How Much You Need To Be ‘Rich’ in 25 Major College Towns
The towns that host America’s big colleges and universities offer a lifestyle that’s different from any other slice of America — and not just for those who live in the campus dorms. College towns have young, educated populations, and all the nightlife, entertainment and attractions that pop up wherever that demographic goes.
See: States Where Your Retirement Will Cost Less Than $45,000 a YearCheck Out: 35 Surprising Cities With Low Costs of Living
Colleges and universities are often partnered with major research hospitals, which can improve healthcare access for the entire region. College towns tend to host lots of community events and have higher rates of volunteerism — and the really big ones boast a sports scene that’s the envy of even some pro franchises. Perhaps most importantly, according to Bob Vila, college towns tend to come much cheaper than traditional municipalities with comparable amenities. You can live richer in many college towns, that is, than you could in a metro region that delivers all a college town has to offer.
Using data from Parade and the American Community Survey, GOBankingRates identified how much money you would need to be considered rich in one of America’s biggest college towns. The results reveal the average income of the top 20% and top 5% in each town.
Keep in mind when reading that nationwide, the lowest average income you would need to squeak into the top 20% is $131,350. The average income of the top 20% is $238,035 and the average income of the top 5% is $430,662. You’ll notice that in eight of the top 10 college towns on this list, you can squeak into the rich people’s club with just five figures.
Keep reading to learn what it takes to live like a king in your favorite college town.
Gainesville, Florida
- Lowest income to be considered “rich” (Top 20%): $84,313
- Average income of the top 20%: $152,126
- Average income of the top 5%: $271,609
Tucson, Arizona
- Lowest income to be considered “rich” (Top 20%): $86,761
- Average income of the top 20%: $142,548
- Average income of the top 5%: $236,763
Salary: How Far a $100,000 Salary Goes in America’s 50 Largest Cities
Athens, Georgia
- Lowest income to be considered “rich” (Top 20%): $89,304
- Average income of the top 20%: $162,791
- Average income of the top 5%: $285,784
Bloomington, Indiana
- Lowest income to be considered “rich” (Top 20%): $89,805
- Average income of the top 20%: $164,102
- Average income of the top 5%: $283,402
State College, Pennsylvania
- Lowest income to be considered “rich” (Top 20%): $90,684
- Average income of the top 20%: $171,136
- Average income of the top 5%: $290,764
Ithaca, New York
- Lowest income to be considered “rich” (Top 20%): $96,773
- Average income of the top 20%: $185,171
- Average income of the top 5%: $324,026
Discover: 30 Best Cities for Young Professionals
New Haven, Connecticut
- Lowest income to be considered “rich” (Top 20%): $96,992
- Average income of the top 20%: $178,854
- Average income of the top 5%: $318,312
Oxford, Ohio
- Lowest income to be considered “rich” (Top 20%): $98,491
- Average income of the top 20%: $173,500
- Average income of the top 5%: $276,419
Fayetteville, Arkansas
- Lowest income to be considered “rich” (Top 20%): $100,768
- Average income of the top 20%: $186,022
- Average income of the top 5%: $338,664
Tuscaloosa, Alabama
- Lowest income to be considered “rich” (Top 20%): $101,283
- Average income of the top 20%: $191,186
- Average income of the top 5%: $344,724
Ames, Iowa
- Lowest income to be considered “rich” (Top 20%): $103,079
- Average income of the top 20%: $173,100
- Average income of the top 5%: $284,960
Don’t Move: 50 Cities With the Most Overpriced Homes
Champaign-Urbana, Illinois
- Lowest income to be considered “rich” (Top 20%): $104,941
- Average income of the top 20%: $207,921
- Average income of the top 5%: $389,076
Pittsburgh, Pennsylvania
- Lowest income to be considered “rich” (Top 20%): $105,646
- Average income of the top 20%: $199,357
- Average income of the top 5%: $367,145
Iowa City, Iowa
- Lowest income to be considered “rich” (Top 20%): $109,552
- Average income of the top 20%: $185,842
- Average income of the top 5%: $311,347
Corvallis, Oregon
- Lowest income to be considered “rich” (Top 20%): $110,507
- Average income of the top 20%: $195,450
- Average income of the top 5%: $338,673
Everything You Need To Know About Budgeting: How To Create a Budget You Can Live With
Burlington, Vermont
- Lowest income to be considered “rich” (Top 20%): $110,597
- Average income of the top 20%: $186,745
- Average income of the top 5%: $313,781
Columbia, Missouri
- Lowest income to be considered “rich” (Top 20%): $113,162
- Average income of the top 20%: $194,474
- Average income of the top 5%: $333,846
Madison, Wisconsin
- Lowest income to be considered “rich” (Top 20%): $125,849
- Average income of the top 20%: $216,021
- Average income of the top 5%: $379,651
Fort Collins, Colorado
- Lowest income to be considered “rich” (Top 20%): $131,218
- Average income of the top 20%: $213,515
- Average income of the top 5%: $355,147
Charlottesville, Virginia
- Lowest income to be considered “rich” (Top 20%): $134,288
- Average income of the top 20%: $261,631
- Average income of the top 5%: $494,072
Find Out: 35 Cities Where You Can Afford To Live on Less Than $50,000
Austin, Texas
- Lowest income to be considered “rich” (Top 20%): $145,166
- Average income of the top 20%: $267,777
- Average income of the top 5%: $485,554
Ann Arbor, Michigan
- Lowest income to be considered “rich” (Top 20%): $147,692
- Average income of the top 20%: $258,567
- Average income of the top 5%: $445,352
Boulder, Colorado
- Lowest income to be considered “rich” (Top 20%): $166,906
- Average income of the top 20%: $304,222
- Average income of the top 5%: $532,466
Chapel Hill, North Carolina
- Lowest income to be considered “rich” (Top 20%): $190,337
- Average income of the top 20%: $349,298
- Average income of the top 5%: $628,727
Ouch: In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities
Berkeley, California
- Lowest income to be considered “rich” (Top 20%): $196,103
- Average income of the top 20%: $354,606
- Average income of the top 5%: $624,426
- 5 Things Most Americans Don’t Know About Social Security
- 10 Reasons You Should Claim Social Security Early
- How To Use a Credit Card Like a Pro This Holiday Season
- Should You Refinance Now With the Low Mortgage Rates?
Methodology: For this piece, GOBankingRates used Parade’s “These Are the 50 Best College Towns in the U.S.” to find the list of major college towns. With these 25 cities isolated, GOBankingRates then used American Community Survey income quintile data to find each city’s: (1) lowest income to be considered in the top 20% richest income bracket; (2) the average income of the richest 20% and (3) the average income of the richest 5%. Only factor (1) was considered in the final rankings. All data was collected and is up to date as of Nov. 15, 2021.
