Arizona has long been a desirable destination for wealthy individuals. Our beautiful state has a relatively low cost of living, fantastic weather, plenty of recreational activities, and a booming economy. With the ability to work remotely becoming more common, many people have decided to relocate to the Sunshine State.
In recent years, however, the state has become even more appealing to the wealthiest residents of other states. This is due in part to the increasing cost of living in crowded, major cities like New York and San Francisco, as well as the increased restrictions on freedom and flexibility in those cities. As a result, many of the wealthiest individuals in the country are now calling Arizona home. And given the excellent quality of life that the state offers, it’s no wonder the affluent have been drawn to the wealthiest cities in Arizona.
Let’s explore the 10 wealthiest cities in Arizona.
1. Paradise Valley, AZ
As the wealthiest city in Arizona, it’s no surprise that Paradise Valley is also the most expensive city in the state. The average price of a home in Paradise Valley is an astonishing $3.35 million. Homes can sell for up to $30 million dollars and are nestled into some of the most exclusive and expensive neighborhoods in Paradise Valley. This affluent community attracts business professionals, actors and high paid professional athletes resulting in the median household income being an equally impressive $211,300. That being said, the cost of living in Paradise Valley is still relatively affordable when compared to other wealthiest cities across the country. The current population of Paradise Valley is around 14,637, and the main drivers of its economy are the luxurious resorts, 5-star hotels and tourism. While it’s true that Paradise Valley is a wealthy community, it’s also a welcoming and friendly one. If you’re looking for a city with all the bells and whistles, then Paradise Valley is certainly worth considering.
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2. Arcadia Proper, Phoenix, AZ
While not technically a city, Arcadia, Phoenix, AZ deserved a place on our list of wealthiest cities in Arizona. This region is located within the city of Phoenix and is home to some of the most stunning homes in the Valley. The average price of a home is an impressive $2.56 million, with some homes selling for up to $8 million dollars. These properties typically sit on oversized lots with mature landscaping and citrus trees. Due to the affluent families that this city attracts, the median household income is an equally impressive $122,491. If you’re looking for a wealthy community to call home, Arcadia should definitely be at the top of your list.
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3. Carefree, AZ
Carefree is a suburb of Phoenix located in the Sonoran Desert. With a median household income of $112,768, Carefree is one of Arizona’s wealthiest cities. This town has the most scenic views of the desert landscape. There are a lot of outdoor activities that are easily accessible at Cave Creek Regional Park and Barlett Lake. Here you can hike, fish and even camp. There is something for everyone in this city with fine dining and boutique shopping in Downtown Carefree. With so much to love about living in Carefree, AZ it has become a desirable place to live. Following the 2019 pandemic, home prices have risen sharply to an average of $1,302,162. This reflects the high demand to call this city home. If you’re looking for a luxurious desert oasis, Carefree is the place for you.
4. Queen Creek, AZ
Queen Creek has more than doubled its median household income since 2000 to $104,161 making it the third richest city in Arizona. Located in both Maricopa and Pinal counties, the city is known for its quiet, rural feel, but it has seen recent growth in both infrastructure and residential homes. This makes it an attractive option for homebuyers who are looking for a comfortable place to live that still offers all the amenities of a modern city. In addition to its growing population, Queen Creek is also home to several large businesses and employers, which provides residents with plenty of job opportunities. With its strong economy and family-friendly atmosphere, Queen Creek is quickly becoming one of the most desirable places to live in Arizona.
5. Gilbert, AZ
Gilbert is a growing town in Maricopa County, just southeast of Phoenix’s metropolitan area. The town has been named one of the wealthiest cities in Arizona and boasts a median household income of $96,857. Gilbert is convenient for commuting, travel, and shopping and is home to four performing arts theaters – including the longest-running, privately owned theater in the country. The town also takes pride in its eco-friendly initiatives, such as the Riparian Preserve at Water Ranch. This preserve offers residents a safe place to exercise, fish, and golf. Gilbert is an ideal city for those looking for a balance of convenience and comfort.
6. Litchfield Park, AZ
Litchfield Park is an affluent city in the northwest Valley. It is one of the wealthiest cities in Arizona, with a median household income of $95,625 . It’s located in Maricopa County and is known for its upscale homes, golf courses, and beautiful eating establishments.
The Litchfield Park real estate market is one of the most expensive in Arizona, with housing prices reaching over $1,500,000. Its well-kept yards and pristine communities have made it a popular place for retirees to move to. In recent years, the town has seen an influx of young families as well, drawn to its excellent schools and safe neighborhoods. Residents of Litchfield Park enjoy a high quality of life.
7. Scottsdale, AZ
Scottsdale is one of the most well-known cities in the state, thanks to its amazing golf courses and resorts. With a median household income of $91,042, it is our third wealthiest city in Arizona. The average home price in Scottsdale is $871,609, with real estate selling for as high as $21.8 million. Known as “The West’s most Western Town”, Scottsdale is a popular place to call home for wealthy retirees, business owners and professionals alike.
If you are interested in buying a home in Scottsdale, contact a Local Board Scottsdale realtor today!
8. Marana, AZ
Marana is one of the wealthiest cities in Arizona, with a median household income of $89,689. The town has experienced rapid growth, as evidenced by its booming real estate market. Many of Marana’s new residents work at the town’s industrial parks which include companies like Raytheon and Amazon, whose fulfillment center is the largest building in the world. Marana has become a very attractive place to live for young families thanks to a booming economy, excellent schools and being ranked one of the safest cities in Arizona.
9. Fountain Hills, AZ
Situated in Maricopa County, close to both the Greater Phoenix Metro area and Scottsdale, Fountain Hills is a town known for its impressive fountain. Once the tallest fountain in the world, it is still one of the tallest fountains in the United States. The town itself is affluent, ranking as one of the wealthiest cities in Arizona with a median income of $87,080. It is also home to many businesses, including several high-end retailers. In addition to its renowned fountain, Fountain Hills also offers residents and visitors alike a variety of recreational activities and facilities, making it a great place to live or visit.
10. Oro Valley, AZ
Oro Valley is one of the wealthiest cities in Arizona. It’s not surprising that this growing community built around golf has attracted affluent golfers and retirees. The town is made up of a number of golf course communities and retirement villages, each with its own unique atmosphere. Because it’s located northwest of Tucson, Oro Valley offers residents easy access to Interstate 10 and a relatively short commute to downtown Tucson or Marana. The town also boasts five public golf courses as well as numerous hiking trails and recreational opportunities at Catalina State Park and the Pusch Ridge Wilderness Area. With a median household income of $86,863, Oro Valley is an attractive community for those who are looking for a higher standard of living.
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If you’re looking to buy or sell a luxury home in one of the wealthiest cities in Arizona, it’s important to choose an experienced agent who are local experts. We help our clients buy and sell luxury real estate in Paradise Valley, Arcadia, Phoenix, Scottsdale and the surrounding areas.
As one of the top real estate agents in Arizona, Katrina Barrett and her team of LOCAL realtors can help you find just what you’re looking for. Using our expansive network and deep understanding of the local market, we can help you get the most out of your home buying or selling experience. Contact us today to see how we can help you with your luxury real estate needs.