. Rye is also only an hour drive from NYC in Westchester County and just under 10 miles from Scarsdale.
West University Place, Texas lands in third place, with Los Altos, California and Paradise Valley, Arizona rounding out the top five in that order. You can explore the full ranking online.
When looking beyond suburbs, NYC is the wealthiest city in the world, with less than 5% of rent affordable for those making the city’s average salary. That’s why it’s best to take a look at NYC’s affordable housing lotteries to see what’s currently available.