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It's true what you read about New York in those fancy magazines. There are cities in this state that make Beverly Hills, CA look like the home of the middle class. We know that New York knows how to do everything bigger and better. Heck look at the Statue of Liberty, Niagara Falls, and The Big Apple. Something or someone has to keep this larger than life state ticking. And that, folks, would be the rich New Yorkers that own it.
Curious to know where the 'Richie Rich' of New York live? We've done the work for you with the top ten richest cities in New York for 2020 list. To create this list, we asked ourselves, what is important to rich people in New York? Besides the obvious: high paying jobs, affluent neighborhoods, crazy expensive penthouses, Michelin rated restaurants, and more car services than Starbucks; the cities on our list had to cater to the 'one percent' on a different level, they had to be super posh posh.
How does one get their hand on one of these shiny, New York gems; where living your best life requires a substantial amount of money? Well, a couple of things have to fall into place for you. You need to find a job that pays on average $175,000/year. Might we suggest a job in banking? Someone has to help all of those rich New Yorkers manage their money. Wealthy people want to live in the best cities, so it's not lost on us that there are multiple cities on our ten best cities to live in new york for 2020 that are also on our richest list.
To see which cities made the wealthyiest cities in The Empire State for 2020, grab a slice of pizza, a glass of Cristal, and read on.
At the end of the day, here's the set of the 10 richest places in New York for 2020:
- Scarsdale (Photos | Homes For Sale)
- North Hills (Photos | Homes For Sale)
- East Hills (>Homes For Sale)
- Lawrence (Photos | Homes For Sale)
- Garden City (Photos | Homes For Sale)
- Babylon (Photos | Homes For Sale)
- Larchmont (Photos | Homes For Sale)
- Hastings-on-Hudson (Photos | Homes For Sale)
- Monroe (Photos | Homes For Sale)
- Malverne (Photos | Homes For Sale)
In all seriousness, we narrowed down the richest cities in New York by looking at several factors: poverty rate, median household income, unemployment rate. The cities also had to have a population of at least 5,000.
And the richest city in New York? You better have deep pockets if you want to live North Hills, folks, it's the richest in the Empire State.
So where exactly is the money located in the great state of New York? Continue reading as we unravel the top ten richest cities in New York for 2020. And if you don't see your city there, head to the bottom.
Rich people not your cup of tea? Feel free to check out some more reading about New York:
The 10 Richest Cities In New York For 2020
Scarsdale is a town and village in Westchester County, New York. The Town of Scarsdale is coextensive with the Village of Scarsdale, but the community has opted to operate solely with a village government, one of several villages in the state that have a similar governmental situation. As of the 2010 census, Scarsdale's population was 17,166.
North Hills is a village in Nassau County, New York in the United States. The population was 5,075 at the 2010 census.
East Hills is a village in Nassau County, New York on the North Shore of Long Island. It is considered part of the Greater Roslyn area, which is anchored by the Village of Roslyn. As of the United States 2010 Census, the village population was 6,955.
Garden City is an incorporated village in Nassau County, New York, United States, in the town of Hempstead. It was founded by multi-millionaire Alexander Turney Stewart in 1869, and is on Long Island, to the east of New York City, 18.5 miles from midtown Manhattan. The village is located mostly in the Town of Hempstead with a small portion in the Town of North Hempstead.
Babylon is one of ten towns in Suffolk County, New York, United States. Located on Long Island, the town population was 214,191 as of the 2014 census. Parts of Jones Beach Island, Captree Island and Fire Island are in the southernmost part of the town. It borders Nassau County to the West, and the Atlantic Ocean to the South. At its westernmost point, its location is approximately 20 miles from New York City at the Queens border, and approximately 30 miles from Manhattan. There is also a village of Babylon located within the town.
Larchmont is a village located within the Town of Mamaroneck in Westchester County, New York, approximately 18 miles northeast of Midtown Manhattan. The population of the village was 5,864 at the 2010 census.
Monroe is a town in Orange County, New York, United States. The population was 39,912 at the 2010 census. The town is named after President James Monroe.
Malverne is a village in the town of Hempstead in Nassau County, New York, United States. The population was 8,514 at the 2010 census.
How We Determined The Richest Places In New York 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 168 places with more than 5,000 people in New York, we ranked each place from 1 to 168 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, Scarsdale, crowned the "Richest City In New York 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 168 places.
There You Have It - The Wealthiest Places In New York For 2020
Like we said earlier, when we set out to identify the richest places in New York, we weren't sure what we'd encounter, but it ended up being some of the best places to live in New York.
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 New York, according to data:
Poorest: New Square
2nd Poorest: Binghamton
3rd Poorest: Rochester
For more New York reading, check out:
- Best Places To Raise A Family In New York
- Safest Places In New York According To Science
- Best Counties To Live In New York