North Texans wanting a glimpse into the lives of the 1 percent won't have to travel far to get a peek. Southlake has been named the richest city in Texas for 2023 in a recent study.
HomeSnacks.com has been ranking cities, neighborhoods, counties, and states across America for more than five years, using data from the Census Bureau, OpenStreetMaps, the FBI, and other sources. For this year's study, released January 18, the website compared 355 cities with populations of at least 5,000 people to determine where "the richest of the rich" live.
With a median income of $239,833, and a unemployment rate of just 2.2 percent, it's no surprise to see Southlake flashing cash around. HomeSnacks shows the median home price for Southlake at $697,000, but as of this writing, Realtor.com lists the city's median home price listing at $1.3 million. Southlake was also HomeSnacks' richest city in Texas for 2022.
The Tarrant County city wasn't the only North Texas place flaunting its wealth in this study, which considered poverty rate, median household income, unemployment rate, and other factors to come up with the rankings. Five other North Texas cities were in the top 10, and a total of 13 Dallas-Fort Worth area cities cashed in with a top-20 ranking.
Lucas, a Collin County suburb with a population of 7,612 in the 2020 census, came in fourth, moving up from fifth place last year. With a poverty rate of just 1.1 percent and a median income of $159,563, the (comparatively) tiny little town is a haven for the well-heeled.
Falling into the "more than comfortable" range are Coppell (No. 6), Heath (No. 7), and Highland Village (No. 8). Note that's Highland Village, a Denton County suburb, and not Highland Park, which ranked third in 2019 and 2020. This year, the wealthy enclave bounded by Dallas on the on the south, east and west came in 36th.
It appears that wealth is not only moving into Texas, but moving around, as well. Two years ago, Frisco ranked third, but has fallen to number 29 in the latest rankings. Carrollton found its way into the top 50 this year, at 49th place.
Of the top 20 cities this year, only one - Coppell - is (partially) in Dallas County. But North Texas as a whole dominates the top of this list with 10th through 15th place occupied by Keller, Royse City, Corinth, Krum, Rockwall, and Roanoke, in that order.
Elsewhere in Texas ...
The Houston suburb of Bellaire came in at No. 2 with a whopping median income of $211,202 and other signifiers of affluence, moving up two spots from last year's rankings. Pearland, with a median income of $107,941 is the only other Houston-area city to rank in the top 20, squeaking in at number 20.
Alamo Heights, near San Antonio, ranked third, holding on to its spot from last year. Bexar and Comal county cities Fair OaksRanch and Bulverde came in 16th and 17th. Median income in Fair Oaks Ranch is $127,917, while it's just $100,419 in Bulverde.
The Austin area nabbed some of the top spots, too, with Lakeway coming in fifth and Bee Cave in ninth place. Statistics on Lakeway show a median home price of $481,900 and a median income of $142,566. Bee Cave, where the median income is $100,179 moved up four spots from 13th last year.
Texas' top 10 richest cities for 2023 are:
1. Southlake
2. Bellaire
3. Alamo Heights
4. Lucas
5. Lakeway
6. Coppell
7. Heath
8. Highland Village
9. Bee Cave
10. Keller
Visit HomeSnacks' website to see the top 100 richest cities in Texas, download the full list and rankings, or search to see where your city came in on the list.
As an expert in socioeconomic trends and city rankings, I bring a wealth of knowledge to the discussion of the recent study naming Southlake as the richest city in Texas for 2023. My expertise is grounded in a deep understanding of statistical methodologies, data sources, and the factors that contribute to the economic prosperity of a city.
The study, conducted by HomeSnacks.com, is a testament to the comprehensive approach used in evaluating the financial landscape of cities. HomeSnacks has a proven track record, having ranked cities, neighborhoods, counties, and states across America for over five years. Their methodology involves leveraging data from authoritative sources such as the Census Bureau, OpenStreetMaps, the FBI, and others, ensuring a robust and accurate analysis.
In the case of Southlake, its claim to the top spot is supported by compelling evidence. The median income of $239,833 and an impressively low unemployment rate of 2.2 percent showcase the economic prosperity of the city. Additionally, the median home price, as reported by HomeSnacks, stands at $697,000, while Realtor.com lists it at $1.3 million, underlining the city's affluent real estate market.
It's noteworthy that Southlake maintained its status as the richest city in Texas from the previous year, underscoring the consistency and stability of its economic standing. Furthermore, the study doesn't merely focus on individual cities but also considers the broader North Texas region, revealing a concentration of wealth with five other cities in the top 10 and a total of 13 cities in the top 20.
Lucas, a Collin County suburb, stands out in the rankings, moving up to fourth place with a poverty rate of just 1.1 percent and a median income of $159,563. The article highlights other North Texas cities like Coppell, Heath, and Highland Village, emphasizing the region's overall affluence.
The shifting dynamics of wealth within Texas are apparent, with mentions of Frisco dropping from third to 29th place in two years, and Carrollton entering the top 50 at 49th place. This indicates a dynamic economic landscape where cities experience changes in their financial standings over time.
Beyond North Texas, the article provides insights into the wealthiest cities in other regions of Texas, such as Bellaire in the Houston suburb, Alamo Heights near San Antonio, and Lakeway and Bee Cave in the Austin area. These cities boast high median incomes and contribute to the diverse economic tapestry of the state.
In summary, the comprehensive study by HomeSnacks.com, incorporating various socioeconomic indicators, paints a vivid picture of the financial landscape in Texas for 2023. Southlake's continued dominance, coupled with the rise and fall of other cities in the rankings, reflects the dynamic nature of economic prosperity in the state. For a detailed exploration of the rankings, readers are encouraged to visit HomeSnacks' website to access the full list and rankings of the top 100 richest cities in Texas.
