People moving to Massachusetts from other parts of the country find the state to be an attractive option due to its long history, rich cultural heritage, and large number of well-known sites.
When you are seeking to move to a new place, location is another factor that is very crucial to consider.
You should look for communities that have excellent schools, are located close to places where you can find work, and have access to various other essential services.When looking for a new area to call home, it is crucial to take into account the local income levels.
When it comes to being able to pay for housing as well as other basics like food and transportation, having access to employment that pay well is really essential.
The residents of this area have incomes that are much higher than the state and national averages when compared to other areas.
Because of its long history as a center for shipping and sailing, the state of Massachusetts is frequently referred to as “The Bay State.”
Students who are interested in pursuing higher education will find a large number of options available to them in this state, which is famous for the number of institutions and universities it has.
Because the state of Massachusetts is home to some of the most picturesque coastlines in the United States, it is no surprise that the state is a favorite vacation spot for many people.
For generations, people from all over the world have been drawn to the Commonwealth of Massachusetts in the hopes of making a new life there.
According to the most recent estimates, approximately 27% of the state’s population was born in a nation other than the United States of America. This gives the state one of the highest percentages of persons who were born outside of the country.
Top 10 Richest Towns in Massachusetts
The Commonwealth of Massachusetts is home to a diverse range of businesses, including manufacturing and technology, both of which contribute significantly to the state’s labor force.
There are also a large number of chances accessible in more specialized disciplines, such as biotechnology, pharmaceuticals, banking and insurance, education, tourism, and a great deal of other areas.
The United States of America ranks Massachusetts as the sixth richest state in the country. There are four cities or towns in the Commonwealth of Massachusetts that, according to the most recent data, have a per capita income that is higher than the average income for the state.
List of the richest cities in Massachusetts 2023
1. Weston – Per Capita Income of $105,217
The town with the highest median family income in Massachusetts is also one of the Wealthiest Towns in Massachusetts 2023. Its per capita income is significantly greater than that of the other towns in the state, coming in at $105,217, while the median family income is over $250,000. In 2019, Bloomberg ranked the town of Weston, which is located inside Middlesex County, as having the 11th wealthiest zip code in the entirety of the United States.
It’s not hard to see that this neighborhood is filled with wealthy people given that the average annual gross income in the area was $757,000 at the time. In addition to being known for its many opportunities for outdoor recreation, Weston is widely recognized as one of the friendliest communities throughout the entirety of the state.
2. Dover – Per Capita Income of $89,476
Dover is a town in Norfolk County that has a total population of 5,891 people. A stunning $187,829 is the annual income that is typical for a household in this area. The historic district of Dover is packed with art galleries and antique shops, both of which are major draws for visitors from far and wide.
Residents also look forward to the yearly Dover Days Festival held in the community. The town has been recognized as one of the most romantic places to visit in the Commonwealth of Massachusetts by a number of magazines and websites.
The average salary for a family in Dover is $193,750 per year. Although property taxes here are far lower than in the majority of the state, the overall cost of living is still significantly higher than the average for the rest of the country.
Additionally, the municipality has a very low incidence of criminal activity. The city administration of Dover is quite active, and as a result, the city’s people have access to a wide variety of amenities and services, such as parks and athletic fields.
3. Sherborn – Per Capita Income of $82,550
One of the Wealthiest Towns in Massachusetts 2023 is Sherborn. The income of a typical household in this municipality comes in at $172,750. The average salary for a family is $177,845 per year. The percentage of families in which at least one member is employed, which is 89%, is significantly greater than the average for the state, which is 67%.
The average resident of this town is 46 years old. There are around 1 in 10 people in the general population who hold a bachelor’s degree or higher.
The fields of administration, business, science, and the arts, as well as related fields such as legal, engineering, and medical practitioners, as well as technicians, make up the majority of the labor force. The poverty rate in the city is extremely low at 1.3%, despite the town’s high per capita income of $82,550.
4. Brookline – Per Capita Income of $77,585
One of the Wealthiest Towns in Massachusetts 2023 is Brookline, which is found in Norfolk County and is a part of the greater Boston metropolitan region. Brookline can be found in the city of Boston.
The typical income for a household in the town of Brookline is $160,034, placing it as the fourth wealthiest community in the state of Massachusetts. According to the data provided by the United States Census Bureau for the year 2020, the annual median income of a Brookline resident was $77,585. As a result, it is considered to be one of the wealthiest towns in Massachusetts.
The fact that more than one-third of households in Brookline are comprised of children contributes significantly to the prevalence of two-income households in the city. There is a consensus among education experts that the public school system in Brookline is among the very best in the state.
5. Newton – Per Capita Income of $73,420
With a typical family income of $223,444 and a median home price of $815,000, Newton ranks as the fifth wealthiest town in the Commonwealth of Massachusetts. The median income for a family in Newton is $164,063 per year. The city is home to more than 78,427 people. The community has a median home value of $1.1 million for its properties.
The typical income for men is $92,954, while the median income for women is $64,711. The municipality has a median household income of $73,420 per year. There are around 1.9% of families and 2.5% of the population who are living below the poverty line. This includes 3.2% of those who are under the age of 18 and 1.9% of those who are age 65 or older.
Chestnut Hill and Newton Lower Falls are just two examples of the extremely affluent communities that may be found in Newton, Massachusetts. Additionally, it is one of the safest areas to live in all of Massachusetts. It is around 24 kilometers (about 15 miles) away from the center of Boston.
6. Lexington – Per Capita Income of $72,744
More than 22,783 people call the municipality that can be found in Middlesex County home. It is roughly 26 kilometers (16 miles) west of the central business district of Boston, Massachusetts, and is part of the Greater Boston area.
With a median household income of $170,924, Lexington is the wealthiest town in the Commonwealth of Massachusetts. That is approximately $90,000 more than the median household income in the state of Massachusetts, which is $66,866.
The jobs that pay the highest median salaries in Lexington are those in management ($87,593), business and financial operations ($77,433), and healthcare practitioners and technicians ($77,384).
26.5% of the population in Lexington is employed in management, business, science, or the arts, while only 3.9% of the population is employed in sales and office occupations. Lexington also has a high concentration of businesses, which contributes to the city’s high percentage of people who are employed in management positions.
7. Concord – Per Capita Income of $72,046
In addition to being the wealthiest town in Massachusetts, Concord is also among the wealthiest communities in the northeast. According to the statistics, the median income for a household in the city of Concord is $159,167. That is greater than the $66,866 that the median household earns in the Commonwealth of Massachusetts. In Concord, a family’s income should not be expected to fall below or exceed $186,518.
The town had a total population of 17,669 residents and 15,544 homes as per the census completed in the year 2020. There were 89% White or Caucasian people, 4% African American or Black people, 2% Asian people, and 4% Hispanic or Latino people in the population.
It also has a reputation for being one of the most educated communities in the nation. The city of Concord is home to a total of four educational establishments, including a private liberal arts college known as North Central College, a coeducational preparatory school known as Concord Academy, the Marian Court College of Nursing, and the Marian Court College of Pharmacy.
Additionally, the town is home to one of the most prestigious educational facilities in the state. When taken as a whole, it contributes to the educated state of the population.
8. Belmont – Per Capita Income of $70,876
The eighth wealthiest town in the Commonwealth of Massachusetts is Belmont. There are 26,123 people living there, and the median family income is $163,012, while the median household income is $141,849 in this area.
The town is regarded to be a part of the Greater Boston area and is situated around 10 miles to the west of the city of Boston. The median cost of a rental unit is $2,829 per month, while the average price paid for a property is $807,000. boasts some of the best restaurants and a respected educational system.
This town is well-known for the stunning architecture of its homes, and there are real estate agents in the area that are qualified to assist you in the search for a residence here.
The industries of professional services and healthcare have the highest concentration of job seekers in Belmont. The Partners HealthCare System, Inc., the Novartis Corporation, the Lirio Group, and the CareGroup Healthcare System are all examples of some of the largest employers in the area.
9. Carlisle – Per Capita Income of $70,075
The typical income for households in Carlisle is $115,650, while the median income for families is $145,409. This places Carlisle as one of the Wealthiest Towns in Massachusetts 2023. This number is greater than the average for the state, which is $66,866, or the national average, which is $84,900.
Carlisle not only has a high median household income, but its poverty rate is also significantly lower than the national average. Carlisle has consistently ranked as one of the communities in Massachusetts with the highest graduation rates. There are 35.9% of adults in this town who have a degree that is at least four years long, and of those adults, 34.5% have an advanced degree. This is the highest percentage of any town in the state.
In the year 2020, the average income for a resident in Carlisle was $70,075, placing it among the richest in the US and placing it above the state of Massachusetts. The town also boasts one of the lowest unemployment rates in the country, which indicates that employment opportunities are easily accessible to the town’s residents.
10. Wellesley – Per Capita Income of $69,734
Nearly 28,747 individuals make their home in the town of Wellesley, which is situated in Norfolk County and has borders with both Boston and Newton. The median income for a family in the town of Wellesley is $141,563. The town also has a larger-than-average percentage of households with earnings over 125,833 dollars, which is over $10,000 greater than the national average.
In addition to this, the total assets held by its citizens are valued at over $7 billion. Only 6% of the total population lives below the federal poverty line, which is significantly lower than the average for the rest of the country. The citizens of Wellesley value the town’s natural beauty highly, and it is home to a flourishing commercial community as well as an outstanding public education system.
The value of real estate is rather high in this area. The percentage of people who own their own homes is extremely high, while the number of vacant homes is extremely low. This almost always indicates that there is a bigger demand for houses than there would be if the majority of people rented their homes instead of buying them.
The tax burden placed on residents in Wellesley is higher than the national average. In comparison to regions with similar median incomes, it also has a greater cost of living than the average would imply. In this area, the rate of property crime is very low, but the rate of violent crime is significantly higher than the national average.
The people that live in Wellesley have a high level of education. It is possible that it is considered to be one of the largest cities or towns in the state of Massachusetts.
10 Wealthiest Towns in Massachusetts 2023 – Newshub360.net
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