Scarsdale tops MoneyLion's 2024 wealth ranking, with New Jersey suburbs entering top 50
MoneyLion's 2024 analysis ranks Scarsdale, New York, as the wealthiest U.S. suburb by average household income, while five New Jersey towns enter the national top 50. The report highlights high home values and geographic concentration in California, New York, and Texas.
Key points
- Scarsdale, New York, ranks first with an average household income of $612,591, followed by West University Place, Texas, at $439,594.
- Eight of the top 10 wealthiest suburbs are located in California, New York, or Texas, indicating significant regional concentration of wealth.
- Five New Jersey suburbs—Westfield, Summit, Tenafly, Princeton, and Ridgewood—rank among the nation's top 50, with home values exceeding $1 million in four of the five.
- Los Altos, California, has the highest average home value in the top 10 at $4.8 million, while Paradise Valley, Arizona, newly entered the top 10 after meeting the 5,000-household threshold.
- The ranking uses mean household income from the 2024 American Community Survey, which can skew results compared to median income metrics used by other analyses.
Background
This ranking follows earlier discussions on how suburban design, such as car-centric layouts and cul-de-sacs, may contribute to social isolation, though wealth and housing costs remain primary factors in these affluent communities.
How outlets are covering it
USA TODAY emphasizes the geographic concentration of wealth in three states and notes the risk of white-collar crime in affluent areas. The Asbury Park Press and Bergen Record focus on New Jersey's presence in the top 50, highlighting specific home values and income levels for Westfield, Summit, Tenafly, Princeton, and Ridgewood. USA TODAY also notes that mean income rankings differ from median income rankings, where Sammamish, Washington, would rank highest.
Why it matters
The concentration of wealth in specific suburbs reflects broader economic disparities and housing affordability challenges, influencing where high-income households reside and the associated costs of living in these areas.
What to watch
Future rankings may shift as median income metrics or different data sources are used, and housing markets in these affluent suburbs continue to experience price increases.
- Here are the 10 wealthiest suburbs in America USA Today
- These 5 New Jersey suburbs among nation’s top wealthiest Asbury Park Press
- These 5 NJ towns are among most affluent in USA New Jersey 101.5
- Want to live in one of NJ's wealthiest suburbs? It'll cost you Bergen Record
- These five NJ towns make list of 50 richest suburbs in the country Bergen Record
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