Texas is a state that offers something for everyone. It’s a prime destination for outdoor enthusiasts, history buffs, and those who love to eat.
Texas’s topography includes warm, sandy beaches and rugged hill country, as well as deserts, forests, and mountains.
There are also some of the largest urban centers in the United States.
The Lone Star State also has one of the best economies in the nation, with no state income tax, low unemployment, and a cost of living that’s below the national average.
There are plenty of jobs available in Texas, making it an attractive place to relocate for work or start a business.
The state’s three largest metropolitan areas are Greater Houston (6.8 million), Greater Dallas (6.9 million), and Greater Austin (2 million).
Houston’s economy is driven by the oil and gas industries, tourism, manufacturing, and health care.
The city also has a large international community with many corporations headquartered there based on the city’s population size and business-friendly laws.
Dallas’ economy is fueled by telecommunications, banking/finance, and defense/aerospace/transportation equipment industries.
Major corporations headquartered in Dallas include Atmos Energy Corporation, AT&T Inc., Comerica, Southwest Airlines Company, and Texas Instruments Incorporated.
10 Richest Cities In Texas
It’s no secret that Texas is big, but it’s probably not the first thing that comes to mind when you think of this state.
However, those who live here know that the size of Texas gives rise to quite a few wealthy cities—and the following are 10 of the richest cities in Texas according to median household income and per capita income measures.
In addition, we’ve included a bit about each city to give you an idea of what makes it so successful. So without further ado, here are your top 10 richest cities in Texas!
1. Terrell Hills – Median household income of $181,979
If you’re looking for a small, quiet Texas town with all the amenities of a big city and a bustling downtown area, then Terrell Hills is your spot.
This small town is home to about 5,371 people, and it’s one of the richest towns in Texas. It is one of the smallest cities in Texas.
The city, located north of San Antonio, has a median household income of $181,979 and the per capita income of $78,597 per year (2015-2019).
The poverty rate is only 0.67 percent. The city’s wealthiest residents are employed at major companies like Valero Energy Corp., Tesoro Corp., and NuStar Energy, which are headquartered there.
The homes in Terrell Hills are not only beautiful, but they’re also historic. Many of them were built in the 1920s, but there are plenty of newer homes to choose from as well.
2. Highland Park – Median household income of $211,136
Highland Park is one of the richest cities in Texas with a per capita income of $149,069 and a median household income of $211,136 as of 2019.
The community has a small-town feel, but with all the benefits of being close to a big city, including top-notch schools, restaurants, and entertainment, making it is ideal for young families.
Highland Park is bordered by the cities of University Park, Dallas, and Mesquite.
Real estate in Highland Park consists mostly of single-family homes available on the market from $500,000 to over $10 million.
There are also many townhomes and condos available for rent or purchase for those looking for more maintenance-free living.
The community is very walkable and tree-lined with beautiful homes and landscaping.
Some popular attractions include Armstrong Park and Glencoe Park, which have playgrounds and picnic areas.
You can also take your children to Exall Park, which has a swimming pool, tennis courts, and jogging trails.
For those who enjoy shopping, Highland Park Village is an open-air shopping center that offers local boutiques as well as high-end retailers like Chanel and Hermes.
3. Celina – Median household income of $124,375
The median family income in Celina is $112,375, which is one of the highest in Texas.
Additionally, a whopping 24.4% of people living in Celina make over $200,000 per year – about double the Texas per capita income.
The typical home costs $615,000 with a median household income of $124,375- both higher than the state averages as well.
Not only are their great salaries here; nearly three out of every four households earn more than $50,000 per year.
In addition to being highly educated (almost half have earned at least a bachelor’s degree), Celina residents have an average commute time of only 12 minutes and enjoy excellent health with low obesity rates and high life expectancy rates.
4. Bellaire – Median household income of $206,734
The city also has one of the lowest unemployment rates in Texas at just 8.0%.
So many families are making six figures in Bellaire and one of the reasons for that is because it is located very close to Houston which means that there are tons of good jobs that are brought into the city by way of Houston companies such as Mattress Firm and Designer Mattress Warehouse.
It’s one of the richest cities in Texas.
This small town of just 9.324 km², has a population of about 18,815 people.
It’s also one of the safest places to live in Texas and has very low crime rates.
5. Southlake – Median household income of $240,248
Southlake, Texas is one of the richest cities in the nation with a median income of $240,248.
The population was 31,292 at the 2019 census. Southlake is located in northeast Tarrant County and includes part of northwest Dallas County.
Southlake is known for its high-income households. Southlake has a higher median household income than any other city on the list.
The city is also home to many large companies, including Sabre Holdings, Neiman Marcus, and Santander Consumer USA.
Cities with high median household incomes tend to have low poverty rates. In Southlake, 6% of residents live below the poverty line, less than a third of the poverty rate nationwide.
While Southlake has a relatively low unemployment rate of 3.4%, it is also one of the most expensive cities in Texas.
Goods and services in Southlake are about 21% more expensive than they are nationwide on average, and housing costs in particular — which account for about 34% of typical household spending — are close to double what they are nationwide.
In Southlake, Texas, you can find well-paying jobs, nice homes, good schools, and a relatively low cost of living.
The median household income in Southlake is $240,248 and the median home value is $1.3M.
In addition to being one of the best places for rich people to live in America, it’s also the best place to live in America.
6. West University Place – Median household income of $250,001
West University Place is a city located in the U.S. state of Texas within the Houston–The Woodlands-Sugar Land metropolitan area and southwestern Harris County.
The population was 15,603 at the 2019 census. It is nicknamed “The Neighborhood City” and is mainly a bedroom community for upper-class families.
West University Place is surrounded by the cities of Bellaire, Houston, and Southside Place.
As of 2011, West University Place has the fifth-highest fraction of households with incomes $250,001 or greater.
More than half of the street names in West University Place are allusions to universities, colleges, and poets.
7. Prosper – Median household income of $146,733
Prosper, a boutique city in Collin and Denton counties, is one of the most affluent communities in Texas.
Prosper is also home to the majority of the wealthiest 1% of Texans: 0.5% of its households earn more than $1 million a year, which is considerably higher than the state’s 0.2% share.
While many of the jobs in Prosper are likely filled by commuters, there are some opportunities for employment within the city limits.
Top employers include retail chain Bass Pro Shops and Prosper Independent School District, which serves more than 10,000 students at 11 schools across town.
8. Fair Oaks Ranch – Median household income of $128,398
Fair Oaks Ranch is a city in Bexar and Comal counties in the U.S. state of Texas. It is part of the San Antonio Metropolitan Statistical Area. The population was 9,944 at the 2019 census.
If you’re looking for a Texas city with the finest cuisine, top-ranked public schools, and high incomes, then look no further than Fair Oaks Ranch.
Located in Bexar County and part of the San Antonio metropolitan area, Fair Oaks Ranch is the wealthiest city in Texas.
Fair Oaks Ranch is one of many American cities that features extremely expensive real estate.
The median home value in the city is $623,500, more than 3 times greater than both in Texas and the nation overall.
The high housing costs likely contribute to the low homeownership rate of 59%.
Most of those who do own their homes have paid them off: 66% of homes are owned without a mortgage compared to 46% nationwide.
9. Melissa – Median household income of $118,348
The median household income in Melissa, TX is $118,348. Melissa is one of the richest cities in Texas with a median income that is 1.5 times higher than the Texas average.
The median household income growth rate is much higher than the state average rate of 31.76% and is much higher than the national average rate of 27.36%.
Melissa is a somewhat ethnically-diverse city. The people who call Melissa home describe themselves as belonging to a variety of racial and ethnic groups.
The greatest number of Melissa residents report their race to be White, followed by Asian.
Important ancestries of people in Melissa include German, English, Irish, Polish, and Italian.
10. Alamo Heights – Median household income of $141,048
Alamo Heights is one of the wealthiest areas in Texas and is a part of the greater San Antonio Metropolitan area.
The city has a history that dates back to the mid-1800s, but it wasn’t until 1946 that Alamo Heights became incorporated into a city.
Alamo Heights is a small city that covers just 4.77 km² of land and has a population of about 8,374 people.
The city is surrounded by San Antonio and other cities, making it almost impossible to grow its borders.
Alamo Heights is predominantly white collar with almost 98% of the workforce employed in white-collar jobs, well above the national average.
Overall, Alamo Heights ranks as the 211th best place to live in Texas and the second-best place to live in the San Antonio metropolitan area behind Terrell Hills.
The median home value in Alamo Heights currently sits at $717,819 and the median household income of $141,048.