May 5, 2014 at 1:24 PM
WESTFIELD, NJ — Movoto Real Estate has come out with its list of richest small cities in America, and Westfield, NJ, ranks No. 12.
In its blog, Movoto explains the rankings:
In order to determine which small cities in the U.S. are actually the richest, we started with a list of 950 places with populations between 30,000 and 80,000 people according to the 2010 U.S. Census. We then ranked these places from 1 to 950 based on two categories: median household income and median home value, using data from the 2010 Census, with one being best.
The average of these two scores was used to determine the top 25 most wealthy small cities in the country. From there, we gathered further data on just these 25 places in nine additional categories we chose to encapsulate a truly rich place:
- Really expensive fine dining establishments per capita
- Really expensive clothing retailers per capita
- Really expensive jewelry stores per capita
- Luxury car dealers per capita
- Country clubs per capita
- Cosmetic surgeons per capita
- Distance to nearest polo field
- Distance to nearest yacht club
- Distance to nearest private airport
For the first six criteria, we used business listings and only considered businesses actually located within city limits. For the last three, we used the distance to the closest field, club or private airport by actual driving miles.
Each place was given a score from 1 to 25 in the individual criteria, with one being best. We then averaged these rankings together into an overall Big Deal Score, with the lowest score being the richest small city.
To see which small cities made their top 10 list, click here.
In November, Movoto ranked Westfield the Third-Best City in New Jersey. To read that story, click here. The San Mateo, Calif., online real estate brokerage has been recognized for its unique approach to city-based research by major news organizations around the world. Click here to learn more.