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Want to know where you can 'keep up with the Joneses' in Massachusetts? Take a quick second to tap or scroll your way to a list of the richest places in the Baked Bean State. That's right, the baked beans in this New England State are rich, the clam chowdah' here is rich, and if the Boston Tea Party hadn't happened, there would be even more Bay Staters who are rich. But all joking aside, Massachusetts has some pretty wealthy places; and lucky for you, HomeSnacks' created a list of the top ten richest places in The Bay State for 2020 and listed them below.
We suggest, however, that before you head down to our list, that you learn a little bit about how we identified Massachusetts' most affluent places. First, we looked at the things that the well-to-do find important: safety, posh neighborhoods, gold star schools, and fancy things to do.
We discovered a couple of things along the way. One, Harvard University in Cambridge is not only one of the best universities in the country, but it has produced more billionaires than the Massachusetts lottery. Secondly, those smart, wealthy Harvard graduates aren't leaving after graduation because Massachusetts is one of the fastest growing state in America. And third, many of Massachusetts richest places are also some of the state's safest.
However, if you truly want to live like the 'one percent' in Massachusetts' richest places, you're going to have to make at least $79,483/year. The state is after all one of the richest states in the country.
To see what Massachusetts cities made the cut, keep reading.
At the end of the day, here's the set of the 10 richest places in Massachusetts for 2020:
- Newton (Photos | Homes For Sale)
- Melrose (Photos | Homes For Sale)
- Newburyport (Photos | Homes For Sale)
- Franklin Town (Photos | Homes For Sale)
- Woburn (Photos | Homes For Sale)
- Watertown Town (Photos | Homes For Sale)
- Amesbury Town (Photos | Homes For Sale)
- Medford (Photos | Homes For Sale)
- Braintree Town (Photos | Homes For Sale)
- Beverly (Photos | Homes For Sale)
There are many cities in Massachusetts that ooze obnoxious wealth, so to narrow down our list, we looked at the latest Census data from the American Community Survey for 53 Massachusetts cities with more than 12,000 residents.
So, what is the richest place in Massachusetts for 2020? According to the latest data, that would be, Newton.
To see a list of the other cities that made this list, take a look below. And if you have some time on your hands, see how the other 99% live in this state.
Rich people not your cup of tea? Feel free to check out some more reading about Massachusetts:
The 10 Richest Cities In Massachusetts For 2020
Newton is a suburban city in Middlesex County, Massachusetts, United States. It is approximately 7 miles west of downtown Boston and is bordered by Boston's Brighton and West Roxbury neighborhoods to the east and south, respectively, and by the suburb of Brookline to the east, the suburbs of Watertown and Waltham to the north, and Wellesley and Needham to the west. Rather than having a single city center, Newton resembles a patchwork of thirteen villages. According to the 2010 U.S. Census, the population of Newton was 85,146, making it the eleventh largest city in the state.
Melrose is a city located in the Greater Boston metropolitan area in Middlesex County, Massachusetts. Its population as per the 2010 United States Census is 26,983. It is a suburb located approximately seven miles north of Boston and is situated in the center of the triangle created by Interstates 93, 95 and US Route 1.
Newburyport is a small coastal, scenic, and historic city in Essex County, Massachusetts, United States, 35 miles northeast of Boston. The population was 17,416 at the 2010 census. A historic seaport with a vibrant tourism industry, Newburyport includes part of Plum Island. The mooring, winter storage and maintenance of recreational boats, motor and sail, still contribute a large part of the city's income. A Coast Guard station oversees boating activity, especially in the swift tidal currents of the Merrimack River.
The Town of Franklin is a city in Norfolk County, Massachusetts, United States. Franklin is one of fourteen Massachusetts municipalities that have applied for, and been granted, city forms of government but wish to retain "The town of- in their official names. As of 2012, the city's population was 33,092. It is home to the country's first library, with its first books donated by Benjamin Franklin. It also contains the largest Catholic parish in the Boston Archdiocese, St. Mary's Catholic church, with some 15,000 members.
Woburn is a city in Middlesex County, Massachusetts, United States. The population was 38,120 at the 2010 census. Woburn is located 9 miles north of Boston, Massachusetts.
Medford is a city 3.2 miles northwest of downtown Boston on the Mystic River in Middlesex County, Massachusetts, United States. In the 2010 U.S. Census, Medford's population was 56,173. It is home to Tufts University.
Coordinates: 423329N 705248W 42.558; -70.880
How We Determined The Richest Places In Massachusetts For 2020
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 2014-2018 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 53 places with more than 12,000 people in Massachusetts, we ranked each place from 1 to 53 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, Newton, crowned the "Richest City In Massachusetts For 2020". You can download the data here.
You can learn more about the top ten below or skip to the end to see the rankings for all 53 places.
There You Have It - The Wealthiest Places In Massachusetts For 2020
Like we said earlier, when we set out to identify the richest places in Massachusetts, we weren't sure what we'd encounter, but it ended up being some of the best places to live in Massachusetts.
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 Massachusetts, according to data:
2nd Poorest: Lawrence
3rd Poorest: Holyoke
For more Massachusetts reading, check out:
- Best Counties To Live In Massachusetts
- Cheapest Places To Live In Massachusetts
- Safest Places In Massachusetts
Detailed List Of The Richest Cities In Massachusetts
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