by Kristen Carney
Updated: June 20, 2024
The richest city in Massachusetts is Dover with an average household income of $436,767 as of 2022 and 5,864 people as of 2023 according to the most current Census data available (citation).
Rank | City | County | Population | Average Income | Median Income |
---|---|---|---|---|---|
1 | Dover | Norfolk | 5,864 | $436,767 | $250,001 |
2 | Wellesley | Norfolk | 30,733 | $367,801 | $250,001 |
3 | Weston | Middlesex | 11,645 | $365,202 | $250,001 |
4 | Sherborn | Middlesex | 4,409 | $315,170 | $242,688 |
5 | Carlisle | Middlesex | 5,192 | $302,154 | $247,656 |
6 | Sudbury | Middlesex | 19,394 | $288,260 | $234,427 |
7 | Winchester | Middlesex | 22,837 | $283,632 | $208,531 |
8 | Cohasset | Norfolk | 8,392 | $283,335 | $178,013 |
9 | Lexington | Middlesex | 33,882 | $281,187 | $206,323 |
10 | Medfield | Norfolk | 13,088 | $278,476 | $215,099 |
11 | Harvard | Worcester | 6,928 | $276,672 | $189,647 |
12 | Hopkinton | Middlesex | 19,540 | $276,012 | $191,439 |
13 | Boxford | Essex | 8,149 | $273,426 | $209,423 |
14 | Needham | Norfolk | 32,157 | $267,951 | $206,261 |
15 | Lincoln | Middlesex | 6,889 | $267,914 | $158,894 |
16 | Wayland | Middlesex | 13,752 | $267,112 | $208,750 |
17 | Concord | Middlesex | 18,086 | $262,537 | $184,086 |
18 | Southborough | Worcester | 10,429 | $255,037 | $186,432 |
19 | Hingham | Plymouth | 24,189 | $252,879 | $170,326 |
20 | Newton | Middlesex | 88,415 | $251,210 | $176,373 |
We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:
Now let’s say you had the following simplified set of income data.
Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000
The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.
So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.
If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.
The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.
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United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.
United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.
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