News Summary
Four suburbs of Boston, including Wellesley, Winchester, Lexington, and Needham, have been ranked among the top 50 wealthiest suburbs in America. Wellesley stands out as the wealthiest, with an average household income of approximately $367,000 and home values nearing $2 million. The rankings, based on the 2022 American Community Survey and Zillow data, reflect significant financial prosperity in these communities, with additional insights indicating rising income and home values as of 2023.
Boston, MA – Four suburbs of Boston have achieved notable recognition as they are among the top 50 wealthiest suburbs in America, according to an analysis by GoBanking Rates. The suburbs of Wellesley, Winchester, Lexington, and Needham are noted for their high average household incomes and elevated home values.
Wellesley stands out as the wealthiest among them, ranking 10th nationally with an average household income of approximately $367,000 and a typical home value nearing $2 million as of mid-June 2024. Winchester follows in the 31st position with a household income of $283,632 and home values over $1.6 million. Lexington comes in 35th place, reporting an average household income of around $280,000 and typical home values around $1.6 million. Lastly, Needham ranks 42nd with an average household income of about $267,000 and home prices typically exceeding $1.5 million.
The basis for these rankings includes data from the 2022 American Community Survey regarding household incomes, as well as home value information gathered from Zillow, creating a comprehensive overview of financial well-being in these communities.
Additional Insights and Trends
More recent data from a 2023 analysis reinforces the ongoing financial prosperity of these suburbs. Wellesley reported an average household income of $368,179 and an average home value of $2,079,414. Lexington’s income in 2023 exceeds $300,000, while home values are just under $1.7 million. Winchester’s average household income reached $296,327 with home values surpassing $1.7 million as well. Needham’s financial metrics revealed an average household income of just over $281,000 and home values nearing $1.6 million.
Notable is the emergence of Newton as another substantial contender, ranking 49th in the nation, with a reported average household income of $261,666 and an average home value of around $1.75 million.
Context and Additional Comparisons
The top wealthiest suburb in the country is Scarsdale, New York, which boasts an average household income of $601,193. This national comparison emphasizes the affluence found in the Boston suburbs, while still highlighting a significant gap at the top of the list.
According to reports from the Greater Boston Association of Realtors, the median price of a single-family home in the Greater Boston area has recently exceeded $1 million for the first time, indicating a trend of rising property values across the board.
This wealth ranking not only underlines the affluence of particular suburbs around Boston but also reflects broader economic trends, including the desirability of real estate in the Greater Boston area. As housing values increase, communities are adapting to the growing demand for housing while maintaining local character and quality of life.
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Additional Resources
- Boston.com
- Wikipedia: Wealthiest Suburbs in America
- CBS News
- Google Search: Wealthiest Suburbs in Boston
- Boston Agent Magazine
- Encyclopedia Britannica: Suburb
- MassLive
- Google News: Boston suburbs wealth
