Check out report here
According to NerdWallet research, the median household income for Palo Alto residents is $151,370. The median home value is $2,503,600.
More than one third of Palo Alto residents - 34 perecent - have no mortgage. And the average credit limit for those roaming downtown's University Avenue is $71,696.
Those four pieces of aggregated data give Palo Alto a #1 ranking for American well-to-do towns, according to NerdWallet.
California cities led all four categories when comparing similar data to the rest of the country.
Nine of the 10 NerdWallet-termed “wealthiest” cities in the nation were in California. One Southern city made the top 10: Bethesda, Maryland.
San Ramon was ranked the second most affluent city in the United States. The median household income in the East Bay city is $135,355.
The California cities of Pleasanton, Newport Beach and Yorba Linda round out the top five communities of the well-to-do in America.
Newport Beach ranked highest in the country in average credit limits, almost $83,000 for credit card holders. The median home value in the seaside community is $1,561,400.
You can read the full NerdWallet report here.
Nerdwallet lists the following information as the statistical basis for their findings:
We analyzed data from 475 U.S. cities with populations of at least 65,000 that had data available for all four categories. We calculated overall scores using four measures, each weighted as 25% of the score:
- Average credit limit for those with credit cards as of 2016 was taken from the latest data reported by Experian.
- Monthly median home value in a particular geographical region in February 2016 as reported by Zillow Research.
- Median household income, from the 2014 U.S. Census Bureau’s American Community Survey.
- Percentage of homes without a mortgage, also from the 2014 American Community Survey.