Want to know where you can ‘keep up with the Joneses’ in Massachusetts? Take a quick second to tap or scroll your way to a list of the richest places in the Baked Bean State. That’s right, the baked beans in this New England State are rich, the clam chowdah’ here is rich, and if the Boston Tea Party hadn’t happened, there would be even more Bay Staters who are rich. But all joking aside, Massachusetts has some pretty wealthy places; and lucky for you, HomeSnacks’ created a list of the top ten richest places in The Bay State for 2022 and listed them below.
We suggest, however, that before you head down to our list, that you learn a little bit about how we identified Massachusetts’ most affluent places. First, we looked at the things that the well-to-do find important: safety, posh neighborhoods, gold star schools, and fancy things to do.
We discovered a couple of things along the way. One, Harvard University in Cambridge is not only one of the best universities in the country, but it has produced more billionaires than the Massachusetts lottery. Secondly, those smart, wealthy Harvard graduates aren’t leaving after graduation because Massachusetts is one of the fastest growing state in America. And third, many of Massachusetts richest places are also some of the state’s safest.
However, if you truly want to live like the ‘one percent’ in Massachusetts’ richest places, you’re going to have to make at least $81,027/year. The state is after all one of the richest states in the country.
To see what Massachusetts cities made the cut, keep reading.
There are many cities in Massachusetts that ooze obnoxious wealth, so to narrow down our list, we looked at the latest Census data from the American Community Survey for 52 Massachusetts cities with more than 12,000 residents.
So, what is the richest place in Massachusetts for 2022? According to the latest data, that would be, Newton.
To see a list of the other cities that made this list, take a look below. And if you have some time on your hands, see how the other 99% live in this state.
Rich people not your cup of tea? Feel free to check out some more reading about Massachusetts:
The 10 Richest Cities In Massachusetts For 2022
Methodology: How We Determined The Richest Places In Massachusetts For 2022
The first thing that comes to most people’s minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don’t believe that one statistic wholly encompasses what it means to be one of the “richest places”. So we looked at this set of criteria from the newly released 2016-2020 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 52 places with more than 12,000 people in Massachusetts, we ranked each place from 1 to 52 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a “Rich Score” with the place having the lowest overall Rich Score, Newton, crowned the “Richest City In Massachusetts For 2022”. You can download the data here.
You can learn more about the top ten below or skip to the end to see the rankings for all 52 places.
Summary: The Wealthiest Places In Massachusetts For 2022
Like we said earlier, when we set out to identify the richest places in Massachusetts, we weren’t sure what we’d encounter, but it ended up being some of the best places to live in Massachusetts.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you’re curious enough, here are the poorest cities in Massachusetts, according to data:
2nd Poorest: Lawrence
3rd Poorest: Holyoke
For more Massachusetts reading, check out:
- Worst Places To Live In Massachusetts
- Best Places To Live In Massachusetts
- Cheapest Places To Live In Massachusetts
Detailed List Of The Richest Cities In Massachusetts
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