Arlington Heights Ranked 3rd Wealthiest Midwest City: Website

Arlington Heights was named the third wealthiest city in the Midwest based on personal income, home values, credit limits and other factors, according to a personal finance website.

The village also ranked 85th in the country, according to the study done by Nerd Wallet. In the Midwest, Naperville and Carmel, Ind., were ranked first and second wealthiest, respectively. Nationally, tech haven Palo Alto, Calif., topped Nerd Wallet's list of wealthiest cities.

RELATED: Check Out Nerd Wallet's Full List to See the Other Cities on It

Nerd Wallet determined its rankings by analyzing data from 475 U.S. cities with populations of at least 65,000 in four categories: average credit limit, monthly median home value, median household income and percentage of homes without mortgages.

The factors that earned Arlington Heights' high standing included:

• a median household income of $78,988
  
• a median home value of $312,000, with 33 percent of homes in the city having no mortgages
  
• an average personal credit limit among residents of $57,426

Surrounding communities also did well in the study. Palatine was ranked seventh wealthiest, and Schaumburg was rated 12th.

Other Chicago-area suburbs that made the list included:

• Evanston (4th)
• Bolingbrook (9th)
• Skokie (11th)
• Aurora (15th)
• Elgin (19th)

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