Most Affluent Small Cities In America – New Study

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Most Affluent Small Cities In America – New Study
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The pandemic changed every aspect of American’s lives. One avenue where people’s minds shifted is where to live. For many years, living in big cities was the most popular choice. Big cities came with wealth, a more extensive job market, and a higher style of living.

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Living An Affluent Lifestyle In Smaller Cities

But the pandemic made some people realize that they didn’t need to live in large cities to live this sort of life. Many people ended up moving to the suburbs and smaller cities to escape the overcrowding of large cities. However, some people still want to live an affluent lifestyle in smaller cities and not have to deal with the negatives associated with large cities, such as traffic and pollution.

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AdvisorSmith, a leading resource for small business and economic content, released its newest study that examined the median household incomes in small cities around the country to find the most affluent small cities in America.

To find these small cities, AdvisorSmith used the U.S. Census Bureau’s American Community Survey data, which indicates the median household income and population of cities in the United States. For the study, AdvisorSmith used 5-year estimates from the 2019 release date.

The Most Affluent Small Cities in America

The study broke the small cities into three segments based on population density. The small cities groups were between 10,000 and 30,000 residents, 30,000 and 50,000 residents, and 50,000 and 100,000 residents.

Through the Census data, AdvisorSmith found the median household income of each city. Each city was ranked based on its median household income to find the top 50 most affluent small cities based on each population group.

The research found that the top 50 cities with populations between 10,000 and 30,000 residents had an average income of $187,571.

The most affluent small cities were located in cities with 10,000 and 30,000 residents. Five of the top cities had median incomes of $250,000+, compared with the national median household income of $68,703.

most affluent small cities

The state with the most affluent small cities was California. Of the top 50 cities, California had 23 with between 50,000 and 100,000 residents.

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Virginia came in second as the state with the most affluent small cities. For small cities with between 10,000 and 30,000 residents, Virginia had 10 cities in the top 50.

Small cities with 30,000 and 50,000 residents, and 50,000 and 100,000 residents had a median household income of $137,983 and $117,157. Both population segments, the state leading with the most affluent cities, was California.

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To see the rest of the study, please visit https://advisorsmith.com/data/most-affluent-small-cities-in-america.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)www.valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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