The Houston metro area is home to several of the richest cities in Texas, many of them with median … [+]
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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.
Read on to find out what the richest city in Texas is, as well as the top 50 wealthiest cities in the state.
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.
Below you’ll find a table detailing the top 50 richest cities in Texas and their respective dollar figures for each metric:
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Based on this four-factor metric of median household income, average household income, median home value, and median property taxes paid, the richest city in Texas is Redfield. This is a tiny Census-Designated Place (CDP) within Nacogdoches. On the surface, Redfield appears to be a rural, agricultural community, but when looking deeper — for instance, County Road 2092 — you’ll find some large houses. Because the city only has 60 households, it’s easy to mistake this for a lower-income community unless you dig deeper. Based on the Census data, Redfield has a median household income in excess of $250,000, a median home value in excess of $2 million, and median property taxes paid in excess of $10,000. Its mean household income is an incredible $600,792. Bear in mind, though, Redfield’s small size allows for these values to skew upwards.
The No. 2 richest city in Texas is much larger than Redfield, having a total of 1,115 households. Piney Point Village is located in Harris County, just west of Houston. This city in Texas is the wealthiest in the state in terms of per capita income. And its wealth is reflected in our Census data as well: Its median household income is over $250,000, with an average household income of $465,566. The median home value in Piney Point Village is just under $2 million, while the median property taxes paid is in excess of $10,000 a year.
No. 3 Westlake has a population of roughly 1,900 and 441 total households. Located in Denton and Tarrant counties, Westlake is north of Fort Worth and close to Grapevine Lake. In Westlake, like Piney Point Village, the median household income is over $250,000. Westlake’s median home value is over $1.9 million and median property taxes exceed $10,000 per year. The average household income in Westlake is $471,768, which is the fourth-highest mean household income of all the cities in Texas that the Census has data for. The top industries by employment, according to Data USA, are Professional, Scientific, & Technical Services — accounting for 24.8% of the workforce — and Health Care & Social Assistance, which accounts for 22.4% of the workforce.
The No. 4 richest city in Texas is Hunters Creek Village, a city of 1,512 households located in Harris County, in the Houston metro area. The median household income in Hunters Creek Village is over $250,000, its median property taxes paid is over $10,000, and its median home value is more than $1.8 million. As for its mean household income, Hunters Creek Village has the third-highest in Texas, at $477,852. In terms of occupations, much of Hunters Creek Village’s workforce is employed in traditionally higher-paying occupational fields: Management Occupations (34.5% of workforce); Business & Financial Operations Occupations (14.9% of workforce); and Legal Occupations (10.3% of workforce).
The No. 5 richest city in Texas — Bunker Hill Village — is part of the same collection of upscale residential communities called Memorial Villages that Hunters Creek Village is in. Like the other top-5 richest cities, the median household income in Bunker Hill Village is in excess of $250,000 and its median property taxes paid is in excess of $10,000 per year. The city’s average household income is just below $400,000, but its median home value is nearly $1.65 million.
Of the top 10 richest cities in Texas, the city with the largest population is No. 10 West University Place, which is home to 5,222 households. Located in the Houston metro area, its name most likely derives from the fact that it’s just west of the University of Houston, the third largest college in Texas. West University Place’s median household income is over $250,000 and, once again, its median property taxes paid surpass $10,000 per year. The city has a mean household income of $365,547, while its median home value is just under $1.2 million. The biggest industry in West University Place by employment is Professional, Scientific, and Technical Services, which accounts for 21.5% of the workforce.