A Dallas area municipality was recently named one of the richest small towns in the United States.
A GOBankingRates report published on June 11 found that University Park was the wealthiest small town in Texas. In a ranking of 49 states’ richest towns, University Park came in at No.4.
With a population of nearly 25,000 and a median home price of $2.3 million, University Park is considered one of the most affluent and sought-after residential areas in Texas. Located about 5 miles north of Dallas’ city center, University Park saw its median home price jump by 26.7% year over year in May, according to realtor.com.
The town neighbors Highland Park — another wealthy municipality in Dallas County — and is completely surrounded by Dallas proper.
The town is anchored by Southern Methodist University and the George W. Bush Presidential Center. It is also renowned for its attractive homes, beautiful parks, top-tier public schools, and numerous churches.
GOBankingRates analyzed income data from the U.S. Census Bureau for towns with between 500 and 15,000 households in 49 states to devise its list. The study did not include Alaska due to a lack of data.
“When you think of richest locations in the U.S., places like San Francisco, New York, and Beverly Hills might come to mind,” reads the study. “But prosperity and affluence aren’t only thriving among the glitz and glamour of big cities. Instead, pockets of wealth can be found in the nation’s quieter communities and small towns. And for some, living in a small town can be the best financial decision ever.”
As of July 1, 2022, the median household income in University Park was $247,045, making that particular Dallas area enclave the wealthiest small town in Texas, according to the report.
The top five most affluent small towns in the United States based on median income are:
No.1 – Orinda, California ($248,984)
No.2 – Noroton, Connecticut ($248,125)
No.3 – Fox Chapel, Pennsylvania ($247,930)
No.4 – University Park, Texas ($247,045)
No.5 – Flower Hill, New York ($246,533)
