Here's Pennsylvania's Wealthiest Town

The wealthiest town in Pennsylvania is Edgeworth, a Pittsburgh suburb where the household income is more than $150,000, 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 Edgeworth, which has 1,639 residents, the median household income is nearly $100,000 more than the state average of $54,895, the site says. Here’s the entire breakdown for Edgeworth:

• Median household income: $154,545
• Household incomes of at least $200,000: 38.7 percent (state: 4.9 percent)
• Adults with at least a bachelor’s degree: 84.7 percent (state: 29.3 percent)
• Median home value: $506,200 (state: $ 167,700)

“The median annual household income in the Pittsburgh suburb of Edgeworth of $154,545 is by far the highest in Pennsylvania and about $100,000 more than the median income of $54,895 across the Keystone State,” 24/7 Wall St. noted. “The typical household in Blue Bell, the state’s second wealthiest town, earns $130,164 a year, or $24,400 less than the typical household does in Edgeworth.

“Greater educational attainment can open opportunities to better paying jobs, and Edgeworth is home to one of the best-educated populations in the country. About 85% of area adults have a bachelor’s degree or higher, the largest share of any town in Pennsylvania and the fifth largest share nationwide.”

What do they have to say about themselves in Edgeworth, located in the Sewickley Valley about 16 miles northwest of Pittsburgh?

"In Edgeworth, we treasure our abundance and variety of mature trees, our interconnected sidewalks that link the neighborhood together, and the architectural structures that give our community its iconic charm," the borough website states. "We are delighted to be one of the most walkable communities in Western Pennsylvania."

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.

Image: Edgeworth Borough.

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