North Carolina is home to some of the fastest growing cities in the United States, including the cities of Cary and Concord. Charlotte, the largest city in North Carolina, saw its population grow by 126.7%, from 395,934 residents in 1990 to 897,720 residents in 2022. In recent studies, we analyzed and identified the most wealthy people from several southern states in the United States, including Alabama, Florida and the South. Caroline. based on the rating of several key financial factors. Here, we’ll assess North Carolina and identify its richest cities.
We analyzed more than 690 cities across the state to identify the richest cities in North Carolina. Read on to find out which is the richest city in North Carolina, as well as the 50 richest cities in the state as a whole.
What are the richest cities in North Carolina?
In order to compile our list of the richest cities in North Carolina, we obtained data from the Census Bureau 2022 American Community Survey. We then built a four-factor scoring system to help identify the richest cities in North Carolina based on Census Bureau data:
- Median household income
- Average (average) household income
- Median home value
- Median property taxes paid
Here are some important notes about census data: For some factors, the census places upper limits on numerical values. For example, for median household income, the Census Bureau has an upper limit of “$250,000+.” For the median home value, the upper limit is “$2,000,000+”. Finally, for median property taxes paid, the upper limit is “$10,000+.” So the average household income (or mean household income) data set is important because the Census Bureau has accurate numbers on it. These four metrics were scored, added, and then ranked based on the cities’ combined scores.
Below is a table detailing the 50 richest cities in North Carolina and their respective dollar figures for each measure:
The richest city in North Carolina is the town of Biltmore Forest, located in the increasingly popular Asheville metropolitan area. Home to 580 total households, Biltmore Forest has the highest median home value in North Carolina, with a reported home value of $1,074,500. The median property taxes paid each year are a very high $7,287. Meanwhile, the median household income in Biltmore Forest is $173,750. The average household income is significantly higher, $317,802, the second highest in North Carolina. The employment distribution of Biltmore Forest’s workforce is interesting compared to some of the other wealthier cities. According to United States datathe top three industries in terms of employment are health care and social assistance (30.4% of the workforce), educational services (17.8% of the workforce ) and professional, scientific and technical services (11%).
The second richest city in North Carolina makes for a very unique entry: the village of Granfather. This small village of 36 households in total is a completely gated community within the Granfather Golf and Country Club. Grandfather Village’s median household income is $173,750, while its average household income of $329,828 is the highest in North Carolina. The reported median home value in Grandfather Village is lower than in Biltmore Forest #1: $916,700 versus $1,074,500, respectively.
Among the 50 richest cities in North Carolina, the largest is Cary, which has 64,512 households and ranks 23rd.rd richest city in the state. The median household income in Cary is an impressive $113,782, while the average household income is $145,378.