10 Cities Where Wealthy Are Moving

10 cities where wealthy are moving
10 cities where wealthy are moving

The landscape of high-income households in the United States is experiencing significant shifts, with certain cities emerging as hotspots for the wealthy. According to a SmartAsset analysis of US Census Bureau data, ten cities have seen substantial growth in high-income households, with increases of at least 120% in the number of households making $200,000 or more annually. This trend not only indicates a demographic change but also potentially has far-reaching implications for local economies.

Spokane Valley, Washington: A Hub of Wealthy Movers

Spokane Valley, Washington, takes the lead in this race, experiencing the fastest growth in high-income households. Located in the eastern part of Washington, Spokane Valley witnessed a remarkable increase of over 183% in such households between 2021 and 2022. This growth translates to more than 1,500 households joining the ranks of the affluent. In 2022, the share of households earning $200,000 or more in Spokane Valley reached 5.1%, compared to 1.8% the previous year. Census data reveals that many of these newcomers hail from California and Texas, seeking new opportunities and a change of scenery.

Spokane Valley, Washington

Allentown, Pennsylvania: A Haven for Retirees

Another city that has captured the attention of the wealthy is Allentown, Pennsylvania. Situated about 60 miles north of Philadelphia, Allentown saw a substantial increase of 163.6% in high-income households between 2021 and 2022. This amounts to 830 new households joining the affluent ranks. Allentown has often ranked among the best cities to retire, praised for its lower housing costs and high-quality healthcare, as highlighted by U.S. News and World Report.

Evansville, Indiana: A Remote Worker’s Dream

With a growth rate of 150% during the same period, Evansville, Indiana, secures its place as a desirable destination for high-income households. Adding 816 such households to its community, Evansville has caught the attention of remote workers seeking an affordable and comfortable lifestyle. The city’s median housing price of $183,000, as reported by The Wall Street Journal, makes it an attractive choice for those seeking a balance between quality of life and cost of living.

Southern and Southwestern Gems

Several cities in the South and Southwest have also experienced significant increases in high-income households. Killeen, Texas; San Tan Valley, Arizona; Jackson, Mississippi; and Palmdale, California all saw growth rates of 120% or higher, year-over-year. These regions have been magnets for new residents for decades, particularly drawing individuals from West Coast cities burdened by expensive real estate. Bank of America’s report reveals that over 40% of these newcomers are high-income and unmarried, with incomes exceeding $125,000.

New England’s Appeal

New England states also have a place on this list, with Springfield, Massachusetts; New Haven, Connecticut; and Manchester, New Hampshire occupying the sixth through eighth spots, respectively. While these cities experienced growth rates ranging from 134.1% to 141.7%, it is worth noting that the cost of living in New England tends to be higher compared to other regions. Nevertheless, the allure of the area’s charm and quality of life has drawn wealthy individuals to these cities.

Conclusion

The migration of high-income households to specific cities across the United States reflects changing demographics and economic dynamics. Spokane Valley, Washington, and Allentown, Pennsylvania are at the forefront of this transformation, but other cities like Evansville, Indiana and Killeen, Texas are also emerging as attractive destinations for the wealthy. As new affluence takes root in these cities, local economies stand to reap the benefits. By attracting successful individuals and families, these regions are positioning themselves for growth and prosperity.

FAQs

Q: Which city experienced the fastest growth in high-income households?
A: Spokane Valley, Washington, saw the fastest growth in high-income households, with an increase of over 183% between 2021 and 2022.

Q: Are there any cities on the list that are popular retirement destinations?
A: Yes, Allentown, Pennsylvania, ranks second on the list and has been recognized as one of the best cities to retire due to its lower housing costs and excellent healthcare.

Q: Why are wealthy individuals relocating to New England cities?
A: Despite the higher cost of living, cities like Springfield, Massachusetts; New Haven, Connecticut; and Manchester, New Hampshire offer a unique quality of life that attracts affluent residents.

Q: What impact can the influx of high-income households have on local economies?
A: High-income households often bring increased economic activity and investment, leading to job creation, improved infrastructure, and overall growth in the local economy.

Q: Where can I find more information on these cities and their growth rates?
A: To explore more about these cities and their growth rates, visit Top Q&A for comprehensive information and insights.

Article by Top Q&A

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