Richest Cities in New York (2024)

by Kristen Carney Kristen Carney

Updated: June 20, 2024

Richest City in New York

The richest city in New York is Brookville in Nassau County with an average household income of $617,235 as of 2022. While exceptionally affluent, Brookville only has a population of 2,947 as of 2023. The richest city in New York with at least 5,000 people is Scarsdale in Westchester County with an average household income of $568,942 as of 2022 and 17,747 people as of 2023 according to the most current Census data available (citation).

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20 Richest Cities in New York

Rank City County Population Average Income Median Income
1 Brookville Nassau 2,947 $617,235 $250,001
2 Tuxedo Park Orange 624 $600,705 $250,001
3 Scarsdale Westchester 17,747 $568,942 $250,001
4 Hewlett Bay Park Nassau 468 $559,932 $250,001
5 Plandome Nassau 1,452 $524,991 $250,001
6 Laurel Hollow Nassau 1,923 $493,460 $250,001
7 Sands Point Nassau 2,735 $481,979 $250,001
8 West Hampton Dunes Suffolk 117 $470,131 $250,001
9 Munsey Park Nassau 2,765 $460,755 $250,001
10 Old Westbury Nassau 4,833 $456,581 $250,001
11 Cove Neck Nassau 293 $450,560 $209,375
12 Woodsburgh Nassau 876 $449,648 $250,001
13 Old Field Suffolk 899 $446,156 $250,001
14 Oyster Bay Cove Nassau 2,240 $436,764 $250,001
15 Lattingtown Nassau 1,864 $419,345 $237,083
16 Bronxville Westchester 6,404 $416,514 $206,850
17 Huntington Bay Suffolk 1,426 $414,276 $250,001
18 Roslyn Estates Nassau 1,315 $409,199 $250,001
19 Rye city Westchester 16,202 $405,074 $227,565
20 Mill Neck Nassau 1,001 $404,917 $250,001

Median Income versus Average Income: Which Should You Use?

We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:

  • average is the sum of a set of numbers divided by the count of numbers in the set
  • median is the middle number in the set of numbers
illustation of median vs average

Now let’s say you had the following simplified set of income data.

Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000

The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.

Most Business Owners Should Use Median Income

So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.

When Should You Use Average Income

If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.

Why do so many cities have a median value of $250,001?

The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.

SOURCES

United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.

United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.

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