These are 2023’s richest cities in Texas, report says (2024)

FAQs

These are 2023’s richest cities in Texas, report says? ›

The analysis from the website HomeSnacks.com factored in poverty rate, median household income, unemployment rate and where the richest people in the state live. In order to make the list cities also had to have a population of at least 5,000. Southlake topped the list with a median income of $239,833.

The analysis from the website HomeSnacks.com factored in poverty rate, median household income, unemployment rate and where the richest people in the state live. In order to make the list cities also had to have a population of at least 5,000. Southlake topped the list with a median income of $239,833.

In Texas, Fredericksburg has the highest percentage of millionaires, where 701 households with more than $1 million in assets makes up nearly 6.5% of the area's population.

Austin is the fastest-growing city for millionaires, according to the 2023 Wealth Report by Henley & Partners. Between 2012 and 2022, the number of millionaires calling Austin home more than doubled to 30,500. A 'millionaire growth rate' of 102% puts Austin at the top of the list.

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.

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.

Highland Park

The richest city in Texas is Highland Park. An upscale area located in central Dallas, this beautiful neighborhood possesses both a small-town atmosphere and big-city amenities.

Nearly all residents of Carrizo Hill live below the poverty line. The local poverty rate in the town stands at a staggering 96.9%, compared to the statewide poverty rate of 14.0%. All data in this story are five-year estimates from the U.S. Census Bureau's 2021 American Community Survey.

According to the list, the richest school district in Texas is Friendswood Independent School District. This district is found in Galveston County. The average household income for families in this school district is $167,090 per year. The graduation rate is 97%.

But what do North Texans believe is the dollar threshold for being wealthy? In a recent survey by Westlake-based financial services giant Charles Schwab, residents of Dallas-Fort Worth said they think it takes a net worth of $2.6 million to officially be wealthy.

What is the most expensive zip code in Texas? ›

In Texas, the most expensive zip code is 78746 in Austin. The average home value is $1,409,777, which is 517.5% above the typical home value in Texas. Here's a look at the top 10 most expensive zip codes in Texas: 78746 (Austin)

In Texas, an annual income of $641,400 will land you at the top, while $258,400 only gets you to the top five percent.

In 2022, Dallas-Fort Worth had 92,300 high-net-worth individuals, an increase of 3% over 2021. These are individuals with investable assets of $1 million or more. It also had 4,340 multi-millionaires ($10 million or more), 211 centi-millionaires ($100 million or more) and 18 billionaires ($1 billion or more).

In Texas, Midland County situated in the Permian Basin claims the No. 1 spot with a $59,283 per capita investment income, $279,569 median home value and $126,631 per capita income.

#1: New York

New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple. Additionally, the city's real estate market is known for being expensive, with sky-high property values and rents.

The GDP of the Dallas economy is around $513 billion and features a future job growth rate of 44.1%. Major industries in Dallas include IT services, finance, healthcare, media, and telecommunications. Houston's economy has a GDP of around 454 billion and a job growth rate of 30.9%.