Massachusetts is often referred to as “The Bay State” because of its history as a center for shipping and sailing. The state is known for its many colleges and universities, which provide plenty of opportunities for students who are interested in pursuing higher education.
Massachusetts is also well known for having some of the most beautiful coastlines in the country, making it a very popular tourist destination. Massachusetts has long been a popular place for immigrants from all over the world to come and call home.
The state has one of the highest percentages of people who were born outside of the country, with about 27% of the population being born outside of the United States according to recent estimates. That number makes Massachusetts one of the most ethnically diverse states in America.
The warm climate and welcoming attitude that exist in Massachusetts make it easy for people to settle there, but they also make it a good choice for businesses that require extensive amounts of manpower and workers who can commute easily.
10 Richest Towns in Massachusetts
Massachusetts is home to many different industries, including manufacturing and technology, which account for many jobs in the state.
There are also plenty of opportunities available in more specialized fields, such as biotechnology, pharmaceuticals, finance and insurance, education, tourism and more.
Massachusetts is the 6th richest state in the United States of America. According to the latest data, there are 4 cities or towns in Massachusetts that have a higher per capita income than the average state income. These places will surprise you.
Here is a list of the richest cities in Massachusetts
1. Weston – Per Capita Income of $105,217
When compared to the other towns, the richest town in Massachusetts has a per capita income of $105,217 and a much higher median family income of $250,000 or more. In 2019, Bloomberg recognized Middlesex County’s Weston town as having the 11th wealthiest zip code in the whole United States.
With an average AGI of $757,000 at the time, it’s apparent that this residential community is populated by the rich. Weston is also noted for its various outdoor activities, and it is regarded as one of the most pleasant communities in the whole state.
2. Dover – Per Capita Income of $89,476
Located in Norfolk County, Dover is home to 5,891 residents. The average household income here is a whopping $$187,829 per year. Dover’s town center is full of antique shops and art galleries that attract tourists from all over.
Residents also enjoy the community’s annual Dover Days Festival. The town has been named one of the most romantic destinations in Massachusetts by various publications and websites.
The median family income in Dover is $193,750 . Property taxes are significantly lower than in most parts of the state, although the cost of living here is still substantially higher than the national average.
The town also has a very low crime rate. Dover has an active municipal government that provides residents with numerous amenities and services such as parks and athletic fields.
3. Sherborn – Per Capita Income of $82,550
Sherborn, Massachusetts is the richest town in Massachusetts. The median household income of this town is $172,750 . The median family income is $177,845. The percentage of families with a working householder, which is 89%, is higher than the state average of 67%.
This town has a median age of 46 years. About 12% of the population has obtained a bachelor’s degree or higher.
The most common occupations are management, business, science, and arts occupations, including legal occupations, engineering and healthcare practitioners and technicians. The town has a high per capita income of $82,550 and a very low poverty rate of 1.3%.
4. Brookline – Per Capita Income of $77,585
The town of Brookline, Massachusetts, located in Norfolk County and part of the Boston metropolitan area, is the wealthiest town in the state.
The town of Brookline is the fourth wealthiest community in Massachusetts, with a median household income of $160,034. Brookline residents have an average per capita income of $77,585 in 2020 according to the U.S. Census Bureau. This makes it one of the richest towns in Massachusetts.
Many families in Brookline are supported by two incomes, especially considering that over one-third of households have children. The Brookline public schools system is widely recognized as one of the best in the state.
5. Newton – Per Capita Income of $73,420
Newton is the 5th richest town in Massachusetts with a median household income of $223,444 and a median home price of $815,000. Home to more than 78,427 residents, Newton has a median family income of $164,063. The average home value in the town is $1.1 million.
Males have a median income of $92,954 versus $64,711 for females. The per capita income for the town is $73,420. About 1.9% of families and 2.5% of the population are below the poverty line, including 3.2% of those under age 18 and 1.9% of those age 65 or over.
Newton has some of the wealthiest neighborhoods in Massachusetts like Chestnut Hill and Newton Lower Falls. The town also ranks among the safest places in Massachusetts. It is located approximately 15 miles from downtown Boston.
6. Lexington – Per Capita Income of $72,744
The town is located in Middlesex County and has a population of more than 22,783 people. It is set in the Greater Boston area and is located approximately 16 miles west of downtown Boston, Massachusetts.
Lexington is the richest town in Massachusetts with a median household income of $170,924. That’s nearly $90,000 above the Massachusetts median household income of $66,866 .
The most common occupations in Lexington are management occupations ($87,593), business and financial operations occupations ($77,433) and healthcare practitioners and technical occupations ($77,384).
Lexington has a high percentage of people who are employed in management positions and a high concentration of businesses – 26.5% of the population work in management, business, science or the arts while just 3.9% are employed in sales and office occupations.
7. Concord – Per Capita Income of $72,046
Concord is not only the wealthiest town in Massachusetts, but one of the richest in the northeast as well. Statistics show that the median income for a household in Concord is $159,167 . That’s higher than the Massachusetts median household income of $66,866 . The median income for a family in Concord is $186,518 .
As of the 2020 census there were 17,669 people and 15,544 households residing in the town. The racial makeup was 89% White/Caucasian, 4% African American/Black, 2% Asian and 4% Hispanic or Latino.
It is also one of the most educated towns in the country. Concord has four colleges and universities: North Central College, a private liberal arts institution; Concord Academy, a coeducational preparatory school; Marian Court College of Nursing; and Marian Court College of Pharmacy.
The town also has one of the best school systems in the state. All together, it makes for an educated population.
8. Belmont – Per Capita Income of $70,876
Belmont is the eighth wealthiest town in Massachusetts. It has a population of 26,123 and a median family income of $163,012 and the median household income of $141,849.
The town is located about 10 miles west of Boston and is considered part of the Greater Boston area. The average home price is $807,000 and the median rental price is $2,829 per month. has great restaurants and a good school system.
This town is known for its beautiful homes and there are some real estate agencies that specialize in helping you find a home in this area.
The most popular employment sectors in Belmont are professional services and health care. Some of the largest employers include Partners HealthCare System, Inc., Novartis Corporation, Lirio Group and CareGroup Healthcare System.
9. Carlisle – Per Capita Income of $70,075
Carlisle is one of the richest Town in Massachusetts with the median income for households of $115,650 and the median family income of $145,409. This number is higher than the state average of $66,866 and $84,900 respectively.
Not only does Carlisle have a high median household income but also a low rate of poverty. Carlisle is among the most educated towns in Massachusetts. Of the 35.9% of adults that have a 4-year degree or higher, 34.5% have an advanced degree, which is the largest proportion of all towns in the state.
The per capita income in Carlisle in 2020 was $70,075, which is wealthy relative to Massachusetts and among the highest in the nation. The town also has one of the lowest unemployment rates in the country, which suggests that jobs are readily available to its citizens.
10. Wellesley – Per Capita Income of $69,734
Wellesley is a town located in Norfolk County, bordering Boston and Newton has a population of nearly 28,747 people. Wellesley has a median family income of $141,563. The town also has a higher-than-average percentage of households with incomes of $125,833.
It also reports more than $7 billion in total assets for its residents. Out of the entire population, 6% percent live below the poverty line, which is well below the national average. Wellesley features a thriving business community with an excellent public school system and residents love the natural beauty it offers.
Real estate values are high in this area. It has a very high home ownership rate and a very low vacancy rate. This usually means that the demand for houses is higher than it would be if most people rented their homes by choice.
Wellesley has a higher than average tax burden on its citizens. It also has a higher than average cost of living compared to areas with similar median incomes. Property crime is quite low here, but violent crime is more common than it is across the nation as a whole.
The population of Wellesley is quite educated. It might be one of the biggest cities or towns in Massachusetts.
Massachusetts is one of the most well-known states in the United States. Its history, cultural diversity and many iconic landmarks have made Massachusetts a prime destination for those looking to relocate from other areas.
Location is another important aspect when you’re looking to relocate to a new area. You’ll want to look for towns that have great schools, are close to job opportunities and offer access to other vital services.
Income levels are important to consider when choosing a place to live. Having access to good-paying jobs is key when it comes to affording housing and other necessities such as food and transportation. Incomes in this zip code are above average for both the state and the nation.