The state of Texas typically conjures up images of rugged cowboys and sprawling ranches. Yet, this vibrant state is steadily emerging as a treasure trove for the affluent. With expansive ranches and dynamic culture, Texas is a booming economic powerhouse drawing the country's wealthiest citizens. While many states can boast of one wealthy city, Texas is home to three of the top 11 wealthiest cities in the country.
Texas: A Wealth Magnet
Texas is gaining recognition as a billionaire hotspot. Let's examine how Texas cities compare to the wealthiest cities in the country.
Comparison of Wealth Distribution
|
Rank |
City/Region |
Millionaires |
Centi-Millionaires |
Billionaires |
|
1 |
New York City |
349,500 |
744 |
60 |
|
2 |
Silicon Valley |
305,700 |
675 |
68 |
|
3 |
Los Angeles |
205,400 |
425 |
42 |
|
4 |
Houston |
90,900 |
258 |
18 |
|
5 |
Chicago |
124,000 |
220 |
24 |
|
6 |
Dallas |
68,600 |
125 |
15 |
|
10 |
Austin |
32,700 |
92 |
10 |
Insights:
- New York City has the highest high-net-worth individuals across all measured tiers.
- Silicon Valley leads in billionaires (68), while Houston follows closely (18).
- For millionaires, Houston ranks 5th (90k+) and Dallas 6th (68k+), while Austin places 10th (32k+).
- From 2013-2023, Austin saw millionaire numbers surge 110%; Dallas grew 75% and Houston 70%.
- Austin's tech boom accelerated wealth yet inflated housing costs.
- While New York and Silicon Valley currently top rankings, data shows major Texas cities like Houston, Dallas, and Austin steadily gaining ground, especially in tech and energy.
Texas Has a Thriving Economy
Texas has the second-largest economy thanks to industries like energy and tech. With a low 4.2% unemployment rate, a recent report ranked it fourth strongest overall—behind only Washington, Utah, and Massachusetts. This robust growth continues despite recession worries. In addition to having no state income tax, Texas is less expensive to live in than major financial centers like New York City and the San Francisco Bay Area.
The Austin Phenomenon
Related: Texas Best City - Dallas vs Austin Where to Live in 2024
Austin has experienced huge growth in millionaires, becoming a true wealth hub.
A Millionaire's Playground
Austin's exponentially increasing number of rich citizens over the last few years has been setting the stage on fire. The number of millionaire households increased by a ridiculous 110% between 2013 and 2023, according to the latest data. This rapid growth has made the city a bustling center for the wealthy, drawing people looking for more than simply a place to live—a place where they may succeed. What, though, is causing this extraordinary growth?
Tech Giants Move to Town
Often referred to as the "Silicon Hills," Austin has developed into a tech powerhouse. The city draws business giants from various industries including innovative startups and entrepreneurs. Companies like Dell, IBM, and other startups have settled in Austin, fueling the city's economic expansion and attracting the aspirational and well-off.
The Affordability Challenge
Amid this growth, Austin real estate faces affordability issues. Rising home prices as wealthy people move in challenge the average renter's ability to buy. As a result, many high earners opt to rent long-term, enjoying the flexibility such a lifestyle offers. Spurred by this burgeoning trend, the city's real estate landscape has undergone a fascinating transformation.
Lavish rentals are now the go-to option for those yearning to indulge in a life of opulence, all while sidestepping the burdensome weight of a hefty mortgage. It’s a tale as old as time—two cities coexist: one shimmering for the wealthy tech aristocracy, and the other, a vibrant tapestry woven for the everyday populace.
Wealthiest Texas Cities and Towns
The wealthiest cities in Texas, based on median income and house values, are discussed below, based on the most recent 2024 data.
The Houston Trifecta: Hunters Creek Village, Piney Point Village, and Bunker Hill Village
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These three cities are like the Beverly Hills of Texas. Located in the heart of Houston, they provide homeowners with a calm haven from the hustle and bustle of the city.
Hunters Creek Village
Houston's Hunters Creek Village is a gated community renowned for its tranquil surroundings and 24-hour manned-security. Home to a modest 4,383 people, this affluent enclave stands out for its $250,001 median income and $2 million plus average home values. Oil tycoons and corporate executives are drawn to this affluent community thanks to its peaceful gardens, polo fields, and exclusive country club.
Some of the available listings include opulent houses and rustic estates. Hunters Creek Village is a great example of wealth and a high quality of life, which makes it attractive to people looking for seclusion and elegance in the middle of a bustling city.
Neighborhood highlights:
- Country Club Estates: Surrounds prestigious club with estates known for pastoral acreage and elegant architecture.
- Creekside Cove: Tranquil waterfront community popular for wooded lots and custom homes along scenic waterways.
- Oak Hill Village: Growing families seek this charming neighborhood near schools boasting single-family homes and townhomes.
Hunters Creek Village exemplifies luxury living, making it a sought-after destination for those seeking privacy and luxury in Houston.
Piney Point Village
Nestled not far from Houston, Piney Point Village boasts a cozy population of 3,114 inhabitants, a quaint enclave that sprang to life in the vibrant 1930s. This delightful retreat is marked by its softly undulating hills, draped in a lush canopy of trees. Here, the elegance of ornate historical homes dances harmoniously with the sleek lines of modern architecture.
A picturesque blend that enchants and invites exploration. The Piney Point Club, where locals enjoy polo and a variety of recreational activities, is the hub of the community's lively lifestyle.
Neighborhood highlights:
- Wooded Hills Estates: Families looking for serenity will love this neighborhood's large lots with mature trees, solitude, and breathtaking vistas.
- New Horizons: A collection of modern residences with an emphasis on energy efficiency and modern design. Appeals to individuals seeking luxury with a modern twist.
- Piney Point Club Community: Residents enjoy exclusive access to the Piney Point Club, where they may engage in tennis, polo, and social events.
Piney Point Village blends a busy lifestyle with elegance. This makes it a desirable destination for those seeking charm and recreational opportunities only moments away from Houston.
Bunker Hill Village
Located just outside of Houston, Bunker Hill Village is a gated community well-known for its large, multi-acre properties and covert security. Surgeons and oil heirs find the town attractive thanks to the lavish mansions situated in peaceful cul-de-sacs, providing a tranquil yet wealthy lifestyle reminiscent of a ranch-style setting.
Neighborhood highlights:
- Cul-de-Sac Estates: a collection of opulent homes offering seclusion and peace, ideal for families looking for luxurious living.
- Ranch View: This community features elegant houses with expansive outdoor living areas along with ranch-style architecture.
- The Gated Community: With its increased security and exclusivity, this neighborhood is perfect for people who value seclusion above opulent facilities.
Blending elegance and tranquility, Bunker Hill Village is a sought-after location for wealthy people looking for a serene yet elegant living just outside of Houston.
Dallas Royalty: Highland Park, University Park, and West University Place
Dallas is known for its big-city energy; these suburbs are where the city’s elite call home.
Highland Park
Related: Highland Park—The Best Suburb in Dallas, Texas
Highland Park represents the pinnacle of Texas luxury. This affluent Dallas enclave is well-known for its large estates and upscale social scene. It features opulent residences largely the result of former oil fortunes. Residents have access to elite educational institutions, a lively sense of community, and a refined way of life.
Neighborhood highlights:
- Centennial Park District: The district offers a bustling environment ideal for dining and shopping. It is dotted with posh boutiques and great dining establishments.
- Historic Estates Area: A collection of stately residences with expansive lots and traditional architecture that are derived from the town's oil past.
- Highland Park Village: A haven for those in pursuit of an elevated shopping escapade, this renowned hotspot brims with luxurious brands and exquisite dining venues.
Highland Park stands out as a coveted address for buyers desiring refinement and sophistication in their everyday lives, seamlessly merging an air of elegance with a vibrant, engaging community spirit.
University Park
University Park, a delightful suburb just five miles north of the bustling heart of Dallas, is a vibrant community of around 25,000 residents. Thanks to its close quarters with Southern Methodist University (SMU), this charming locale masterfully weaves together the sophisticated ambiance of an upscale neighborhood with the lively energy of a collegiate hub.
The area is adorned with elegant traditional mansions, many nestled alongside scenic golf courses, creating a picturesque landscape. Furthermore, University Park proudly hosts the esteemed Highland Park Independent School District, adding to its allure!
Neighborhood highlights:
- Golf Course Estates: Do you enjoy golf and want a more upscale lifestyle? This neighborhood showcases stunning homes that boast jaw-dropping vistas of pristine golf courses, creating a picturesque backdrop for daily life.
- Parks and Recreation District: With seamless access to local parks, state-of-the-art sports facilities, and the inviting Moody Family YMCA, residents are inspired to embrace vibrant, active lifestyles while fostering connections within the community.
- Snider Plaza: A buzzing epicenter of dining and retail, the plaza teems with life, offering an eclectic array of restaurants, cozy cafes, and charming boutiques, making it a must-visit destination. Wealthy professionals congregate here every day.
University Park is a highly sought-after location for individuals looking for sophisticated yet active suburban living close to Dallas. The locale blends elegance with a lively ambiance.
West University Place
Home to a vibrant population exceeding 14,000, the charming enclave of West University Place is snugly adjacent to Houston. Renowned for its stunning colonial residences that exude timeless elegance, the community showcases contemporary mansions that reflect stylish modernity, creating a delightful architectural tapestry. Tree-lined lanes contribute to the charming atmosphere. West University Place is favored by wealthy medical professionals thanks to the walkable area and lively atmosphere.
Neighborhood highlights:
- Colonial Heritage District: The well-maintained colonial homes in this neighborhood give it a timeless elegance and a sense of the past that appeals to traditionalists.
- Modern Art Estates: This is a collection of modern residences with distinctive architectural styles. Ideal for people who value cutting-edge interior design and current style.
- Boutique Shopping District: A quaint neighborhood with lots of cafes and boutique stores that provide a great sense of community and enjoyable shopping.
For people looking for a sophisticated living near the energetic city of Houston, West University Place is a desirable option. The locale combines refinement with community involvement.
The Suburban Dream: West Lake Hills and Southlake
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West Lake Hills and Southlake are your go-to destinations if you're seeking a luxurious yet family-friendly environment.
West Lake Hills
Now, let’s drift over to West Lake Hills—a sanctuary where breathtaking hill country vistas envelop you in a tranquil embrace. Nestled around a thriving country club and golf course, this gated community thrives on social connections and outdoor adventures.
Families seeking a serene sanctuary will find solace here, amidst lush landscapes and esteemed educational institutions like The University of Texas at Austin, Westlake High School, and Guidepost Montessori. Easy access to Austin's dynamic culture is a plus.
Neighborhood highlights:
- Lakeside Retreats: Located next to tranquil lakes and hiking paths, this neighborhood offers spacious residences surrounded by breathtaking scenery. These homes are ideal for people who enjoy spending time outside.
- Gated Communities: They're designed to appeal to families and professionals seeking a tranquil setting. West Lake Hills gated communities offer an extra layer of seclusion and security.
- The Eagles School District Area: This neighborhood captivates families who prioritize education and community engagement, thanks to its enviable proximity to esteemed schools.
West Lake Hills emerges as a premier enclave for luxurious living in the Austin region, offering an exceptional fusion of breathtaking natural landscapes, opulent amenities, and a robust sense of community spirit.
Southlake
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A dazzling gem in the heart of Texas, Southlake is a meticulously planned neighborhood that dazzles with top-tier amenities and an unshakeable community spirit. Families in pursuit of educational excellence will find their haven here, thanks to the illustrious Carroll Independent School District (Carroll ISD) which stands as a beacon of academic achievement.
Neighborhood highlights:
- Southlake Town Square: The beating heart of the community! This vibrant town square is a magnet for locals, alive with the buzz of premium shops, mouthwatering eateries, and a kaleidoscope of entertainment options that cater to every whim.
- Quail Hollow Estates: Picture this—sprawling lots, grand homes, and a tranquil ambiance, all within striking distance of modern conveniences! It’s the serene escape you didn’t know you needed.
- Clariden Ranch: A master-planned paradise for the active at heart! Think expansive homes, resort-style perks, and equestrian facilities that beckon you to embrace the great outdoors.
In Southlake, the essence of active living and family-oriented homes coalesce, crafting the quintessential suburban lifestyle.
Urban Oasis: Bellaire and Spring Valley Village
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Both of these charming cities encapsulate the perfect marriage of urban convenience and suburban tranquility.
Bellaire
Tucked away amid multiple Houston districts is the artistic community of Bellaire. The city, which draws a varied population including many foreign professionals, is well-known for its tree-lined avenues and old homes. With numerous regional galleries and creatively-themed cultural events, the city is home to a flourishing arts culture.
Neighborhood highlights:
- Historic District: This is a dream come true for those who cherish history and uniqueness in their residences. A charming neighborhood, the Historic District boasts an array of quaint, meticulously preserved homes that showcase a delightful tapestry of architectural styles.
- Bellaire Arts District: Renowned for its vibrant galleries and creative studios, this lively area acts as a vibrant hub. Here, local artists and art enthusiasts converge, celebrating creativity and expression in all its forms. Not to forget the regular exhibitions and community-engaging cultural activities.
- Family-Friendly Zones: This neighborhood is especially appealing to families looking for a nurturing atmosphere for their children and a quality education. This is because it has access to the highly respected Bellaire Independent School District.
Bellaire offers a distinctive fusion of charm, culture, and community involvement, giving residents a bustling urban lifestyle just minutes from Houston's conveniences.
Spring Valley Village
Just outside the vibrant pulse of Houston, Spring Valley Village is a delightful neighborhood celebrated for its serene atmosphere and tight-knit community. Fringed by scenic nature trails and lush woodlands, this area is characterized by a captivating mix of classic ranch-style homes alongside stately Tudor mansions. Families are drawn to the highly acclaimed Spring Branch Independent School District's schools.
Neighborhood highlights:
- Ranch-style developments: These modern residences are attractive to families and professionals seeking cozy, practical living spaces given that they have open floor plans and modern conveniences.
- Classic Tudor Area: The neighborhood's well-maintained Tudor homes add a touch of character and historic appeal to the area.
- Natural Reserves and Trails: The neighborhood's forested areas and natural paths provide residents with lots of opportunities for outdoor activities such as leisurely walks and hiking.
Peaceful living with easy access to Houston's rich cultural and recreational offerings coexist perfectly at Spring Valley Village.
These are but a handful of the amazing things the wealthiest Texas cities have to offer. Each is appealing and has its personality. There's a wealthy city or town just right for you, whether you're drawn to the upscale world of the Houston suburbs, the vibrant lifestyle of Dallas, or the relaxed charm of the suburbs.
Unlocking Texas' Wealth: Real Estate Insights and Opportunities
The premier cities profiled offer discerning homebuyers unparalleled luxury living. They boast excellent schools, robust amenities, and tight-knit communities ideal for growing families or retirees pursuing a quite lifestyle. Reach out if you have any other questions about living or working in Texas.
Investors can also capitalize on Texas' wealth revolution. Properties within these elite markets hold—and appreciate—value exceptionally well. Contact our local experts to learn how a rental property or fix-and-flip project in your target price range could generate strong returns.