Did you know that Arizona is one of the fastest-growing states in 2022? With an average growth of 1.6% this year, it’s easy to say that more people are being drawn to the state due to growth opportunities.
With more opportunities, some may wonder what is the richest city in Arizona?
The wealthiest city in Arizona state is Paradise Valley, which has a median income of $212,773 per household.
The average home price is $3,019,574, which is much higher than in other areas in the United States.
It has a relatively small population of 15,186 and is located between Phoenix and Scottsdale.
There are plenty of reasons why Arizona continues to grow in wealth. One of the primary reasons is because Arizona has a low cost of living and great weather and is home to many Fortune 1000 companies.
So, what areas are the richest in Arizona?
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The 6 Richest Cities in Arizona
When it comes to choosing where to live or at least knowing the wealthiest areas, you’ll want to look at all the factors.
However, the number one factor to consider is the cost of living versus the average annual wages.
Another factor that determines the wealth of an area is housing. We also factor in the neighborhood and what types of companies utilize the area.
If you’re interested in moving to Arizona, there are plenty of good places. However, you may want to know where to live based on the atmosphere or what opportunities are available.
Below, we’ll provide a breakdown of the ten wealthiest areas in Arizona.
It’s located between Phoenix and Scottsdale and is home to some of the best luxury entertainments, such as fine dining and golf.
As of 2021, the current population is 15,186 and is expected to increase by 1.2% each year.
The area has a luxurious atmosphere but is quiet enough for many retirees. There are tons of luxury resorts and tourist activities when traveling in the area.
It’s one of the most popular areas for retirees and has a wide array of restaurants, bars, and shopping opportunities.
It’s also home to many celebrities, athletes, and well-known business moguls.
2. Queen Creek
Queen Creek is the second wealthiest place in Arizona. It has a median household income of $104,161 and an average home price of $634,191.
It’s located just southeast of Chandler and is home to master-planned communities. Its current population is 62,191 and has a growing rate of 6.45% annually.
The area is famous for semiconductor manufacturers, as their warehouse can be located in Chandler.
Their products are then sold to the Phoenix-Mesa Gateway Airport, which creates a steady and stable income for business owners.
Queen Creek is also known for its high-tech industries and is a popular place for older retirees.
3. Gilbert
Gilbert is the third wealthiest place to live in Arizona and features a median household of $99,154 with an average house value of $572,469.
It’s located to the east of Phoenix and has a small-town vibe. As of 2021, the population is 266,714, with a growth rate of 1.6%.
Unlike other communities, Gilbert is known for being safe and family-friendly. It’s an excellent place for families looking to provide plenty of extracurriculars for their children.
Aside from that, it has a strong sense of community with many parks and pools.
4. Litchfield Park
Litchfield Park is the fourth most affluent area in Arizona. It features a median household income of $95,625 with an average house value of $547,048.
The town is located in Maricopa County and is known for its luxury amenities and daytime activities. As of 2021, its current population is 6,868, with a growth rate of 2.14%.
The area is known for having extraordinary upscale homes and many eating establishments. Aside from that, the area features golf courses and other recreational activities.
This makes it a popular location for retirees or those looking to have a laidback lifestyle.
5. Catalina Foothills
The fifth wealthiest place in Arizona is Catalina Foothills, which has a median household income of $92,929 with an average housing price of $660,000.
It’s located north of Tucson in Pima County and is known for having stunning nature. As of 2021, the population is around 50,454, with a growth rate of -0.67%.
Catalina Foothills is one of the safest places to live in Arizona and is perfect for outdoor activities.
The community has plenty of holding, hiking, and other recreational activities outdoors. Aside from that, Catalina Foothills is famous for retirees and suitable for families.
6. Scottsdale
The sixth wealthiest place in Arizona is Scottsdale, which has a median household income of $91,042 with an average housing price of $849,169.
It’s located in Maricopa County in northern Phoenix and is known for its high-end shopping and dining.
As of 2022, the population is around 268,839, with a growth rate of 1.35%.
Scottsdale has many resorts and is the home of high-end shopping centers, dining, and bars. The area is broken up into two sections, which are Old Town and North Scottsdale.
Old Town is quieter and has more historical aspects, while North Scottsdale is more modern.
Frequently Asked Questions: The Richest Cities in Arizona
Are There Billionaires in Arizona?
In 2022, a few individuals were residents of Arizona who made a billion dollars annually. Ten people made over a billion dollars with a combined net worth of $36.3 billion.
So, yes, there are billionaires located in Arizona.
Where Do Billionaires Live in Arizona?
Billionaires live in a small area located in Maricopa County. It’s called Paradise Valley and is known for being one of the wealthiest cities in the country.
Billionaires who live here are generally celebrities, well-known sports athletes, and business moguls.
However, Arizona is home to many high-end neighborhoods and some prominent people.
What’s the Poorest City in Arizona?
In contrast, the poorest area in Arizona is Quartzite, with an average household income of $20,979.
The mean household income for the area averages around $37,318. However, Red Rock, located in Apache County, doesn’t have any minimum household income, making it look like the poorest city.
What is the Richest County in Arizona?
When comparing all the counties in Arizona, the richest is Maricopa County. According to locations by capita, other wealthy areas include Yavapai, Pima, and Cochise counties.
Just below that are Coconino, Pinal, and Mohave, but most high-end neighborhoods will be in the Phoenix area.
Conclusion
When looking for the wealthiest cities in Arizona, it’s essential to determine the average annual wages per capita.
Otherwise, you’re just making guesses based on factors that don’t influence wealth. Additionally, Arizona has a lot of prosperous cities that didn’t make our list.
On average, Arizona has more affluent cities that will continue to grow over the next decade.
That should be kept in mind when reading about the wealthiest towns in Arizona. Many of the reasons the area is affluent are because of the economy.
Hopefully, we’ve helped you understand how you can determine the wealthiest place in Arizona and which counties you should keep an eye on.
