Here’s The Richest Town In Wisconsin

The wealthiest town in Wisconsin is Whitefish Bay, where the median household income is nearly double the state average, according to a new report.

The financial news and opinion site 24/7 Wall St. reviewed median household incomes in every town, city, village, borough or census designated place with a population between 1,000 and 25,000, using data from the U.S. Census Bureau’s American Community Survey.

In Whitefish Bay, which has 14,088 residents, the median household value is $350,700 (more than $200,000 greater than the state average) the site says. Here’s the entire breakdown for Whitefish Bay.

Wisconsin: Whitefish Bay
Median household income: $105,156 (state: $54,610)
Households earning $200,000 or more: 18.6% (state: 3.6%)
Adults with at least a bachelor’s degree: 72.2% (state: 28.4%)
Median home value: $350,700 (state: $167,000)
Population: 14,088

Located along the shores of Lake Michigan, the Milwaukee suburb of Whitefish Bay is the wealthiest town in Wisconsin. Along with Mequon, Whitefish Bay is one of only two towns in the state where over half of all households earn six-figure incomes.

High-paying jobs are often only available to those with a college education. The wealthiest town in the state, Whitefish Bay population is also the best educated. Some 72.2% of area adults have a bachelor’s degree or higher, more than double both the comparable 28.4% share of adults across the state and the 30.3% of American adults.

In nearly every state, regardless of wealth, at least one town has people who earn significantly more than a typical resident in the state and the typical American, the authors wrote.

Most of the richest towns have a relatively large number of college-educated people, the authors wrote. This is partly because at least a four-year college degree is required to qualify for many high-paying jobs. In all but four towns on the list, the share of adults with at least a bachelor’s degree was greater than the statewide share and the nationwide share of 30.3 percent. The town with the highest median income was also often a pretty pricey place to live, the authors wrote.

“Not only can higher income individuals afford more expensive real estate, but high real estate costs also drive up median incomes as they attract higher income residents and are often often prohibitively expensive for most Americans,” the authors wrote.All but three towns on the list have higher median home values than the typical U.S., home, which is worth $184,700, the site said. Each “richest” town also had higher median home value than the state.Many of the wealthiest towns are located near large cities and are “well within” commuting distance of a major urban center.

“Major urban areas are more likely to offer a wide range of high-paying jobs as well as a high concentration of cultural amenities like museums, theatres, concert venues, and professional sports teams,” the authors wrote.

Some small towns where the margin of error was too high weren’t included, the authors wrote.

Click here to read the full methodology.

Patch reporter Dan Hampton contributed to this report.

Photo credit: Google Street Map