Home to some of the wealthiest people in the world and among the top five richest states in the U.S., Massachusetts is a beacon of light for luxury and prestigious living.
If living in The Bay State and amongst wealthy folks has been a dream for you, it will interest you to know some of the richest cities in Massachusetts where you can make your next home.
Although it’s easy for out-of-state movers to mistake the towns for cities in Massachusetts, this list will focus strictly on metro areas governed by mayors and city councils with over 12,000 residents.
Let’s get started!
1. Newton
With about 87,453 people living in Newton, the residents of this city have a desirable and welcoming community for anyone looking to join their robust economy.
As a rich city you should know living here is not cheap. The cost of living in this part of Massachusetts is about 84% higher than the national average—which is pretty high.
Luckily, the average hourly pay of $30.32 sort of balances out the hiked prices residents pay for basic stuff like groceries and utilities. Unemployment and poverty rates within the city are low at 2.8% and 4.23%, respectively.
- Population: 87,453
- Average House Rent: $3,564
- Median Listing Home Price: $1.8 Million
- Median Household Income: $176,373
2. Boston
Of course, Boston, the capital city of Massachusetts, has a place on the top spot for richest cities in the state. By some standards, it is even among the richest cities in the country, having an average cost of living about 47% higher than the national average.
If you plan on relocating here, just through friendly conversations with the average movers in Boston offers, you will discover just how pricey things tend to get within the city.
Beantown, as it’s popularly known, has abundant American history on its shores. For instance, it’s famous for being home to the first college in North America and houses Harvard Medical School, one of the best in the country.
With over 600,000 people residing here, an unemployment rate of 3.2%, and a booming economy, the wealth in Boston would increase even further in the years to come.
- Population: 675,647
- Average House Rent: $3,926
- Median Listing Home Price: $999,000
- Median Household Income: $89,212
3. Cambridge
Home to two of the world’s most prestigious universities, Harvard and MIT, Cambridge exudes a certain intellectual quirkiness.
Living in Cambridge offers a perfect blend of historic culture and student vibe, making the city even more luring. The average cost of living within the city is 73% higher than the national average, with housing costs doubling what’s considered usual in the U.S.
Whether you come here as a student or young adult looking for a fresh start in life, you will likely need about $34,140 to live comfortably as a single person.
- Population: 118,403
- Average House Rent: $3,614
- Median Listing Home Price: $1.4 Million
- Median Household Income: $121,539
4. Newburyport
Thirty-five miles Northeast of Boston lies one of the best places to live in Massachusetts, with plenty of rich residents. This city in Essex County is a perfect oasis to raise a family and own a home—which is more common than renting here.
The unemployment rate is staggeringly low at 2.3%, and the poverty rate within the city sits at 4.5%, which can be quite alluring for movers looking for a job here.
The cost of living is about 37% more than the national average; as a resident here, you should expect to pay higher rents and utilities than you would in most other states.
- Population: 18,289
- Average House Rent: $2,525
- Median Listing Home Price: $1.1 Million
- Median Household Income: $127,306
5. Somerville
Moving to the Northwestern side of Boston, you’ll find Somerville, a rich city with a unique mix of housing and businesses.
Residents in this area are more likely to rent homes than own, but it doesn’t downplay how rich the folks here can be. With an unemployment rate as low as 2% and a bustling economy, residents here are, on average, having a more comfortable life.
The cost of living in Somerville is 61% higher than the national average, but the annual median individual and household income can be a balancing factor for many trying to move here.
- Population: 81,045
- Average House Rent: $3,431
- Median Listing Home Price: $1.2 Million
- Median Household Income: $120, 778
6. Braintree Town
Located in Norfolk County of Massachusetts, Braintree Town holds a special place amongst the richest cities on this list. Its name might have “town” on it, but it’s actually a municipality with a mayor-council government.
Anyone residing in Braintree Town is part of the 27% of people dealing with a higher cost of living in the city compared to the national average. About 84% of the residents in this area own their homes, while the lesser part of the population stays on rent.
As a business-oriented area, the city has a lot of opportunities for population growth, increasing by 4.08% within the last year. Irrespective of the high cost of living, the poverty rate is relatively low at 4.2%, with an unemployment margin of 3.1%.
- Population: 39,143
- Average House Rent: $2,801
- Median Listing Home Price: $739,900
- Median Household Income: $114,916
7. Melrose
Home to grand old Victorian-style buildings, lush parks, and a perfect mix of the busy city vibe and a peaceful landscape, Melrose is one of the coolest rich cities in Massachusetts.
Although it might be about 7 miles north of the state’s capital, Boston, Melrose offers its residents an excellent urban type of living. With about 40% higher cost of living than the national average, people witness an increased real estate valuation.
Regardless, a larger percentage of the population still owns homes in the city, and the above-average annual individual income tends to be just enough to cover the monthly expenses of a single person.
- Population: 29,817
- Average House Rent: $3,024
- Median Listing Home Price: $998,000
- Median Household Income: $125,229
8. Franklin Town
Being a part of the 13 towns in Massachusetts that recently became a city, Franklin Town in Norfolk County has been experiencing a 15.38% population growth since 2015.
As a well-known manufacturing city, it hosts several big firms in its region, like Vacumet Corporation, EMC, and Garelick Farms. The poverty rate among the residents is below the national average beltline at 5.54%.
The cost of living in this city stands at least 39% above the national average, with housing valuation hiked ×1.5 the median cost.
- Population: 33,057
- Average House Rent: $2,307
- Median Listing Home Price: $600,000
- Median Household Income: $127,608
9. Waltham
Famously known as the “Watch City,” Waltham is home to the Waltham Watch Factory, a significant Industrial Revolution company.
The city has tons of historic value; from history-rich museums to renowned higher learning institutions and amazing art galleries, Waltham is the perfect place to live and raise a family.
As you’d expect, it’s not quite as cheap living here. Residents have an increased expense of 44% compared to the national average. However, only about 8.84% live below the poverty beltline within the city.
- Population: 65,218
- Average House Rent: $3,102
- Median Listing Home Price: $817,500
- Median Household Income: $103,498
10. Watertown Town
It’s easy to mistake this city for a town; however, it is one of the cities in Middlesex County with tons of history on colony settlements. In 1630, Watertown was among the first Massachusetts Bay Colony settlements organized by Puritan settlers.
Today, the area is a flourishing haven for its residents and anyone willing to settle down and raise a family—the crime rate is 77.8% lower than what the nation experiences on average.
The cost of living in Watertown is approximately 50% higher than the national average, with merely 7.24% of its population living in poverty.
- Population: 35,329
- Average House Rent: $3,273
- Median Listing Home Price: $825,000
- Median Household Income: $117,625
Summary
When looking at the richest cities in Massachusetts, there are a lot of factors to consider. For instance, what’s the city’s GDP, the average cost of living, and the annual income of its residents?
Before finalizing your move to Massachusetts, it’s best to have things figured out financially. That way you’re protecting yourself from any possible challenges you might face.
Moreover, for clarity, if you are amongst the few who constantly mistake the towns in Massachusetts for cities, here are a few of the top five rich towns within the state.
- Dover
- Weston
- Wellesley
- Carlisle
- Lexington
