Published by Forbes.com | July 31, 2023
In recent years, Texas has witnessed thousands of Americans flocking there from various states, with California being the leading one.
The Lone Star State certainly has some appeal, especially the fact that there’s no income tax. It’s also “business friendly”, ranking No. 13 out of 50 for its business tax climate, according to Tax Foundation. On the other hand, property tax rates on average are higher in Texas than in many other states. In recent studies, we analyzed and identified the 50 richest cities in Michigan as well as the richest cities in Texas. Here, we’re going to take a look at the richest cities in Texas.
What Is the Richest City in Texas?
Utilizing data sourced from the Census Bureau’s 2021 American Community Survey 5-Year Estimates (which is the newest data available), including median household income, mean household income, median home value, and median property taxes paid, we analyzed and put together a list of the top 50 richest cities in Texas. First, however, it’s crucial to take note of important characteristics concerning Census data. For example, the Census Bureau measures median household incomes up to $250,000, with households earning more being denoted as “$250,000+”. The Census also does this with median home value, which goes up to $2 million and anything above that being expressed as “$2,000,000+”. Thirdly, the same parameters apply to measuring median property taxes paid, which go up to $10,000 and any amount above that is denoted as “$10,000+”.
Therefore, mean household income was particularly useful in our analysis because, unlike median household income, mean (or average) household income has exact values for every city in Texas. All four of these metrics were scored, added up, and then ranked by the cities’ combined scores.
Read on to find out what the richest city in Texas is, as well as the top 50 wealthiest cities in the state.
