The Wealthiest Small Town In Minnesota Owns No Property

MINNESOTA — Wealth can commonly be found in some of the nation's biggest cities, but what about in the small towns?

A new GoBankingRates study that set out to find pockets of wealth in the nation’s quieter communities found that the richest small town in Minnesota is North Oaks of Ramsey County. There, the median annual income is $220,861.

That's compared to a statewide median income of $85,086 in 2023.

According to the city’s website, “In 1883, railroad industrialist James J. Hill purchased 3,300 acres encompassing what is today the community of North Oaks.”

Hill used the land “to produce advances in cattle raising and other agricultural practices to complement his burgeoning Great Northern Railroad.”

Today, "approximately 5,500 residents call North Oaks home, living in single family homes, townhomes and condominiums."

What sets the city apart is its strict privacy: "Because residents' properties extend to halfway across the road, all residential roads in the city are private and for the use of North Oaks residents and their invited guests only."

The site notes that “the city owns no property,” and that “the North Oaks Home Owners' Association owns the park and recreation areas and trails throughout the city.”

For the study, GoBankingRates analyzed income data from the U.S. Census Bureau’s American Community Survey. “Small town” was defined as having between 500 and 15,000 households. Data is current as of May 16, 2023. Alaska wasn’t included because it doesn’t have enough data.

The top five wealthiest small towns in the nation are:

• Orinda, California (median income $248, 984)
• Noroton, Connecticut (median income $248,125)
• Fox Chapel, Pennsylvania (median income $247,930)
• University Park, Texas ($247,045)
• Flower Hill, New York ($246,533)

The least affluent of these wealthy small towns are:

• Shelburne, Vermont (median income $96,976)
• Cassville, West Virginia (median income $105,440)
• Inniswold, Louisiana (median income $106,759)
• Hickman, Nebraska (median income $107,604)
• Helena Valley Northeast, Montana (median income $115,833)