NORWALK, Conn. -- Residents of Norwalk know they are pretty wealthy, but according to a recent survey by NerdWallet , the city comes in as the fifth-wealthiest city in the Northeast, behind Stamford, which ranked as the second-wealthiest city, New Rochelle, N.Y., which ranked third, and Cambridge, Mass., which came in fourth in the Top 10.
The wealthiest city in America is Palo Alto, Calif., NerdWallet's survey found. In the Northeast, Newton, Mass., a suburb west of Boston, topped the list.
NerdWallet, a personal finance website, looked at about 500 cities with populations greater than 65,000 and analyzed median income, home values, credit limits and percentage of homes without mortgages.
How Norwalk ranked:
- Median household income of $75,285.
- Median home value of $373,300.
- Average credit limit of $47,736.
- 27 percent of homes have no mortgage.
According to the survey, Newton’s high average credit limit and high home values placed it ahead of the other top 10 cities. The average credit limit in Newton was $70,822, almost $19,000 higher than New Rochelle. And, Newton’s median home value was $886,400, $200,000 more than Cambridge, Mass., which had the second-highest in the Northeast, at $649,000, said NerdWallet.
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