America's wealthy, increasingly, are turning away from behemoth cities like Los Angeles or New York City in favor of smaller suburbs and enclaves like Dallas neighbors University Park and Southlake.
So says a new household income study by GoBankingRates, which lists the two Dallas-Fort Worth towns among the wealthiest American suburbs in 2024.
University Park (bordered on the south by Highland Park and on the north, east, and west by Dallas) came out on top as the No. 6 wealthiest suburb in the nation, the report found, boasting the sixth-highest average household income out of all 50 cities in the report.
A University Park household makes an average income of $381,235 a year, and the typical home in the suburb is valued at over $2.3 million.
The town is no stranger to these kinds of richest-lists. In GoBankingRates' 2023 report that examined the wealthiest small American towns, University Park ranked No. 4 nationally.
There's much to like about the area, which is home to idyllic neighborhoods like Idlewild, Preston Place, and Caruth Hills. Residents love to tout its architectural variety, excellent schools, ample parks and green spaces, and proximity to popular destinations like Highland Park Village and Southern Methodist University.
Southlake is home to some of the area's biggest homes.
Photo courtesy of Engel & Völkers Dallas Southlake via Estately.com
Southlake ranked a little farther down the list, at No. 13, with the the average household making $360,078 annually. The report says the typical home in the suburb is worth more than $1.24 million.
The affluent Tarrant County city has many great local eateries, like the new Prohibition-style restaurant Volstead and pastry shop D'Caramel Patisserie, as well as gaming attractions, med spas, shopping at Southlake Town Square and Central Market, and more. Southlake-based global technology company Sabre was declared one of the best companies to work for in 2024.
Southlake is also home to 26-year-old Annette Addo-Yobo, the recently crowned Miss Texas 2024, who'll go on to compete in Miss America.
Elsewhere in Texas
University Park wasn't the only Texas suburb to earn a spot in the top 10. West University Place in Houston ranked three spots higher than University Park to claim No. 3, and Bellaire (located just west of West U.) ranked outside the top 10 as No. 25.
The report found the average household in West U. makes $403,845 a year, and the typical home is worth more than $1.6 million. In Bellaire, the average household income amounts to more than $294,605 a year, and the average house is valued at nearly $1.08 million.
The top 10 wealthiest suburbs in America are:
- No. 1 – Scarsdale, New York-Newark-Jersey City, New York-New Jersey
- No. 2 – Rye, New York-Newark-Jersey City, New York-New Jersey
- No. 3 – West University Place, Houston-Sugar Land-Baytown, Texas
- No. 4 – Los Altos, San Jose-Sunnyvale-Santa Clara, California
- No. 5 – Paradise Valley, Phoenix-Mesa-Glendale, Arizona
- No. 6 – University Park, Dallas-Fort Worth-Arlington, Texas
- No. 7 – Hinsdale, Chicago-Joliet-Naperville, Illinois
- No. 8 – Great Falls, Washington-Arlington-Alexandria, DC-Virginia-Maryland
- No. 9 – Orinda, San Francisco-Oakland-Fremont, California
- No. 10 – Wellesley, Boston-Cambridge-Quincy, Massachusetts
GoBankingRates examined all cities in the U.S. with a minimum of 5,000 households and ranked them based on the highest average household income. The report provided additional details like which metropolitan area the cities are in, plus each city's typical home value in 2024.
The full report and its methodology can be found on gobankingrates.com.
