These Small Towns Have A Lot Of Millionaires Living Within Their Borders
Achieving millionaire status doesn't just mean having $1 million. It means having one million in investable assets such as cash, stocks, bonds, and funds, among other financial-based products.
Market tracking firm Phoenix Marketing International recently ranked 933 urban areas ranging from large to "micropolitan" areas where the small-town living meets big-time money. Keep in mind the concentration of millionaires on this list is based on wealthy households versus the entire number of households in any given area and not the total number of millionaires compared to other cities in America.
Laconia, New Hampshire Has A Millionaire Density Of 7.2%
Just like Hudson, New York, the town of Laconia is tiny with just 24,739 households. Among those households are 1,840 millionaires for a total concentration of 7.2% of the household population.
The town's median household income is $68,268 while a median home price will fetch $222,300 which is actually below the national average by a significant margin. If you love the outdoors this idyllic town is just 30 miles north of White Mountain National Forest. The town is bustling in the picture above as nearly 350,000 people gather every June for Laconia Motorcycle Week.
Claremont-Lebanon, New Hampshire/Vermont Has A 7.3% Millionaire Density
The city of Claremont-Lebanon which sits in both New Hampshire and Vermont, is home to a 7.3% millionaire population density. There are 90,652 households in the area and 6,675 of them feature millionaires. The average household income is $61,558 and the median home value is reasonably priced at $216,800.
If you love skiing, the area hosts three ski trails at the 20-acre Storrs Hill which also features a surface lift, two ski jumps, and a ski lodge, all right downtown. It's also home to the smallest of the Ivy League Schools, Dartmouth.
Faribault-Northfield, Minnesota Has A 7.5% Millionaire Density
There are 23,358 households in Faribault-Northfield, Minnesota, and 1,766 of them, or 7.5% feature millionaires living within their walls. Despite the high concentration of wealth, the median cost of a home is just $218,100 while the median household income is $65,839.
With plenty of parks and rivers and a winter season that makes it perfect for cross-country skiing, there are plenty of outdoor activities. In fact, it has topped many lists for the best places to retire because of its natural beauty and access to friendly walking paths. It's also just 60 miles from the Mayo Clinic.
Gardnerville Ranchos, Nevada Has A 7.5% Millionaire Density
There are 20,579 households in Gardnerville Ranchos, Nevada, and 1,562 millionaire households for a millionaire density of 7.5%. The median household income is $62,503 while the median home value is $346,500.
The town is sought after thanks to its access to both ski resorts and beaches. The town's proximity to Lake Tahoe is a particularly good reason for moving into the area, especially if you have a good amount of disposable income.
Glenwood Springs, Colorado Has A 7.6% Millionaire Density
The total population of Glenwood Springs, Colorado features just 26,357 households and 7.6% of those homes have millionaires living inside. Those homes are also not cheap with a median price of $383,300. The town also features a higher average median income that currently sits at $76,184.
Glenwood Springs is known for excellent skiing in the winter, along with its hot springs, rafting, kayaking, fishing, and golfing that make for an awesome year-round destination.
Dickinson, North Dakota's Millionaires Make Up 7.6% Of Households
While there may only be 12,150 households in Dickinson, North Dakota, it's home to 985 millionaires. That's a millionaire density rate of 7.6%. The median home income is $238,1000 while the median income for residents in the town is $75,708.
With the collapse in oil shale prices, the number of millionaires living in the area has shrunk in recent years. With that being said, it's a tax haven for the rich so we expect some wealthy households to remain in the area.
Oak Harbor, Washington Has A Millionaire Density Of 7.9%
Oak Harbor, Washington is home to 2,839 households with millionaires despite a population of just 34,572. That's a millionaire concentration of 7.9%. The town has a relatively common median income of $64,793 per home while home values are above the national average, coming in at $392,500.
Oak Harbor itself is actually considered a generally poorer district in the area, however, it encompasses Whidbey Island which helps push the millionaire density higher than most small towns in America. It's also home to the Whidbey Island Naval Air Station.
Elko, Nevada Has A 7.9% Concentration Of Millionaire Households
The small town of Elko, Nevada has 1,589 households with millionaires and a population of 18,438 households. That's a concentration of 7.9%. The median income in the area is high at $77,222 while the median home value is well below the national average at just $197,700.
How did this small town in Nevada attract so many high net-worth citizens? It's the heart of Nevada's gold mining industry. While gold isn't coming out of the ground at rates in the past, it's still a very lucrative business. Nevada is the fourth largest gold-mining area behind all of China, Australia, and Russia.
Concord, New Hampshire Has A Millionaire Concentration Of 8.0%
Concord, New Hampshire, is the first town on our list to reach the 8% concentration point for millionaire households. The area features 4,716 households with millionaire status while there are 58,521 households in total. The area also features a higher than average median household income of $75,088 and a modern median home value of $239,100.
The town is often bustling thanks to its proximity to the New Hampshire International Speedway and it's a quick 90-minute jaunt to Boston. The town's proximity to so many areas has also made it a major logistics hub.
Truckee-Grass Valley, CA Has An 8% Concentration Of Millionaires
With 41,447 households in Truckee-Grass Valley, California there is an 8% concentration of millionaire-based households for a total of 3,448. The median income in the area is $66,299 while the median home value, in true California fashion, is through the roof at $456,000.
It's a desirable place to live thanks to being located on the California side of Lake Tahoe. The area also features numerous ski resorts that appeal to travelers during the winter months.
Steamboat Springs, Colorado Has A 7.4% Millionaire Density
If you walk down the streets of Steamboard Springs, Colorado you're likely to walk right past a lot of millionaires. The population density is just 9,552 households with 818 featuring millionaire families. The 7.4% population density is impressive and so is the median household income of $74,273.
Owning a home in Steamboard Springs is incredibly expensive with a median home value of $510,600. Steamboat is also considered among one of the best ski resort towns in the world.
Hudson, New York's Millionaire Density Is 7.2%
In Hudson, New York there are 25,243 households and 1,810 of them have a millionaire family living inside. That's a total millionaire density of 7.2%. The town is 35 miles south and Albany and is nestled along the Hudson River.
While not every family in Hudson is rich, the median household income is still $63,032 compared to the national average of $61,937. Amazingly, you can still purchase a home in the area for a median home value of $231,100 which isn't even $2000 higher than the national average of $229,700.
Key West, Florida Has A Millionaire Concentration Over 8%
A total of 8.1% of the households in Key West, Florida have enough investable assets to fall into the millionaire classification. There are 31,362 households in the area and 2,867 of them have millionaires living inside their walls. The median income is $71,973 in Key West while homes sell for a median of $541,900 or approximately double the national average.
It's easy to see why residents love the area thanks to its easy access to boating and time spent on the beach. The state also doesn't have an income tax which saves rich residents a ton of cash.
Kapaa, Hawaii Has An 8.3% Concentration Of Millionaires
The town of Kapaa, Hawaii features 22,685 households of which 2,118 are considered homes of millionaires. That's a very high 8.3% concentration of millionaires. The median income is the highest on our list so far at $80,921 while the median home value in the area is also nearing three times the national average at a median price of $627,800.
Featuring mountains, forests, and beaches, this area of Hawaii is one of the least touched among the chain of islands. The area isn't the cheapest to live in the United States but property taxes are among the lowest in the country.
Breckenridge, Colorado Has A Millionaire Concentration Of 8.5%
Breckenridge, Colorado is a ski mecca that draws in hundreds of thousands of tourists a year but it only features 9,707 households of which 1,137 are lived in by millionaires. That's a concentration of 8.5%. The median household income is high in Breckenridge at $77,589 but it doesn't keep pace with the median home value of $563,000.
It's also a beautiful summer destination thanks to plenty of hiking and biking trails and access to perfect waterways for fly fishing. It's also one of the state's best cultural centers.
Jackson, Wyoming Has A Millionaire Concentration Of 8.7%
Actually situated in both Wyoming and Idaho, the town of Jackson features 12,894 households with 1,236 of those homes featuring owners worth at least $1 million in investable assets. The 8.7% concentration of millionaires is likely why the median income is $78,452 per family while the median home value in the area has climbed to $563,100.
There are three ski resorts in the area and a lot of revenue created thanks to the oil industry. It's also a beautiful area that is surrounded by Grand Teton National Park and parts of Yellowstone National Park.
Heber, Utah Has A Very High 8.7% Concentration Of Millionaires
In Heber, Utah, a high concentration of millionaires has gathered. Out of the 9,567 households in Heber, 921 have reached millionaire status. At 8.7% it's a mind-boggling high concentration of well-off residents. The median household income in Heber is high at $77,449 while the median home value is also higher at $388,900.
Why is there such a high cost of living in this quaint little area? The Swiss-themed village has two world-class five-star ski resorts that attract wealthy clientele along with enough championship golf courses to satisfy even the most dedicated golfers.
Easton, Maryland Has A Nearly 9% Concentration Of Millionaire Households
There are 16,627 households in Easton, Maryland, and 1,412 of those homes have reached millionaire status. With 8.9% of the population in the seven-figure club, it's one of the highest concentrations of wealthy people in America, at least by population. The median household income in Easton is $67,204 while median home values are reached a rather high $331,500.
Visit the area and you'll find country farms next to waterfront estates that are nestled into the shores of Chesapeake Bay. With plenty of beaches, parks, and antique shops, it's what we've come to expect from these wealthy areas.
Vineyard Haven, Massachusetts Has A Millionaire Concentration Nearing 10%
While not quite at 10%, the millionaire concentration in Vineyard Haven, Massachusetts has reached 9.3% with 736 out of 6,367 homes reaching that status. The median income in the area is high at $71,224 while home values are approximately three times the national average at $667,400.
Located on Martha's Vineyard, many of the town's homes sit empty until rich residents visit for their annual summer vacations and one-off weekend trips. You also have to put up with crowds during the busy season as 200,000 people will visit during the summer months.
Los Alamos, New Mexico Has A Millionaire Concentration Of 13.2%
There are only 7,567 households in Los Alamos, New Mexico but 1,107 of them have reached millionaire status. That means 13.2% of the homes in the area have a millionaire living inside. The median income is also astronomically high at $114,248 while median home prices at $292,200 are just above the national average.
I guess it pays to live in a town full of chemists, physicists, and other scientists who work at the nearby Los Alamos National Laboratory. It's also an area with a low personal income tax rate for millionaires.
