The Richest Places In Vermont As Revealed By The Latest Census Data
A series of recent studies have analyzed and identified the richest cities in several New England states, including the wealthiest in Massachusetts, New Hampshire, Connecticut, and Rhode Island. This time around, the study will identify and focus on the richest cities in Vermont.
Read on to find out what the richest city in Vermont is, as well as the top 15 wealthiest cities in the state.
What Is the Richest City in Vermont?
In order to identify the richest cities in Vermont, multiple datasets were sourced from the Census Bureau's 2023 American Community Survey 5-Year Estimates (which is the latest data available), including median household income, mean household income, median home value, and median property taxes paid. Taking these four metrics together, the study analyzed and compiled a list of the top 15 richest cities in Vermont.
It is essential to note, however, some important quirks when it comes to Census data. For example, the Census Bureau measures median household incomes up to $250,000, with households earning more being designated as '$250,000+'. Furthermore, the Census does this with median home value, which goes up to $2 million and anything above that being denoted as '$2,000,000+'. Finally, the same parameters apply to tracking median property taxes paid by owner-occupied households, which go up to $10,000 and any amount above that is expressed as '$10,000+'.
As a result, mean (average) household income was particularly useful in our analysis because, unlike median household income, mean household income has exact values for every city in Vermont. All four of these metrics were scored, added up, and then ranked by the cities' combined scores. It should also be noted that the Census has a unique geographic unit called census-designated place, CDP. These are treated like towns or cities, but these 'places' often aren't officially recognized on the local level as towns. Thus, if you see a place on this list that you see as a neighborhood or community, it's because the Census treats it like an independent city.
Below you'll find a table displaying the top 15 richest cities in Vermont and their respective dollar amounts for each metric:
Using this four-factor metric of median household income, average household income, median home value, and median property taxes paid, the richest city in Vermont is Stratton Mountain. This is a ski resort location, within the town of Stratton. In terms of residents, Stratton Mountain is tiny, with only 36 total households. The median household income here is the highest in the state, at $174,722. The average household income is $262,881. The median home value reported by the Census Bureau is well over $1 million. Not surprisingly, the median property taxes paid per household is in excess of $10,000 per year.
The No. 2 richest place in Vermont is Norwich CDP, which comprises the central village of the town of Norwich. Norwich CDP is actually different from Norwich town. The median household income in Norwich CDP is $167,625, while the average household income is $211,552. The median home value in Norwich CDP is $642,200. The median property taxes paid is over $10,000 per household. The No. 3 richest place in Vermont is Norwich town. Where Norwich CDP has 345 total households, the town of Norwich has 1,272 households. The town has slightly lower financial figures than the CDP. The median household income in Norwich town is $140,139 (versus $167,625 for the CDP). The mean household income is the town is $200,676 (versus $211,552 for the CDP). And the median home value in the town is $576,300 (versus $642,200 for the CDP).
The No. 4 richest place in Vermont is Old Bennington, a village within the town of Bennington. Old Bennington contains the Bennington Battle Monument, commemorating the American Revolutionary War battle that took place there during the Saratoga Campaign of 1777. Old Bennington is a small place, home to only 74 households. What's interesting about Old Bennington is that the incomes are high compared to the median reported home value. The median household income is $154,375, while the average household income is $186,453. But the median home value is only $394,600. Still, property taxes are expensive, costing a median of $8,393 per household.
The No. 5 richest city in Vermont is Charlotte, a town south of Burlington, along the eastern shore of Lake Champlain. This is a very beautiful area of the state. It also includes Garden Island and Point Bay Marina. Charlotte is bigger than Norwich, having 1,754 households to the latter's 1,272. The median household income in Charlotte is $136,385. The average household income is $165,858. According to Zillow, the median home value is $823,196. Property taxes are high, with households paying a median of $9,043 a year.
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