America’s wealthiest residents appear headed where the weather is warm.
According to a new study from financial technology company SmartAsset, rich homebuyers – with average yearly incomes of $2.57 million – are snapping up more properties in cities across both California and Florida when compared with other metro areas.
In order to assess where the highest-earning Americans were making home purchases, SmartAsset analyzed the number of people earning at least $999,000 as a percent of total homebuyers across 82 different metro areas. The data used in the analysis is from 2017.
Here’s a look at the results:
1. San Rafael, California
In this city, 2.24 percent– or 2,101 homes – were purchased by people earning more than $999,000, making it the hottest pick among America’s wealthiest residents.
The average income among those wealthy homebuyers was $1.72 million.
San Rafael is considered part of the Bay Area.
2. San Francisco, California
The rich residents purchasing homes in San Francisco are earning $2.08 million, on average.
High-earners were responsible for nearly 2 percent of total home purchases in the area.
According to online real estate site Zillow, the median home value in San Francisco is a whopping $1.3 million, having risen 4.2 percent over the past year and with projections for an additional 2.9 percent increase over the coming year.
3. Naples, Florida
Another sunny locale ranked third among the hotspots for high-earning homebuyers.
In the Naples area, homebuyers made up about 1.8 percent of all homebuyers. The average income among these individuals was $2.15 million.
There is no personal income tax in Florida.
4. Bridgeport-Stamford, Connecticut
Just a short commute away from New York City, wealthy homeowners made up 1.63 percent of homebuyers in the Bridgeport-Stamford-Norwalk area. The average income among the high-earning people making purchases here was $1.97 million.
According to Zillow, the median home value in Bridgeport is $176,200. Prices have risen 6.7 percent over the past year.
5. Los Angeles, California
It’s not just Northern California that serves as a desirable location for wealthy homebuyers – people earning at least $999,000 made up 1.35 percent of homebuyers in Los Angeles. The average income among these people is $2.14 million.
According to Zillow, median home values in Los Angeles are $694,200.
Rounding out the top 10 were:
6. New York-Jersey City-White Plains
7. Anaheim-Irvine, California
8. West Palm Beach, Florida
9. Miami, Florida
10. Santa Maria-Santa Barbara, California