America’s Top 2 Wealthiest Suburbs Are Located in New York

Turns out America's wealthiest don't live in California, they live in the Empire State if this new study listing America's "wealthiest" suburbs is to be believed.

You would think that New York's high cost of living would have driven out our wealthiest residents, but it turns out we aren't hemorrhaging nearly as many millionaires as originally thought.

Despite New York ranking dead last for affordability and also being the state with the highest tax burden - in addition to being the 5th most expensive state for homebuyers - there are some residents who don't mind the high prices as much.

It should also be noted a recent "Happiness Survey" determined New Yorkers need to earn at least $132,825 at minimum to live comfortably in the state and a survey of America's wealthiest neighborhoods showed a good chunk of the nations top 1% lives here.

GoBankingRates released its updated list of America's wealthiest suburbs, which is based of average household income and typical home values. While the study noted that rich Americans are leaving major cities in favor of quieter lifestyles, they aren't exactly ready to leave their home state.

Central New York is well aware that the wealthy are leaving New York City - because so many of them have moved here; causing mortgages and rent to skyrocket. However, other parts of the state saw even more ex-pats, and that boosted their home values to crazy numbers.

Topping GoBankingRates' survey as America's wealthiest suburb was Scarsdale. Residents there make an average salary of $568,942 and the home prices there are roughly $1,413,514.

Coming in as America's 2nd wealthiest suburb was Rye. Interestingly, home values there are much higher than Scarsdale because they average around $2,119,482 - and residents there make less than the #1 suburb, which is $405,074 a year.

Further down the list as America's 37th wealthiest suburb was Garden City, where the average household salary is $279,539 and home prices are valued at roughly $1,196,407.

Dix Hills landed in 46th place. Its average household income is $262,723 while the typical home value is priced at $998,484.

The final New York entry to make the cut was Harrison, which rounded out the list in 50th place. People there make an average salary of around $257,202 a year while home values are roughly $1,312,689.

While New York stunned with so many entries on the list, recent data shows that perhaps these neighborhoods aren't exactly filled with younger residents, as a separate report found we have the third lowest number of homeowners under the age of 34.

Read More: New York Among States with Fewest Young Homeowners

It should be interesting to see how the demographics of these areas shift over the next decade or so.

GoBankingRates said it devised their list by comparing all cities with 5,000 households or more, then using the 2022 American Community Survey to determine the top 50 based on highest average household income versus average home values by using data from Zillow.

What do you think about the number of wealthy suburbs here in New York?

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