LOS ANGELES – We get it. Living in California doesn’t come cheap, that’s for sure!
But one consumer website drives the point home with a new list that shows several California cities dominate when it comes to the 50 wealthiest suburbs in the U.S.
GoBankingRates.com, a personal finance and consumer banking information website, compiled their report that suggests migration patterns of the rich have shifted to living in quiet suburbs. Overall, 16 California suburbs made the list – four of them in Southern California and 12 in the Bay Area.
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Their research also provided these key nuggets of information:
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Of the five most expensive California suburbs, four of them are in the Bay Area. They are Los Altos, Orinda, Saratoga and Menlo Park.
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The average household income in the wealthiest U.S. suburb is $568,942. (The number one suburb on this list was not in California. It’s Scarsdale, New York).
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While California dominates this list, the East Coast actually has wealthier suburbs than the West Coast with 23 suburbs on the list compared to 19 in the west.
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The average household income for the Southern California cities ranges from $342,463 in Palos Verdes Estates in the high end, to $257,894 in Calabasas on the low end.
Here are the Southern California cities that made the list:
Palos Verdes Estates (#14)
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Suburb of: Los Angeles-Long Beach-Anaheim, CA
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Average household income: $342,463
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Typical home value: $2,890,788
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Suburb of: Los Angeles-Long Beach-Anaheim, CA
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Average household income: $310,947
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Typical home value: $2,481,526
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Suburb of: Los Angeles-Long Beach-Anaheim, CA
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Average household income: $280,470
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Typical home value: $3,161,132
Calabasas (#49)
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Suburb of: Los Angeles-Long Beach-Anaheim, CA
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Average household income: $257,894
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Typical home value: $1,922,163
To get these results, analysts looked at all cities with 5,000 households or more, then isolated the 50 cities with the highest average household income as sourced from the 2022 American Community Survey. GOBankingRates was then able to find which metro area they were a suburb of as well as the 2024 typical home value for the city as sourced from Zillow.
To see the full study, tap or click here.
KTVU contributed to this report.
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