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Top Richest Cities in Michigan to Watch Out for in 2023 l Money Talks: The Richest Cities in Michigan for 2023

Using data from the Census Bureau’s 2021 American Community Survey 5-Year Projections (the latest data available), including median household income, median household income, median home value and median property taxes paid, we ranked the top 50 analyzed and assembled a list of the richest cities in Michigan. But first, a few notes about the Census data: The Census Bureau measures median household income up to $250,000, with households with higher incomes denoted as “$250,000+.” The situation is similar with the median home value, which goes up to $2 million and anything above that is denoted as “$2,000,000+”. Third, the same goes for the average property taxes paid, which go up to $10,000 and any amount above that is denoted as “$10,000+”.

This is where median household income was particularly useful in our analysis. Median (or median) household income, as opposed to median household income, has exact values ​​for each city in Michigan. All four of these metrics are scored, combined and then cities are ranked by their combined score.

Below you’ll find a table detailing the top 50 richest cities in Michigan and their respective dollar figures for each metric:

Barton Hills, with only 176 homes, ranked as the No. 1 richest town in Michigan. The city, in fact the only village within Ann Arbor Charter Township, has a median household income of over $250,000 per year. Its median household income at $421,909 is among the highest in the state. Barton Hills is one of only two cities in Michigan with a median home value of over $1 million. On top of that, the average property tax paid by homeowners in Barton Hills is over $10,000 a year.

Number 2 Lake Angelus is similar to Barton Hills, notably also home to fewer than 200 total homes. Geographically, Lake Angeles is a suburb of Detroit. The median household income in Lake Angeles is lower than Barton Hills at $186,842 per year. In fact, the No. 3 richest city in Michigan – Bloomfield Hills – actually has a higher median household income than Lake Angelus. However, the latter was pushed to second place due to the higher median household income at $315,177; Its much higher median home value of $1.067 million compared to $852,900 in Bloomfield Hills. Both Lake Angeles and Bloomfield Hills have average property taxes paid in excess of $10,000 a year.

The No. 4 richest city in Michigan is Orchard Lake Village, also a suburb of Detroit, northwest of the city. Orchard Lake Village is smaller, but with about 800 homes, it is much larger than No. 1 Barton Hills and No. 2 Lake Angeles. Interestingly, Orchard Lake Village is the only place in the top 5 wealthiest cities in Michigan where the average property tax paid by homeowners is less than $10,000, about $8,258 per year.

No. 8 Birmingham, a northern suburb of Detroit, is the largest city — by number of homes — to make the list of the top 10 richest cities in Michigan, home to 9,383 homes. Not surprisingly, having significantly more households than Barton Hills and Lake Angeles, for example, Birmingham’s median household income is markedly lower – yet an incredibly high $137,907. What’s more, the median household income in Birmingham is much higher than the median at $219,420. Although the manufacturing industry employs about 18.5% of the workforce in Birmingham, according to DataUSA, incomes in the city are likely higher due to the fact that 26.3% – the largest proportion of the workforce – are employed in management occupations.

Ann Arbor, home to the main campus of the University of Michigan, managed to make the top-50 list of richest Michigan cities, coming in at number 28. Ann Arbor’s median household income exceeds its median household income by more than $30,000: $107,368 versus $73,276.

Trends in the Richest Cities in Michigan

Looking at all of the top 50 richest cities in Michigan, the average number of households for these 50 locations is approximately 5,418 households. The city with the fewest homes is Wedgwood, which is ranked as the No. 46 richest city in Michigan with only 82 homes; Being located in Wexford County, in the northwest of the Lower Peninsula, Wedgwood is nowhere near Detroit or Ann Arbor. On the other end of the spectrum, No. 28 Ann Arbor was the largest city to make the list, with a total of 49,661 homes.

Despite America’s well-known experience of de-industrialization over the past several decades, Michigan is still home to a serious amount of manufacturing. In the No. 3 richest city in Michigan – Bloomfield Hills – the largest industry is manufacturing, which employs 19% of the workforce. At the same time, however, more than a quarter of the workforce (26.6%) is employed in management occupations, according to DataUSA, which helps explain the higher incomes there. Many of Michigan’s wealthiest cities have substantial manufacturing sectors. Beyond that sector, healthcare and education employ a large portion of the workforce of Michigan’s wealthiest cities. According to the Bureau of Labor Statistics (BLS), the state is home to several universities and the salaries of post-secondary teachers (aka college professors) are higher than average.

Geographically, the most immediately recognizable pattern is that Michigan’s richest cities are located in the Detroit metro area. But there are some other interesting places in Michigan that are home to some of its richest cities; For example, No. 6 Grand Beach is located in southwestern Michigan along the shores of Lake Michigan near the Indiana border.

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