Newton Home To 2nd Most MA Residents Earning $1 Million Or More

NEWTON, MA — There were 1,490 Newton residents who reported adjusted gross income of $1 million or more in 2017, the most recent year for which data is available. That was up 11.7 percent from 1,285 in 2016, according to Massachusetts Department of Revenue data.

This comes at Newton is struggling to find ways to keep the city economically diverse. A number of business owners have said a lack of affordable housing in the city has created a problem for them when it comes to hiring a workforce. The chamber of commerce said that for the past two years workers not being able to afford to live in this city is one of the greatest challenges to businesses here.

According to the Boston Business Journal, which first reported the data story, a strong economy and stock market so a statewide increase in the number of million-dollar earners in 2016. Statewide, there were 18,090 people who filed at more than $1 million in 2017, up 12 percent from 2016.

Here's the top 10 list of communities with the most residents reporting income of $1 million or more in 2017:

1. Boston
2. Newton
3. Wellesley
4. Weston
5. Cambridge
6. Brookline
7. Lexington
8. Needham
9. Hingham
10. Concord

Related: Newton Businesses Say Housing Shortage Makes It Hard To Hire ...

- Patch reporter Dave Copeland contributed to this report.