Money / Financial Planning
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Have you officially “made it”? While there is no universal definition of this idea, a good indication is when you are less concerned about keeping costs low and more about preserving (and passing on) your wealth. Another sign is when your biggest concern is having high-quality schools and, overall, an exceptional quality of life.
Now, if we want to put real numbers on it, for example, the household income needed to be among San Francisco’s top 20% is $239,840. Less than 200 miles away in Fresno, the income you need is just $102,665. In other words, cities can vary widely, and selecting the right city is important if you want to maintain your wealth and continue your legacy.
Of course, there is also the luxury of living in a city most people simply cannot afford. Perhaps you want to feel like you are part of an elite group with access to exclusive clubs and other luxuries. Whatever your goal may be, these are some of the cities that will allow you to live like some of the nation’s wealthiest.
Also See: The Most Expensive Suburbs in Every State
More: Richest ZIP Codes in Every State
Sun Valley, Idaho
Sun Valley is a small town in Idaho. Its population is just over 1,000, but it is a ski resort town with beautiful mountain views. Just down the road from Sun Valley, you’ll find Ketchum, a slightly larger city with a quaint downtown.
Real estate expert John Maxim recommended Sun Valley as a city where real estate values are exploding while income taxes remain low. Home values in Sun Valley are already quite high, though, with the median home price approaching $900,000. Several wealthy people have already bought up homes in the area.
West Palm Beach, Florida
Located about 70 miles north of Miami via I-95, West Palm Beach has long been a popular choice for the upper class. After all, there is no income tax in West Palm, and the overall cost of living is relatively affordable. For example, the median home price is around $300,000.
Of course, people also like the palm trees and the easy access to water. Maxim also called West Palm Beach out as a city where property values should rise in the coming years.
Learn: Here’s How Much You Need To Earn To Be ‘Rich’ in Every State
Bloomfield Hills, Michigan
Bloomfield Hills is a suburb of Detroit with just over 4,000 people. While this may seem like an unlikely destination for the wealthy upper class, Philip Kranefuss, head of real estate at Homie Colorado, calls it “one of the …….