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Palatine Ranked 7th Wealthiest Midwest City: Website
The village also was one of the top 100 wealthiest communities in the country, according to Nerd Wallet, a personal finance site.
Palatine was named the seventh 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 92nd in the country, according to the study done by Nerd Wallet. Naperville was ranked the wealthiest Midwest city, and 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
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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 Palatine's high standing included:
Find out what's happening in Palatinefor free with the latest updates from Patch.
- a median household income of $ 70,328
- a median home value of $ 237,900, with 28 percent of homes in the city having no mortgages
- an average personal credit limit among residents of $ 54,063
Surrounding communities also did well in the study. Arlington Heights was ranked third 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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