Portfolio.com and Bizjournals conducted a stud that found Newton, MA to be the second wealthiest urban area in the States. Based on the findings of the 2008 US Census Bureau’s American Community Survey, the study ranked 420 cities, towns, and urban areas with populations of 75,00o or more on several criteria: per capita income, median household income, percentage of households earning more than $200,000 per year, median home value, the 80th percentile for household income, and the 75th percentile for home values.
The study found that Newton’s per capita income was $56,000, while the average household income was over $104,00o, one of seven cities averaging over $100,000, however the study also found that more than 22% of Newton households earn over $200,000 annually. Boston.com reported from the survey, “The average home value in Newton was more than $696,000, while homes in the 75th percentile were valued at more than $940,000,” and Mayor Setti Warren commented, “It’s great that we have people willing to step up with so much talent and energy, but whether it is the industry leaders or the people who struggle to pay bills, what’s important is that we have so many people willing to move Newton forward and make it the best it can be.”
Where cities falling above the national average receive positive scores, Newton, scoring a 22.4 on the survey, was ranked only behind Newport Beach, CA, which received a score of 22.759. The next Massachusetts cities found on the list were Cambridge, ranked 21st out of 420, Boston, ranked 70th (surprising for a major city), Somerville, ranked 84th, and finally Quincy, which ranked 104th on the list. Massachusetts cities falling below the national average, receiving negative scores, were Lynn, Lowell, Brockton, Worcester, Fall River, New Bedford, and Springfield (big surprise.)
Search Condo Domain’s MLS listings for over 40 properties in Newton Center, Newton Highlands, Newton Upper Falls, and Newton Lower Falls to get a great price on a home in the second wealthiest urban area in America. I suggest checking out this new construction on Boylston St. in Newton, and remember, in 2009 our clients received an average of $10,000 cashback!