Newton, Melrose, Franklin Town: These cities aren’t just some of the best places to live in Massachusetts. They are also home to some of the richest people in the Bay State.
Newton in particular houses the richest residents in the state thanks, in part, to a median household income of $127,402 and a ridiculously low poverty rate of 4.4%.
If you’re thinking of moving to one of these towns, you’ll probably need to start saving. The richest places in Massachusetts 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 53 places in Massachusetts with more than 12,000 people.
At the end of the day, here’s the set of the 10 richest places in Massachusetts for 2018:
- Newton (Photos | Homes For Sale)
- Melrose (Photos | Homes For Sale)
- Franklin Town (Photos | Homes For Sale)
- Woburn (Photos | Homes For Sale)
- Amesbury Town (Photos | Homes For Sale)
- Marlborough (Photos | Homes For Sale)
- Watertown Town (Photos | Homes For Sale)
- Newburyport (Photos | Homes For Sale)
- Waltham (Photos | Homes For Sale)
- Braintree Town (Photos | Homes For Sale)
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 Massachusetts.
How We Determined The Richest Places In Massachusetts 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 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 Place In Massachusetts For 2018’.
You can learn more about the top ten below or skip to the end to see the rankings for all 53 places.
Population: 88,317Median Income: $127,402
Unemployment Rate: 4.4%
Poverty Rate: 4.4%
More on Newton: Homes For Sale | Data
Newton is a suburban city in Middlesex County, Massachusetts, United States. It is approximately 7 miles (11 km) 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.
Population: 27,787Median Income: $87,712
Unemployment Rate: 4.3%
Poverty Rate: 3.8%
More on Melrose: Homes For Sale | Data
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.
3. Franklin Town
Population: 32,873Median Income: $108,815
Unemployment Rate: 6.2%
Poverty Rate: 4.2%
More on Franklin Town: Homes For Sale | Data
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.
Population: 39,220Median Income: $83,872
Unemployment Rate: 5.4%
Poverty Rate: 7.2%
More on Woburn: Homes For Sale | Data
Woburn /wubrn/ is a city in Middlesex County, Massachusetts, United States. The population was 38,120 at the 2010 census. Woburn is located 9 miles (14 km) north of Boston, Massachusetts.
5. Amesbury Town
Population: 39,545Median Income: $72,222
Unemployment Rate: 4.6%
Poverty Rate: 7.2%
More on Marlborough: Homes For Sale | Data
Marlborough (often spelled Marlboro) is a city in Middlesex County, Massachusetts, United States. The population was 38,499 at the 2010 census. Marlborough became a prosperous industrial town in the 19th century and made the transition to high technology industry in the late 20th century after the construction of the Massachusetts Turnpike.
7. Watertown Town
Population: 17,837Median Income: $87,162
Unemployment Rate: 6.3%
Poverty Rate: 7.8%
More on Newburyport: Homes For Sale | Data
Newburyport is a small coastal, scenic, and historic city in Essex County, Massachusetts, United States, 35 miles (56 km) 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.
Population: 62,699Median Income: $82,188
Unemployment Rate: 5.3%
Poverty Rate: 10.0%
More on Waltham: Homes For Sale | Data
Waltham (/wlæm/) is a city in Middlesex County, Massachusetts, United States, and was an early center for the labor movement as well as a major contributor to the American Industrial Revolution. The original home of the Boston Manufacturing Company, the city was a prototype for 19th century industrial city planning, spawning what became known as the Waltham-Lowell system of labor and production. The city is now a center for research and higher education, home to Brandeis University and Bentley University. The population was 60,636 at the census in 2010.
10. Braintree Town
There You Have It – The Wealthiest Places In Massachusetts For 2018
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: Fall River
For more Massachusetts reading , check out:
Detailed List Of The Richest Cities In Massachusetts
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