With picturesque views and traditional Texan home values, a lot of people enjoy living in Texas. People who live in more expensive states are looking into relocating to the state because of the low cost of living.
Texas has been appropriately nicknamed the Lone Star State and is home to 29.9 million people. Best known for being the home of country music and BBQ, Texas is the second-largest state in the United States. According to the US Census, the median household income in Texas is around $66,826.
Residents of Texas enjoy no state taxes, bigger living spaces for less money, and most of all the rich tradition and culture that is accentuated by Southern charm. The Lone Star State truly provides everything that people are looking for which is a perfect blend of urban and rural living in a highly affordable area.
The State of Texas comprises 254 counties and 1,216 incorporated cities. There are areas in Texas that are affluent and home to the rich and famous. In coming up with a list of the wealthiest cities in Texas, the main consideration is Median Household Income.
Read along as we get to know the wealthiest towns in Texas based on median household income.
How is Median Household Income calculated?
Investopedia defines the generic formula for household income as the total gross income before taxes that is received in 12 months by all members of the household above a specified age. This specified age is further defined by the US Bureau of Census as 15 years and older.
Household income can include employment salary, self-employment earnings, Social Security benefits, pension, investment income, retirement income, and all income coming from other sources.
It should be noted that in this calculation, the definition of a household pertains to all people living in the same home, regardless if they are related to each other or not.
Household income is generally used as a guideline to measure whether an area is economically healthier than other areas. It is also used to compare living conditions between geographic regions.
The amount of Median Household income is determined by pinpointing the middle number found on the data set. The data in the sample should be in order.
What is the Richest County in Texas?
The Richest County in Texas is Rockwall County with a median household income of approximately $103,000.
The area of Rockwall County measures 149 square miles which makes it the smallest area compared to all Texas counties. The name Rockwall is derived from the subterranean rock formation that surrounds the county. It is part of the Dallas-Fort Worth-Arlington metropolitan statistical area and includes cities like Heath, Royse City, Fate, and Mobile City.
Texas has proven a fairly affordable place to live but median household incomes are lower compared to other large states. When compared to the wealthiest cities in California, the median household income is less than half that of California.
Texas seems to compare most closely to the Arizona when comparing median household income. The richest cities in Texas are nearly identical to the wealthiest cities in Arizona when comparing spot for spot.
What is the Richest Zip Code in Texas?
The richest zip code in Texas is 77010 which is located near Downtown Houston in Harris County.
Regardless if you are visiting or living in this zip code, you can enjoy numerous world-class amenities and entertainment options. It is the central business hub and both the Houston Astros and the Houston Rockets call downtown Houston their home.
Downtown Houston is also home to the nationally recognized Houston Theatre District where you can find the Houston Ballet, Houston Grand Opera, Houston Symphony, and the Theatre under The Stars.
For foodies, this area has a bustling restaurant scene that features traditional Texan food as well as different cuisines from all over the world. The bar scene is also something to experience from classic bars like La Carafe to the unique “charity bar” Angel Share HTX.
The following list illustrates the top 16 Richest Cities in Texas with each one boasting world-class amenities, access to high-end stores, top-rated schools, and lower crime rates. On top of all these things, if you are lucky enough to live in one of these cities, you might find out that your neighbor is somebody famous in the entertainment or sports world.
16 Richest Cities in Texas
*Minimum population 60,000
16. Midland, Tx
Median Household Income: $75,886
Midland currently has a population of around 150,000 and is thought of as a relatively “small town”. This small town has a rich and royal history. Former First lady of the United States, Laura Bush, calls Midland her hometown. Former U.S. Presidents George H.W. Bush and George W. Bush also called Midland home for a number of years.
Some people associate Texas with western and cowboy movies, and if you are looking for a city in the state that closely resembles that, then Midland is the place for you.
This charming city found in West Texas, Midland is unique because it is the farthest from being a Metropolitan city at all. Midland is located in the Permian Basin, making it the epicenter of the Oil and Gas industry in Texas.
15. Missouri City, Tx
Median Household Income: $76,572
Missouri City is one of the wealthiest towns in Texas, with a median household income of $76,572. Missouri City is conveniently located minutes away from Downtown Houston and has all the amenities that the big city has to offer.
Because of its strategic location, Missouri City is a great place to consider if you are thinking of relocating. Many areas in the city played a part in the state’s rich history which is why it holds an important spot in Texas.
14. Carrolton, Tx
Median Household Income: $77,998
Located in the Dallas/Fort Worth area, Carrollton is one of the richest cities in Texas. The city prides itself on being family-friendly and is a vibrant community of families and professionals. The city is located in proximity to most amenities that you would need and offers real cost savings to business owners.
Carrollton is a safe neighborhood and has more than 28 miles of hiking trails. The City prides itself in being a kid-friendly city and has earned accolades in terms of being high ranking in education, public safety, and environment.
13. Round Rock, Tx
Median Household Income: $79,444
Located in North Austin, Round Rock is home to the Dell Technologies employee campus which boasts of more than 150,000 employees. This charming city has a median household income of $79,444.
The reason why the city is called Round Rock is because of a significant round rock that sits on the waters of Brushy Creek. Back in the day, this rock was used as a marker for the creek’s low point. Wagons have used this as a marker to ensure that they can safely cross the creek.
You can also find the largest water park in the whole country in Round Rock, Kalahari Resorts & Convention. There are plenty of shopping and restaurant options, especially in the downtown area. People also congregate in this area to attend live events and concerts all year round.
Round Rock is also home to minor league baseball franchise, the Round Rock Express. The team is owned by former Major League pitchers and currently successful businessman Nolan Ryan.
12. Mansfield, Tx
Median Household Income: $88,736
Mansfield is next up on the list of the richest cities in Texas with a median household income of $88,736. Back in the day, Mansfield was known to be a rural farming community that was a great contributor to the Texas economy. Fast forward to today, Mansfield has a population of more than 70,000 people.
Despite the exponential growth that Mansfield has undergone, it never lost its small-town charm and the quality of life that it provides to its residents. Living in Mansfeld will allow you to explore 900 acres of parkland, recreational activities for people of all ages, and a growing business community.
11. McKinney, Tx
Median Household Income: $93,546
Found on the northeastern edge of the Dallas-Fort Worth area, Mckinney is the perfect happy place for people who are looking to avoid the business of a big metropolitan area but don’t want to be too far from it to miss the amenities.
Mckinney residents can enjoy access to Dallas’ restaurants, amenities, and cultural offerings without the high crime rate which makes this area very desirable. This city is also known as a settlement area for pioneers back in the day which makes it very historic.
10. Plano, Tx
Median Household Income: $94,306
Plano is very unique because you will find a mix of tall skyscrapers and at the same time enjoy vast fields of greenery that enable you to enjoy the outdoors. The layout of Plano is also unique because of the way its park and trails systems are laid out. Because of careful planning and urban development, over three-quarters of Plano’s residents live within a 10-minute walk from either a nature park or trails.
Dallas is a short drive from Plano which is exceptionally convenient for Plano residents who want to have access to the amenities of a big city. There are plenty of corporations that are headquartered in Plano including Frito-Lay, Dell Services, Pizza Hut, and Cinemark Theatres.
The fact that Plano has plenty of nature to enjoy makes it desirable for families with children or young professionals who are looking to spend a lot of time outdoors. With a low crime rate, affordable cost of living, and high accessibility to world-class amenities like restaurants, bars, and theaters, Plano is one of the up-and-coming cities in Texas where people relocate into.
9. League City, Tx
Median Household Income: $98,593
Located betwen Galveston and Houston, League City has a median household income of $98,593. Most residents who are fortunate enough to live in League City are homeowners and can enjoy the suburban appeal. League City is home to several water resorts that attract visitors all over the state.
8. Cedar Park, Tx
Median Household Income: $99,461
Next on our list of the wealthiest cities in Texas is Cedar Park which is a major suburb of Austin. Because of its proximity to Austin, people who live in Cedar Park have premier access to Austin’s amenities and there are a plethora of things that you can do.
The H-E-B Center is a multi-use entertainment facility that hosts more than 150 events every year. You can also check out Brushy Creek Trail which houses six different nature parks. Lake Travis is approximately 10 miles from Cedar Park and is frequented by residents and neighbors alike. With a great climate all year round, Lake Travis is a premier place for water sports and activities.
7. Atascocita, Tx
Median Household Income: $99,789
Atascocita is part of the unincorporated area of Harris County in the Houston Metropolitan area. The main feature of this city is Lake Houston and it contains several golf clubs, country clubs, and several nature parks.
Known as one of the best places to retire in the United States, Atascocita is known for relaxed and stress-free living at its finest. The low cost of living is very attractive to retirees which is why they choose to relocate here.
6. Pearland, Tx
Median Household Income: $105,806
Located south of Houston, Pearland has a thriving culinary scene, year-end social events, and old-fashioned Texan culture. Pearland is one of the up-and-coming cities in Texas that has undergone tremendous growth over the last few years.
With a median household income of $105,806, Pearland is yet another popular place for people to escape the business of downtown Houston.
5. Allen, Tx
Median Household Income: $106,475
With a median household income of $106,475, Allen is located in Collin County which is a suburb of Dallas. The city has two major recreation centers: Joe Farmer Recreation Center and Don Rodenbergh Natatorium. Residents of Allen like spending time outdoors and with over 60 natural and man-made parks, there are plenty of areas where people can enjoy themselves.
One of the best things about Allen is that it is 30 miles north of Dallas which means that living there will give you the benefits of the world-class amenities of Dallas but still come home to a smaller town that embodies a great, community feel.
Allen is, by all accounts, a football town. Home to Heisman Trophy winner and current Arizona Cardinals QB, Kyler Murray, Allen has a rich football tradition. The city recently built a $60 Million dollar football stadium for its high school team.
4. Sugar Land, Tx
Median Household Income: $110,798
Sugar Land is the largest city in Fort Bend County and is considered one of the most affluent and fastest-growing in the state. It is where the headquarters of Imperial Sugar is located, which is a sugar refinery and distribution center. Imperial Sugar is ingrained in the history of Sugar Land which is why the company’s crown logo is featured in the city’s seal.
Located just twenty minutes outside downtown Houston, Sugar Land boasts big city amenities but with small-town hospitality. The town square has restaurants featuring different cuisines. There are also a lot of amenities for children like Fort Bend Children’s Discovery Center.
3. The Woodlands, Tx
Median Household Income: $117,180
The Woodlands is a recent development in Texas that has around 28,000 acres filled with trees so there‘s always plenty of greenery to enjoy. It boasts world-class amenities and entertainment venues that can rival any big city.
Considered the 3rd wealthiest citiy in Texas, The Woodlands is a master-planned destination that was founded in 1974 and is located close to Downtown Houston.
The Woodlands houses an amphitheater called the Cynthia Woods Mitchell Pavilion, high-end shops, live music, and eclectic nightlife. It is surrounded by two bodies of water that enable visitors and residents to bask in the sun and enjoy water sports. The icing on the cake is the beautifully preserved Texas nature that is unrivaled.
2. Frisco, Tx
Median Household Income: $122,302
Most people associate Frisco as being home to The Star which is the Dallas Cowboys’ practice facility but the good things about this city do not end there. With a median household income of $122,302, Frisco is home to some of the most affluent people in Texas.
With major employers like Ikea, Oracle, and T-Mobile, a lot of working professionals and executives call Frisco home.
Frisco is considered one of the fastest-growing cities in Texas with residents flocking there in droves. This also equates to the economic growth of the city. Even though it is considered a bustling city, Frisco is one of the safest cities in all of the state.
1. Flower Mound, TX
Median Household Income: $133,521
The incorporated city of Flower Mound is considered the richest city in Texas. Located in the Denton and Tarrant counties, Flower Mound’s name was derived from a prominent 12.5-acre mound that is found in the middle of the town.
One of the greatest things about Flower Mound is the extensive trail system that was developed by the municipal government. Because of its affluent population, this city has used a smart growth system in terms of urban planning. It has also undergone a light industrial growth to match the needs of its growing population.
There are two major business hubs in the area which are the Lakeside Business District and the Denton Creek District. The Lakeside Business District is a 265-acre area that is zoned both commercial and residential. On the other hand, the Denton Creek District is a 1,500-acre mixed-use district that is found on the western edge of town.
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Sources:
Data USA: https://datausa.io/profile/geo/texas#economy
Investopedia: https://www.investopedia.com/median-income-by-state-5070640
Income by Zip Code: https://www.incomebyzipcode.com/texas
Census: https://www.census.gov/quickfacts/TX
