The U.S. Metropolis With the Highest Proportion of $1M+ Households

There are greater than five million millionaires in the U.S. The place do most of them stay?

In case your thoughts goes to main metropolises like New York City, Los Angeles, Chicago or Houston, you are heading in the right direction: All the above boast excessive numbers of millionaire households.

Nonetheless, wealth could be measured in numerous methods, and when contemplating the proportion of millionaire households relative to a metropolis’s whole inhabitants—together with different key wealth indicators—the “richest” U.S. cities won’t be the place you’d count on.

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Property administration firm Evernest examined private revenue, cost of living, homeownership price, share of households with $1 million-plus investable property by state and median family revenue by state throughout 45 U.S. cities to find out the wealthiest ones.

Via weighted and normalized indicators, the examine produced an total richness index indicator and closing index rating that ranked the cities from richest to least rich.*

The evaluation revealed Baltimore, Maryland, because the “richest” metropolis within the U.S. Baltimore has the best price of households with greater than $1 million in investable property at 9.92% and the best median family revenue by state at $97,501.

^{Picture Credit score: Kruck20 | Getty Photos. Baltimore, Maryland.}

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Boston, Massachusetts and Newark, New Jersey took the second and third spots, respectively. Boston’s share of households with greater than $1 million in investable property stands at 9.6%, and Newark’s at 9.89%. Each cities’ median family incomes are available just under $97,000.

Minneapolis, Minnesota and Anchorage, Alaska, have the best homeownership charges, at 74% and 67.2%, respectively.

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Take a look at Evernest’s full record of findings on the “richest” U.S. cities under:

*These indicators had been normalized to make sure comparability throughout cities, with values like private revenue and price of residing adjusted based mostly on the minimal and most values. The info was then min-max scaled between 0 and 1, with 0 representing the bottom and 1 the best values throughout the dataset.