Milford, Shelton, Norwalk: These cities aren’t just some of the best places to live in Connecticut. They are also home to some of the richest people in the Constitution State.
Milford in particular houses the richest residents in the state thanks, in part, to a median household income of $81,971 and a ridiculously low poverty rate of 7.1%.
If you’re thinking of moving to one of these towns, you’ll probably need to start saving. The richest places in Connecticut share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples.
How did we come up with these mega wealthy cities? We analyzed Census data from the 2012-2016 American Community Survey for the 21 places in Connecticut with more than 9,000 people.
At the end of the day, here’s the set of the 10 richest places in Connecticut for 2018:
- Milford (Photos)
- Shelton (Photos)
- Norwalk (Photos)
- Stamford (Photos)
- Danbury (Photos)
- Middletown (Photos)
- Bristol (Photos)
- Torrington (Photos)
- Naugatuck (Photos)
- Groton (Photos)
For more on how we calculated the top ten, read on or skip to the end for the full list of the richest cities in Connecticut.
How We Determined The Richest Places In Connecticut For 2018
The first thing that comes to most people’s minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don’t believe that one statistic wholly encompasses what it means to be one of the ‘richest places’. So we looked at this set of criteria from the newly released 2012-2016 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 21 places with more than 9,000 people in Connecticut, we ranked each place from 1 to 21 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a ‘Rich Score’ with the place having the lowest overall Rich Score, Milford, crowned the ‘Richest Place In Connecticut For 2018’.
You can learn more about the top ten below or skip to the end to see the rankings for all 21 places.
Population: 52,005Median Income: $81,971
Unemployment Rate: 6.6%
Poverty Rate: 7.1%
Milford is a Coterminous municipality within Coastal Connecticut and New Haven County, Connecticut, between Bridgeport, Connecticut and New Haven, Connecticut. The population was 51,271 at the 2010 census. The city includes the borough of Woodmont and the village of Devon. Milford is part of the New York-Newark, NY-NJ-CT-PA Combined Statistical Area. It is the headquarters of the mega business Subway
Population: 40,979Median Income: $87,277
Unemployment Rate: 7.9%
Poverty Rate: 5.0%
Shelton is a city in Fairfield County, Connecticut, United States. The population was 39,559 at the 2010 census.
Population: 87,930Median Income: $80,896
Unemployment Rate: 7.9%
Poverty Rate: 8.5%
Norwalk (/nrwk/ NOR-wawk), is a U.S city located in southwestern Connecticut, in southern Fairfield County, on the northern shore of Long Island Sound. Norwalk is included statistically within both the New York-Newark, NY-NJ-CT-PA Combined Statistical Area as well as the Bridgeport-Stamford-Norwalk, CT Metropolitan Statistical Area.
Population: 127,410Median Income: $81,634
Unemployment Rate: 8.0%
Poverty Rate: 8.9%
Stamford is a city in Fairfield County, Connecticut, United States. According to the 2010 census, the population of the city is 122,643. As of July 1, 2014, according to the Census Bureau, the population of Stamford had risen to 128,278, making it the third-largest city in the state (behind Bridgeport and New Haven) and the seventh-largest city in New England. Approximately 30 miles (50 kilometers) from Manhattan, Stamford is in the Bridgeport-Stamford-Norwalk Metro area which is a part of the Greater New York metropolitan area.
Population: 83,890Median Income: $67,430
Unemployment Rate: 7.3%
Poverty Rate: 11.2%
Danbury is a city in northern Fairfield County, Connecticut, United States, located along the Still River approximately 70 miles northeast of New York’s city center. Danbury’s population at the 2010 census was 80,893. Danbury is the fourth most populous city in Fairfield County, and seventh among Connecticut cities. The city is within the New York combined statistical area and Bridgeport metropolitan area.
Population: 46,933Median Income: $63,828
Unemployment Rate: 6.3%
Poverty Rate: 11.4%
Middletown is a city located in Middlesex County, Connecticut, along the Connecticut River, in the central part of the state, 16 miles (26 km) south of Hartford. In 1650, it was incorporated as a town under its original Indian name, Mattabeseck. It received its present name in 1653. Middletown was included within Hartford County upon its creation on May 10, 1666. In 1784, the central settlement was incorporated as a city distinct from the town. Both were included within newly formed Middlesex County in May 1785. In 1923, the City of Middletown was consolidated with the Town, making the city limits of the city quite extensive.
Population: 60,437Median Income: $61,551
Unemployment Rate: 7.8%
Poverty Rate: 10.3%
Population: 35,227Median Income: $58,717
Unemployment Rate: 8.6%
Poverty Rate: 10.0%
Torrington is the largest city in Litchfield County, Connecticut and the Litchfield Hills region. It is also the core city of the largest micropolitan area in the United States. The city population was 36,383 according to the 2010 census.
Population: 31,625Median Income: $59,522
Unemployment Rate: 10.0%
Poverty Rate: 9.6%
Naugatuck is a consolidated borough and town in New Haven County, Connecticut, United States. The town spans both sides of the Naugatuck River just south of Waterbury, and includes the communities of Union City on the east side of the river, which has its own post office, Straitsville on the southeast (along Route 63), and Millville on the west (along Rubber Avenue). As of the 2010 census, Naugatuck had a population of 31,862.
Population: 9,240Median Income: $55,137
Unemployment Rate: 7.5%
Poverty Rate: 13.4%
Groton /rtn/ is a town located on the Thames River in New London County, Connecticut, United States. The population was 40,115 at the 2010 census.
There You Have It – The Richest Places In Connecticut For 2018
Like we said earlier, when we set out to identify the richest places in Connecticut, we weren’t sure what we’d encounter, but it ended up being some of the best places to live in Connecticut.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you’re curious enough, here are the poorest cities in Connecticut, according to data:
2nd Poorest: New London
3rd Poorest: Waterbury
For more Connecticut reading , check out:
Detailed List Of The Richest Cities In Connecticut