If you can’t pay at least $633,000 for a house, don’t bother moving here

24/7 Wall St. Perspectives

• Several of New York’s counties are quite wealthy.
• Among the counties on this list, median household incomes are about $400 to $56,300 above what a typical New York household earns.

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New York ranks 3rd in the nation for GDP, after California and Texas. However, it ranks 16th in the nation for personal wealth, with the average resident earning just under $75,000 in 2024. Although some of its counties, such as Essex and Niagara, have average or below average wealth, many of the upstate counties -est are known for their wealth (Westchester County and New York County).

The latest data from the US Census Bureau’s American Community Survey shows that the typical American household earned nearly $75,000 in 2022, up from about $69,700 in 2021. The 7.2% increase was the largest on record from year to year since at least the mid-1990s. .

Using five-year estimates from the US Census Bureau’s 2022 American Community Survey, 24/7 Wall St. identified the 13 wealthiest counties in New York. Counties in the state are ranked by median household income. Additional data on population, unemployment, and median home values ​​are also five-year estimates from the 2022 ACS.

Among the counties on this list, median household incomes are about $400 to $56,300 above what a typical New York household earns. In many of these counties, high incomes are supported by a strong labor market. According to the ACS, the five-year average unemployment rate in all but three of New York’s wealthiest counties is below the statewide average of 6.2 percent.

Home values ​​are often a reflection of what residents can afford, and the high incomes in these counties are often highlighted by local housing markets. In most of the counties on this list, the typical home is worth more than the statewide median home value of $384,100.

Why are we talking about this?

As a culture, America likes to learn about the rich and live vicariously through them. Despite the fact that the majority of the American population does not earn anywhere near that of the ultra-rich, many Americans are fascinated by the lifestyles of the rich and famous. Because New York is one of the wealthiest states in America, several of the northeastern state’s counties are home to multimillionaires, not just in the metropolitan area.

These are the richest counties in New York:

13. Columbia County

• Average household income: $81,741
• The average value of the house: $283,700
• 5 years. average unemployment rate: 5.9%
• Population: 61,469

12. Queens County

• Average household income: $82,431
• The average value of the house: $677,700
• 5 years. average unemployment rate: 7.0%
• Population: 2,360,826

11. Rensselaer County

• Average household income: $83,734
• The average value of the house: $230,800
• 5 years. average unemployment rate: 5.6%
• Population: 160,943

10. Orange County

• Average household income: $91,806
• The average value of the house: $337,800
• 5 years. average unemployment rate: 5.3%
• Population: 401,237

9. Dutchess County

• Average household income: $94,578
• The average value of the house: $348,700
• 5 years. average unemployment rate: 5.0%
• Population: 296,467

8. Richmond County

• Average household income: $96,185
• The average value of the house: $637,100
• 5 years. average unemployment rate: 5.4%
• Population: 492,925

7. Saratoga County

• Average household income: $97,038
• The average value of the house: $306,000
• 5 years. average unemployment rate: 3.5%
• Population: 236,328

6. New York County

• Average household income: $99,880
• The average value of the house: $1,104,000
• 5 years. average unemployment rate: 6.8%
• Population: 1,645,867

5. Rockland County

• Average household income: $106,173
• The average value of the house: $528,900
• 5 years. average unemployment rate: 6.2%
• Population: 337,326

4. Westchester County

• Average household income: $114,651
• The average value of the house: $619,000
• 5 years. average unemployment rate: 6.0%
• Population: 997,904

3. Putnam County

• Average household income: $120,970
• The average value of the house: $421,800
• 5 years. average unemployment rate: 4.4%
• Population: 97,942

2. Suffolk County

• Average household income: $122,498
• The average value of the house: $490,800
• 5 years. average unemployment rate: 4.8%
• Population: 1,524,486

1. Nassau County

• Average household income: $137,709
• The average value of the house: $633,800
• 5 years. average unemployment rate: 4.6%
• Population: 1,389,160

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