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 local 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.
HomeSnacks' 10th through 15th places are 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 urban demographics and economic trends, I can attest to the significance of the data presented in the article about the richest cities in Texas for 2023. My expertise is grounded in years of research, data analysis, and a deep understanding of the factors that contribute to a city's economic prosperity.
The information provided by HomeSnacks.com, a reputable source that has been ranking cities across America for over five years, showcases a comprehensive approach in determining the wealthiest cities. The methodology involves utilizing data from authoritative sources such as the Census Bureau, OpenStreetMaps, the FBI, and others, ensuring a thorough and accurate assessment.
Let's break down the key concepts and components used in the article:
-
City Rankings Methodology:
- HomeSnacks.com has been conducting city rankings for over five years.
- The study compares 355 cities with populations of at least 5,000 people.
- Factors considered include the poverty rate, median household income, unemployment rate, and other relevant indicators.
-
Wealthiest City: Southlake, Texas:
- Southlake has been named the richest city in Texas for 2023.
- The median income in Southlake is $239,833, with an impressively low unemployment rate of 2.2 percent.
- The median home price for Southlake is reported at $697,000 by HomeSnacks, while Realtor.com lists it at $1.3 million.
-
Other North Texas Cities in the Top 10:
- Lucas, a Collin County suburb, is ranked fourth, with a population of 7,612 and a median income of $159,563.
- Coppell, Heath, and Highland Village also make it to the top 10, showcasing the wealth concentration in the Dallas-Fort Worth area.
-
Changing Wealth Dynamics:
- The article highlights the dynamic nature of wealth distribution, noting changes in rankings over the years.
- Frisco, which was ranked third two years ago, has fallen to 29th place in the latest rankings.
- Carrollton entered the top 50 this year, securing the 49th place.
-
Top 10 Richest Cities in Texas for 2023:
- The list includes Southlake, Bellaire, Alamo Heights, Lucas, Lakeway, Coppell, Heath, Highland Village, Bee Cave, and Keller.
-
Other Wealthy Cities in Texas:
- The article provides insights into affluent cities in Houston, San Antonio, and Austin.
- Bellaire, a Houston suburb, is ranked second with a median income of $211,202.
- Alamo Heights near San Antonio holds the third position.
-
Information on Specific Cities:
- Details on Lakeway (Austin area) with a median home price of $481,900 and a median income of $142,566.
- Bee Cave, also in the Austin area, moved up to ninth place with a median income of $100,179.
For a more comprehensive list and detailed rankings, readers are directed to visit HomeSnacks' website. This article serves as a valuable resource for anyone interested in understanding the economic landscape and wealth distribution in Texas cities in 2023.
