Where Do the Rich Like to Live and Play?

While I’ve always looked for the best place to raise my family, which I’ve discussed here and here, Forbes Magazine looks at it from another perspective: where are the Best Places to Be Rich?

While most people, including myself, might say Santa Barbara or Palm Beach, the Forbes results may surprise you. Sure, the most popular – and expensive – towns or cities we think of are on the coast, but because Forbes considers cost of living among other factors, many of the Top 10 are from America’s interior.

Not surprisingly, criteria used by the rich – lifestyle, access to the arts, employment prospects – fall much in line with what the average American family wants for their children. Though I did question one statistic from Forbes: that 60.7 percent of American families own second homes. Is that for real? I only know a handful of people who can afford one. Maybe that’s reflective of where I am financially in life. Or my choice of friends. But if that statistic is true, then that will make a great housing bubble post another day.

In the meantime, here are some of Forbes’ results, which you can find on this link:

Best Metros
1. Boise, ID
2. Raleigh-Durham, NC
3. Austin, TX
4. Washington, DC
5. Albuquerque, NM
6. Huntsville, AL
7. Fayetteville, AR
8. Norfolk, VA
9. Atlanta, GA
10. Madison, WI

I have to say, Madison, where my brother lives, is one of the prettiest towns I’ve ever seen. But it gets soooo cold there. Next are some cities I culled from the overall list:

Selected Best Metros
(With a bias toward the West; California in bold)
12. Phoenix, AZ
13. Houston, TX
15. Provo, UT
19. Dallas, TX
22. Tucson, AZ
25. San Diego, CA
26. Portland, OR
27. Orange County, CA
28. Des Moines, IA
29. Denver, CO
35. Ventura, CA
41. Hartford, CT
49. Santa Barbara, CA
50. San Jose, CA
54. Sacrament0, CA
59. Oakland, CA
65. Santa Rosa, CA
70. Fort Lauderdale, FL
72. West Palm Beach, FL
73. Seattle, WA
81. San Francisco, CA
88. Las Vegas, NV
95. Vallejo, CA
103. Honolulu, HI
106. Los Angeles, CA
111. Riverside, CA
114. Spokane, WA
116. Brownsville, TX
117. Salem, OR
120. New York, NY
123. Tacoma, WA
125. Bakersfield, CA
138. Miami, FL
139. Salinas, CA
145. Fresno, CA
148. Visalia, CA
149. Stockton, CA
150. Modesto, CA

My wife has been ready to move to the Phoenix area for some time now. After reading this, I suspect she’ll have our bags packed by the end of the day.

The biggest surprises, though, are probably among the smaller metros. Here are the top 10:

Best Smaller Metros
1. Sioux Falls, SD
2. Rochester, MN
3. State College, PA
4. Fargo, ND
5. Bismarck, ND
6. Rapid City, SD
7. Lincoln, NE
8. Las Cruces, NM
9. Iowa City, IA
10. Bloomington, IN

I know little to nothing about most of these towns with one exception: I went to college in Bloomington. It’s a pretty good town, but a difficult state to live in. Here’s some selected smaller metros:

Selected Best Smaller Metros
(With a bias toward the West; California towns in bold)
11. Pocatello, ID
12. Charlottesville, VA
13. Billings, MT
20. Fort Collins, CO
21. Flagstaff, AZ
27. San Luis Obispo, CA
28. Cedar Rapids, IA
29. Boulder, CO
31. Asheville, NC
35. Corvallis, OR
36. Santa Fe, NM
39. Eugene, OR
40. Anchorage, AK
41. Olympia, WA
46. Yolo, CA
50. Medford, OR
51. Portland, ME
58. Burlington, VT
60. Bermerton, WA
62. New London, CT
66. Naples, FL
75. Grand Junction, CO
86. Redding, CA
104. Chico, CA
116. Bellingham, WA
120. Santa Cruz, CA
151. Yuba City, CA
164. Merced, CA

If I missed one of your favorite places, click on this link, scroll down and you can call up the results by state. I noticed a number of good cities are not on the list, but maybe anonymity is a good thing.

Although I’m not anywhere near making this list, which contains the most expensive ZIP codes, reports Forbes, maybe you are. And just so you know my whining about housing costs are justified, half the Top 10 are California cities:

Top ZIP Codes
(Median Home price; California in bold)

Rank. City || ZIP || Median Home Price 2004
1. Atherton, CA || 94027 || $2.49 million
2. Santa Barbara, CA || 93108 || 2.18
3. Rancho Santa Fe, CA || 92067 || 2.14
4. Newport Beach, CA || 92662 || 2.05
5. Mill Neck, NY || 11765 || 1.95
6. Ross, CA || 94957 || 1.91
7. Crystal Bay, NV || 89402 || 1.81
8. Alpine, NJ || 07620 || 1.77
9. Glenbrook, NV || 89413 || 1.77
10. New Vernon, NJ || 07976 || 1.76

Here Are Some Selected Cities
12. Santa Monica, CA || 90402 || 1.75
15. Beverly Hills, CA || 90210 || 1.58
16. Greenwich, CT || 06831 || 1.57
17. Miami Beach, CA || 33109 || 1.50
18. Diablo, CA || 94528 || 1.45
21. Newport Coast, CA || 92657 || 1.39
24. Riverside, CT || 06878 || 1.35
25. Pacific Palisades, CA || 90272 || 1.33
28. Newport Beach. CA || 92661 || 1.31
34. Laguna Beach, CA || 92651 || 1.23
35. Los Angeles, CA || 90077 || 1.22
42. New York, NY || 10012 || 1. 15
50. New Canaan, CT || 06840 || 1.10

The Forbes site also offers other fun facts such as World’s Most Expensive Yachts and Hotels, but now we’re deep into fantasy land for this writer.

Comments

[Grace]

I must say that I am a little surprised that both Phoenix and Tucson ranked so high. But I'm glad to see it. Phoenix is beautiful, but if you still want a small town feel then Tucson is the place for you. It's about 10 degrees cooler (which is a big deal in the summer) than Phoenix and actually cools down at night (which is again a big deal in the summer). I've also noted a large Jewish community in the center of town, which includes a Montesorri school, a Hebrew Academy and a Jewish Community Center. Keep it in mind if your wife decides to move!

[brettdl]

My wife is in love with Scottsdale, where my mom lives. I lived in Arizona for over 10 years and know it pretty well and agree that Tucson also would be a great place to live. The main reason we haven't moved to either place is simple: lack of a good job.

[Anne]

Tucson would be very, very nice. My brother and his wife, who just had a baby, are contemplating a move there if he can get his company to transfer him.

Living across town from him -- after living across the country for much of our adult lives -- would be fun.

[brettdl]

And lots of good hiking.

[Ontario Emperor]

I'm not even sure if 60.7% of people own FIRST homes.

[brettdl]

I do know that home ownership is at record levels, but yeah, the number seemed wrong to me. Maybe 60 percent of those who already own homes have a second home? I hope to get to the bottom of this figure sometime soon.