Imagine living in a city that not only sets you up for financial success but also offers a vibrant, thriving environment to call home.
The United States is a treasure trove of opportunity, but finding that perfect balance between the cost of living, high-paying jobs, and a lavish lifestyle doesn’t have to be a challenge.
We’ve done the homework and narrowed down the top ten US cities where you can grow wealth while living your best life.
What are they?
Read on to find out—
This article will show you:
- Top 10 US cities to live in to get rich in 2023.
- The average income and cost of living in each.
- Fun facts about all of them.
Read more:
Ten of the Best Places to Live in the US in 2023
1. Stamford, CT
Cost of living per household: $73,110
Average household income: $164,837
Excess income: $91,727
Picture this: living an hour away from the buzzing New York City, with a chill vibe and plenty of chances to boost your bank account. That’s Stamford, CT, in a nutshell. It hosts many Fortune 500 companies and small businesses.
With an average household income of $164,837 and a cost of living of $73,110, you’ll have almost $100,000 left. Not too shabby, right?
Plus, Stamford’s got the best of both worlds. Its convenient location near New York allows residents to reap the benefits of the Big Apple’s economic advantages while enjoying a more relaxed, suburban atmosphere.
Source: Wikiwand
Average commute time to work: 28.4 minutes
Average house price: $697,167
Property tax rate: 2.14%
Average monthly rent: $2,789
Unemployment rate: 4.4
Population: 136,188
Fun fact: The FBI hailed Stamford as the safest city in New England and the 11th safest city in the United States.
2. San Jose, CA
Cost of living per household: $106,414
Average household income: $187,324
Excess income: $80,910
Pack your sunglasses because it’s time to soak up the Californian sun in San Jose. As the heart of Silicon Valley, it’s the spot where bright ideas meet even brighter paychecks. Tech giants and startups are waiting to help you unlock your wealth-creating potential.
Boasting an impressive average household income of $187,324 and a pretty high cost of living of $106,414, San Jose will still let you save up more than $80,000 a year.
Not only is San Jose a haven for tech jobs, but it also hosts opportunities in various fields like green energy, manufacturing, and professional services, making the city an ideal spot for a variety of skill sets.
And when it’s time to unwind, San Jose gives you beautiful weather, mouthwatering food, and plenty of adventures to keep your spirits high.
Can’t decide between boosting your savings and exploring an iconic Californian city? Then San Jose’s your Golden Ticket to living a sun-kissed, prosperous life.
Source: Flickr
Average commute time to work: 29.8 minutes
Average house price: $1,200,000
Property tax rate: 0.76%
Average monthly rent: $2,939
Unemployment rate: 3.3
Population: 971,233
Fun fact: Residents speak over 56 different languages.
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3. Washington, DC
Cost of living per household: $73,662
Average household income: $145,303
Excess income: $71,641
As the nation’s capital, Washington, DC, has a bit of everything when it comes to job opportunities. From government gigs to work in international organizations and private sectors, you’ll find the perfect spot to grow your wealth.
With an average household income of $145,303 and the cost of living at $73,662, those who call Washington home can freely spend, save or invest more than $70,000 a year.
And forget about traffic jams—DC’s public transportation and walkable design have got you covered. Explore the city’s rich history, museums, and cultural hotspots to make the most of city living.
In DC, you’ll never be short on networking or socializing options. From happy hours to political events, mingling with the crowd can open doors to exciting professional and personal opportunities.
Source: Unsplash
Commute time: 30.4 minutes
Average house price: $475,000
Property tax rate: 0.98%
Average monthly rent: $2,327
Population: 671,803
Unemployment rate: 3.3
Fun fact: Famous Washingtonians include Jimi Hendrix and Bill Gates.
Read more:
- How Much Does Bill Gates Make an Hour?
4. Trenton, NJ
Cost of living per household: $63,971
Average household income: $124,665
Excess income: $60,694
With an average household income of $124,665 and a cost of living of $63,971, Trenton makes it easy to save enough for retirement or California vacation while enjoying the good life in a city full of history and charm.
Trenton’s sweet spot between New York City and Philadelphia means you’re never too far from the East Coast’s bustling hubs, giving you access to the best of both worlds without the hefty price tag.
Trenton offers job opportunities in healthcare, education, and manufacturing.
It has also plenty of options to unwind—from vibrant arts and cultural experiences to gorgeous parks and riverfront views. Work hard, play harder, and see your savings soar in this exciting city.
Source: TrentOnDaily
Average commute time to work: 25.4 minutes
Average house price: $319,750
Property tax rate: 2.49%
Average monthly rent: $1,692
Population: 89,661
Unemployment rate: 3.2
Fun fact: Trenton was once the capital city of the United States for a short while.
5. California, MD
Cost of living per household: $64,278
Average household income: $120,986
Excess income: $56,708
California, MD, is a hidden gem for those interested in the aerospace and defense industries. With an impressive household income of $120,986, you’ll reach for the stars and watch your earnings lift off.
Its proximity to Washington, DC—and the Chesapeake Bay—means you can enjoy both weekend getaways to the bustling capital and some much-needed downtime by the water.
California, MD, offers incredible local amenities and a strong sense of community, making it a fantastic place to advance your career while enjoying the picturesque scenery and outdoorsy activities at your doorstep.
Source: ExploreMDHomes
Average commute time to work: 25 minutes
Average house price: $382,000
Property tax rate: 1.09%
Average monthly rent: $1,750
Population: 12,947
Unemployment rate: 2.1
Fun fact: In 2017, California, Maryland was ranked as the metropolitan area with the fourth highest number of households boasting investable assets over a million dollars.
Read more:
6. San Francisco, CA
Cost of living per household: $109,543
Average household income: $165,749
Excess income: $56,206
San Francisco is a magnet for techies and innovators, with major players like Salesforce and Uber calling this lively city home. There couldn’t be a better spot to propel your career and ramp up your earnings.
The average household income of $165,749 doesn’t lie—San Francisco is an attractive destination for generating wealth, even if the cost of living is a bit steeper than in other cities.
Despite the famous fog, SF’s unique culture, iconic landmarks, and delicious food scene will brighten your days and make life in the city a real treat.
Source: Unsplash
Average commute time to work: 32.8 minutes
Average house price: $922,000
Property tax rate: 0.76%
Average monthly rent: $3,313
Population: 808,437
Unemployment rate: 3.4
Fun fact: Up until 1847, San Francisco was called Yerba Buena.
7. Boulder, CO
Cost of living per household: $72,803
Average household income: $128,190
Excess income: $55,387
Imagine being close to the mighty Rocky Mountains while still having access to a booming tech scene and opportunities to fatten your wallet. That’s Boulder, CO, for you.
With many startups and companies, it’s a perfect spot to make some serious cash.
Even better, Boulder delivers the ultimate work-play balance—a buzzing city atmosphere coupled with jaw-dropping natural beauty to keep your weekends filled with adventure.
The average household income of $128,190 is nothing to scoff at.
With its health-conscious atmosphere, top-rated schools, and a strong sense of community, Boulder is an idyllic place to prosper and soak up the best that Colorado has to offer.
Source: Unsplash
Average commute time to work: 19.4 minutes
Average house price: $667,500
Property tax rate: 0.51%
Average monthly rent: $2,349
Population: 105,485
Unemployment rate: 2.3
Fun fact: National Geographic hailed Boulder as the happiest city in the United States.
8. Midland, TX
Cost of living per household: $59,985
Average household income: $114,916
Excess income: $54,931
Next on our list is Midland, TX—a city where the energy industry dominates, offering plenty of chances to strike it rich while still enjoying that classic Texan charm.
In Midland, you’ll find a city that balances opportunities to make a pretty penny with cozy suburban vibes.
There’s never a shortage of things to do—from exploring vibrant downtown hotspots to taking in the city’s cowboy roots. If you’re looking to build wealth while enjoying a true taste of Texas, Midland should take the top spot on your list.
Source: Planetware
Average commute time to work: 20.5 minutes
Average house price: $304,000
Property tax rate: 1.80%
Average monthly rent: $1,330
Population: 134,444
Unemployment rate: 2.6
Fun fact: Texas’s Midland Basin is one of the country’s main crude oil production sites.
9. Seattle, WA
Cost of living per household: $76,422
Average household income: $130,964
Excess income: $54,542
Visualize a city steeped in tech innovation, world-class coffee culture, and stunning natural beauty. That’s Seattle for you.
With major tech giants like Amazon and Microsoft calling this city home, there’s a bunch of job opportunities and competitive salaries just waiting to boost your bank account.
Seattle effortlessly blends urban living with the great outdoors, providing a lively city scene alongside breathtaking landscapes. It’s truly a haven for both outdoor enthusiasts and career-driven individuals.
So, if you’re looking to grow your wealth while savoring life by the iconic Pacific Northwest waterfront, Seattle should be your go-to destination.
Source: Unsplash
Average commute time to work: 27.7 minutes
Average house price: $613,000
Property tax rate: 0.98%
Average monthly rent: $2,233
Population: 749,256
Unemployment rate: 3.2
Fun fact: The Space Needle was first sketched on a napkin.
10. Boston, MA
Cost of living per household: $81,329
Average household income: $135,411
Excess income: $54,082
Last but not least is Boston, with a cost of living of $81,329 and an average income of $135,411.
Boston blends urban excitement and picturesque scenery with its narrow cobblestone streets, beautiful parks, and vibrant neighborhoods. Here you can immerse yourself in American history while enjoying a thriving contemporary lifestyle.
Boston’s world-renowned universities and research institutions attract top talent and foster innovation, creating many job opportunities for you.
The city’s thriving tech and biotech sectors also offer high-paying jobs and a chance for career growth.
Source: Unsplash
Average commute time to work: 30.6 minutes
Average house price: $550,000
Property tax rate: 1.23%
Average monthly rent: $3,758
Population: 650,706
Unemployment rate: 3.4
Fun fact: The first American subway was built in Boston in 1897.
Factors to Consider Before Making the Move
Job opportunities in your industry
Before taking the plunge, make sure your chosen city matches your specific industry’s job opportunities. A thriving job market tailored to your skills is key to securing financial success in a new city.
Young Pham, a financial planner and investment analyst associated with BizReport puts it best:
If you have a specific career path in mind, or perhaps there is a certain industry that you would love to be part of, then you have to consider the options available in the area you want to move into. Do a lot of research and determine if these areas offer good job prospects in that field or industry. If you do not have any specific career path, try and look for cities or regions with a diverse economy and a strong job market. Consider the presence of industries or companies that align with your career goals. That way, it will be easier to find a much-suited job that works for you.
Young Phama financial planner and investment analyst associated with BizReport
Quality of life considerations (education, healthcare, etc.)
Don’t forget to check the everyday aspects of living in a potential city, like educational facilities, healthcare options, and overall safety. These things will make up your overall happiness and well-being.
Growth potential and work-life balance
Prosperity shouldn’t come at the cost of your personal life. Weigh the pros and cons of a city’s growth potential against the work-life balance it offers. All in all, finding that sweet spot between financial growth and quality of life is crucial for long-term success and happiness.
Key Takeaways
- The ten US money cities include Stamford, San Jose, Washington, Trenton, California, Seattle, San Francisco, Boulder, Midland, and Boston.
- The best places to live to get rich can be found in both small, enchanting cities and big, bustling metropolises.
- Choosing the right city to grow your wealth is a personal decision that requires careful consideration of job opportunities, quality of life, and work-life balance.
Methodology
In our quest to find the top ten US cities for financial growth and fulfilling living, we used a data-driven approach that considered several key factors:
1. Cost of living per household
This measure is all about checking the basic costs an average family has to deal with in a city, like paying for a place to live, keeping the lights on, buying groceries, and getting around. It’s a handy way to see how easy on the wallet one city is compared to others.
We used data from AdvisorSmith.
2. Average household income
This factor looks at the average yearly income of families in a city. It helps to figure out how much money people living and working in that city can potentially make.
We used data from the United States Census Bureau.
3. Excess income per year
We figured this value by taking away the cost of living from the average family income. It shows how much extra cash families might have to save up or invest in order to grow their wealth.
4. Other
Other data included average commute time to work, average house price, property tax rate, average monthly rent, unemployment rate, and population.
On top of the number-crunching, we also looked at other things like job options in different industries, how good life is in each city, and what makes each one special.
By mixing numbers with impressions, our approach gives a complete picture of the top US cities where you can find a great setting that’ll boost both your financial success and general happiness in life.
FAQ
What do most millionaires do for a living?
Typical millionaires are CEOs, athletes, actors, bankers, law firm partners, and successful writers.
Check how many people in the world are millionaires, how to make two million dollars a year, and how to save a million dollars in ten years.
Which US city has the most wealth?
The World’s Wealthiest Cities Report 2023 says New York has the most wealth in the United States, with 58 billionaires and 340,000 millionaires.
Where do millionaires keep their cash?
Millionaires keep their money in real and financial assets like stocks, mutual funds, real estate, and retirement accounts.
New research shows that a shocking share of Americans keep cash at home, including in their refrigerators.
What is the best state to build wealth?
Invest in a state with a strong economy and job market.
Texas, for example, has a low cost of living, no state income tax, and a thriving energy industry. California has a high cost of living but also has a strong tech industry and a high concentration of millionaires. Florida has no state income tax and a growing population, making it a popular destination for retirees.
Remember to diversify your investments and consider taxes, cost of living, and job opportunities when choosing where to build wealth.
Before investing, use the investment calculator and check out our guide to passive real estate investing.
What is the best country to become rich?
The countries that consistently rank high in terms of economic growth, job opportunities, and quality of life—crucial elements in wealth building—include the United States, Singapore, Switzerland, and Australia.
Learn how to become rich from a poor background and how to make two million dollars a year.
Where is the best place to live in the world for rich people?
The best place to live in the world for rich people is Monaco—a small city-state on the French Riviera, known for its luxurious lifestyle, tax benefits, and stunning views.
Monaco has no income, wealth, or capital gains tax, making it a haven for the wealthy.
It’s home to some of the world’s most expensive real estate, averaging around $10,000 per over one square foot. But the cost of living is offset by quality of life, with excellent healthcare, education, and security.
Plus, Monaco hosts some of the world’s most prestigious events, like the Monaco Grand Prix and the Monte Carlo Rally.
Which country is best to live and work in?
Check out the countries that align with your personal and professional goals.
Consider factors such as job opportunities, cost of living, healthcare, and cultural fit.
For example, if you value work-life balance, consider Denmark, which has a shorter workweek and generous parental leave policies.
If you’re in the tech industry, consider the United States with its thriving tech sector.
Ultimately, the best country to live and work in depends on your needs and priorities.
Sources
See all
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