Hanover, New Hampshire, is home to Dartmouth University, and is among the top five richest cities in … [+] New Hampshire.
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In recent studies, we’ve analyzed and examined the richest cities in Deep South states, such as Mississippi, Georgia, and Alabama. Here, we’re going to take a look at another region — New England. And the first state to be analyzed is New Hampshire.
The median household income in New Hampshire is quite high, at $90,485 per year. By comparison, the median household income for the United States overall is $75,149. Depending on the city, however, incomes in New Hampshire can be much higher.
Read on and find out what the richest city in New Hampshire is, as well as the top 20 wealthiest cities in the state.
What Is the Richest City in New Hampshire?
To define the “richest city in New Hampshire,” we sourced data from the Census Bureau’s 2022 American Community Survey 5-Year Estimates (which is the latest data available), including median household income, mean household income, median home value, and median property taxes paid, and then analyzed and scored each one of these factors, assembling a list of the top 20 richest cities in New Hampshire.
In order to fully grasp the figures, here are some important notes about Census data. The Census Bureau measures median household incomes up to $250,000, with households earning more being denoted as “$250,000+”. Similarly, the Census does this with median home value, which goes up to $2 million, with everything above that being expressed as “$2,000,000+”. Lastly, the same limits apply to measuring median property taxes paid, which go up to $10,000 and any amount above that is denoted as “$10,000+”.
This is what makes mean household income particularly useful in this analysis of the wealthiest cities in New Hampshire. Unlike median household income, the Census Bureau provides mean (or average) household income with exact values for every city in New Hampshire. 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 20 richest cities in New Hampshire and their respective dollar figures for each metric:
Amherst, New Hampshire
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 New Hampshire is Amherst. This city consists of only 253 households, and is northwest of Nashua. Located in Hillsborough County, Amherst is a wealthy city whose population works in some interesting fields. For instance, more than a fifth (21%) of the workforce in Amherst works in Architecture & Engineering Occupations, according to DataUSA. Another 11.1% work in Education Instruction & Library Occupations.
Amherst has the second highest median household income in New Hampshire (of the cities that had complete Census data). Its median household income is $144,940, which is almost double the national figure. Equally significantly, the average household income in Amherst is the highest in the state, at $304,728, implying that a minority of top-earners pull the mean income figure upward, away from the median. According to Zillow, the median home value in Amherst is over $630,000, while the median property taxes households pay in Amherst exceeds $10,000 a year.
Hanover, New Hampshire
The No. 2 richest city in New Hampshire is small (in the grand scheme of things), but much larger than No. 1 Amherst, having approximately 1,971 total households versus Amherst’s 253 households. Hanover lies along the Vermont border, east of Interstate 91. Hanover is home to Dartmouth College, the U.S. Army Corps of Engineers Cold Regions Research and Engineering Laboratory, and Hanover High School. Not surprisingly, its occupational breakdown fits that of a college town: Educational Services account for 42.3% of the workforce, Health Care & Social Assistance accounts for 22.8%, and Professional, Scientific, & Technical Services account for 10.2%, according to DataUSA.
The median household income in Hanover is $111,958, but its average household income is more than $80,000 higher, at $193,451. Home values in Hanover are high, north of $965,7000 according to Zillow. It’s, therefore, not surprising that the median property taxes paid per year in Hanover are in excess of $10,000 per household.
Newfields, New Hampshire
No. 3 Newfields is much smaller than the No. 2 richest city, and actually less than half the size of the already-small Amherst. Newfields has an estimated 107 total households. Located in the part of New Hampshire that forms a wedge between Massachusetts and Maine, Newfields boasts the highest median household income in New Hampshire, at $173,295 per year. Interestingly, its average household income is actually lower, at $158,428. The price of homes in Newfields has escalated, as it has pretty much everywhere. According to Zillow, the current median home value in Newfields is $796,168. Not coincidentally, the median property taxes paid by homeowners is well over $9,000 a year.
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Publish date : 2024-09-09 07:03:00
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