Are you intrigued by the glitz and glamour of Michigan’s wealthiest cities? Whether you’re considering relocating for a higher-paying job, seeking top-notch schools for your kids, or simply curious about where the money flows in the Wolverine State, this guide has you covered.
This guide dives deep into cities that don’t just have hefty median incomes but also offer top-tier amenities, world-class education, and low crime rates.
Puzzled about why some cities have higher median incomes or perplexed by lower mortgage rates in areas with extravagant homes?
We’ll demystify these topics. Armed with the latest stats, we’ll spotlight cities where high income meets excellent quality of life, from education to safety.
Whether you’re a real estate mogul, a career climber, or someone who loves studying socio-economic trends, you’ll find valuable insights here.
The 10 Wealthiest Cities in Michigan
Here are the 10 affluent places to live in Michigan:
1. Bloomfield Hills
Bloomfield Hills stands out as one of Michigan’s richest cities, boasting a median household income of $178,894, which dwarfs the state’s average income of $59,584.
People in this city don’t just earn more; they also spend less on common expenses.
For instance, homes in Bloomfield Hills come with a median price tag of $599,900, which is roughly double the average in Michigan.
Yet, mortgage payments are surprisingly lower, averaging $1,182 monthly, thanks to sizable down payments and excellent credit scores.
Most people who call Bloomfield Hills home find employment in sectors like finance, insurance, and real estate.
Many also hold managerial roles in diverse industries. Commuting isn’t a hassle either, taking an average of just 27 minutes.
2. Grosse Pointe Shores
Grosse Pointe Shores is another gem in Michigan’s crown of wealthy cities, with a median household income of $161,944. This income level places it behind only Bloomfield Hills, making it richer than 95% of Michigan’s other cities.
Property values here are nothing to scoff at either, with a median value of $733,364. Almost everyone owns their home, with a homeownership rate of 93.3%.
Monthly rent averages around $1,182, keeping in line with effluent standards. This lakefront community offers a residential vibe and features homes along the beautiful Lake St. Clair.
One of its signature attractions is “Shores Drive,” a mile-long route beside Lake St. Clair, where you can pass iconic landmarks like Windmill Point Park and the historic St. John’s Episcopal Church, listed on the National Register of Historic Places since 1973.
3. Grosse Pointe Farms
Grosse Pointe Farms captures attention with its impressive median income of $143,711, making it one of Michigan’s most affluent cities.
Here, the typical home will set you back about $535,000. This city is part of the famed “Grosse Pointes,” a cluster of five cities sitting along Lake St. Clair.
The area wows visitors and residents alike with its timeless architecture and stunning waterfront scenes. If you love the outdoors, you’re in luck. The city offers multiple parks and public beaches for everyone to enjoy.
Most people living here are quite educated, with 61.5% holding at least a bachelor’s degree. A hefty 81% of residents work in top-tier professions, primarily in management or other specialized roles.
4. East Grand Rapids
East Grand Rapids sets itself apart as one of Michigan’s upscale cities, boasting a median household income of $135,631.
Many residents have called it home for years, showing a strong sense of community and home ownership.
The city doesn’t skimp on amenities either; you can find several parks, an ice arena, a beach, and even a dog park.
Distinguished business leaders and politicians, like Peter Secchia and Amway chairman Steve Van Andel, reside here.
Luxury homes and grand estates dominate the landscape, especially near Reeds Lake and Fisk Lake, attracting both young professionals and families.
Situated northeast of Grand Rapids, it’s conveniently linked by Wealthy Street and features Gaslight Village, a hub for fine dining and high-end shopping.
The city amps up its charm every year with an annual Holiday Parade through the village, marking the festive season.
5. Huntington Woods
Huntington Woods shines as another one of Michigan’s affluent cities, featuring a median household income of $136,331.
Families in this area usually consist of 2.5 members and allocate an average of $1,329 each month for housing.
But what really makes Huntington Woods unique is its rich cultural diversity.
About 60% of the residents identify as Caucasian, 36% as African American, and 14% as Hispanic or Latino.
The community also includes individuals of Asian and American Indian descent.
This blend of cultures adds a dynamic flavor to the city, making it not just wealthy but also culturally enriching to live in.
6. Beverly Hills
Beverly Hills stands out among Michigan’s wealthy cities, showing off a median household income of $129,196.
But what catches the eye here are the extravagant home prices, averaging around $4.8 million.
Rentals? Almost nonexistent. The city comes with a unique rule: you have to be 50 or older to live here, and only seniors own homes.
Leisure amenities include well-maintained parks and golf courses. However, if you’re an animal lover, take note: the city doesn’t permit pets, except for service animals or short-term visitor pets.
Another interesting quirk—you won’t find a single stoplight in the city, and you’ll need to adjust your speedometer because the speed limit is a leisurely five miles per hour throughout.
Birmingham is not just one of Michigan’s richest cities, but it’s also a place where life is a bit more expensive, as evidenced by its cost of living index of 139.6. Here, the median household income soars at $122,804.
Downtown Birmingham is split into four key neighborhoods: Birmingham Shopping District, South Old Woodward, North Old Woodward, and East Maple Road.
Each area offers a unique blend of shops and eateries that draw crowds from all over southeast Michigan.
The city also provides plenty of green spaces like Shain Park, a venue for numerous community activities and events. But the city offers more than just shopping and parks.
You can visit the Birmingham Museum for changing exhibitions, stop by the Baldwin Public Library, or explore the Cranbrook Institute of Science, where hands-on exhibits cover everything from astronomy to zoology.
Northville shines in the spotlight as one of Michigan’s most prosperous cities, boasting a median family income of $114,346.
Located in Oakland County, the city has a cozy population of just over 6,000 people.
Safety is a big draw here, with a crime rate that’s a remarkable 74% lower than the U.S. average.
The community is not only affluent but also well-educated, as more than 90% of residents have at least a high school diploma, and close to 70% hold a bachelor’s degree or even higher.
The city becomes especially attractive to young professionals and recent college grads.
With an array of bars, eateries, and coffee shops, there’s plenty to do and explore in this vibrant city.
Troy stands tall among Michigan’s richest cities, featuring a median income of $101,882.
This city isn’t just about affluence; it offers an upscale lifestyle with world-class dining and shopping experiences to suit all tastes.
The community stays active and connected, offering an array of parks, bike paths, and natural areas.
It’s an entrepreneur’s dream too, thanks to its low taxes, low crime rates, top-notch schools, and premium parks.
So, it’s no surprise that big names like Kmart Corporation, Hewlett Packard, Meritor Automotive, Flagstar Bank, and Delphi Automotive Systems have set up shop here.
In terms of governance, the City Council diligently manages five crucial departments to ensure residents get the best services without breaking the bank.
These departments include Administration, Building Authority/Community Development, Fire Department, Police Department, and Public Works.
10. Rochester Hills
Rochester Hills is nestled in northeast Oakland County, Michigan, just on the fringe of the Metropolitan Detroit area.
With a population of 74,206, according to the 2019 census, it’s more than just a suburb; it’s one of Michigan’s elite cities.
The numbers tell the story: a median household income of $99,666 and a per capita income of $48,769.
Many of its residents work for powerhouse companies like Chrysler, General Motors, and General Dynamics. But it’s not all about money and jobs; education takes center stage too.
Rochester Hills ranks as one of the most educated spots not just in Michigan, but across the United States.
It’s a city where prosperity meets intellect, making it a highly desirable place to live.