Minnesota's Richest Town Is In Washington County

WASHINGTON COUNTY, MN — The wealthiest town in Minnesota is Dellwood (Washington County), where the median household income is more than $170,000, according to a new report.

The financial news and opinion site 24/7 Wall St. reviewed median household incomes in every town, city, village, borough or census designated place with a population between 1,000 and 25,000, using data from the U.S. Census Bureau's American Community Survey.

In Dellwood, which has 1,206 residents, the median household income is $108,033 more than the state average, the site says.

Here's the entire breakdown for Dellwood:

• Minnesota: Dellwood
• Median household income: $171,250 (state: $63,217)
• Households earning $200,000 or more: 41.3 percent (state: 5.7 percent)
• Adults with at least a bachelor's degree: 71.9 percent (state: 34.2 percent)
• Median home value: $528,800 (state: $191,500)
• Population: 1,206

According to 24/7 Wall St.:

The Twin Cities suburb of Dellwood is by far the wealthiest town in Minnesota. The typical Dellwood household earns $171,250 a year, or about $28,000 more than the median income in Minnetrista, the second wealthiest town in the state, and more than double the median annual household income across the state as a whole of $63,217.

High property values in Dellwood make the town prohibitively expensive for lower-income families and individuals. Dellwood is the only town in Minnesota where more than half of all homes are worth over half a million dollars.

In nearly every state, regardless of wealth, at least one town has people who earn significantly more than a typical resident in the state and the typical American, the authors wrote.

Most of the richest towns have a relatively large number of college-educated people, the authors wrote. This is partly because at least a four-year college degree is required to qualify for many high-paying jobs. In all but four towns on the list, the share of adults with at least a bachelor's degree was greater than the statewide share and the nationwide share of 30.3 percent. The town with the highest median income was also often a pretty pricey place to live, the authors wrote.

"Not only can higher income individuals afford more expensive real estate, but high real estate costs also drive up median incomes as they attract higher income residents and are often often prohibitively expensive for most Americans," the authors wrote.All but three towns on the list have higher median home values than the typical U.S., home, which is worth $184,700, the site said. Each "richest" town also had higher median home value than the state.Many of the wealthiest towns are located near large cities and are "well within" commuting distance of a major urban center.

"Major urban areas are more likely to offer a wide range of high-paying jobs as well as a high concentration of cultural amenities like museums, theatres, concert venues, and professional sports teams," the authors wrote.

Some small towns where the margin of error was too high weren't included, the authors wrote. Click here to read the full methodology.

Patch reporter Dan Hampton contributed to this report.

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