Scarsdale and Rye, two of Westchester’s toniest towns, are heading a new list of the wealthiest communities across the U.S.
Beating out more than a dozen of California’s priciest ZIP codes, the elite of Westchester suburbia with their high-performing schools, small town feel, and proximity to The Big Apple, make it a can’t miss place to raise a family, realtors told The Record.
The local communities topped the ranking compiled by GoBankingRates, a personal finance website, analyzing the top 50 suburbs across the country. Scarsdale and Rye finished first and second, respectively, on the exclusive list.
“No, it doesn’t come as a surprise to me,” said Fiona Dogan, a Rye-based realtor with Julie B. Fee Sothebys.
Residential homes in Rye have been going for $300,000-$400,000 above asking price over the last year, Dogan told The Record.
“That’s why people who have money start out in these communities,” she said.
GoBankingRates researched communities with at least 5,000 households. It then identified the 50 with the highest average household income using the 2022 American Community Survey and Zillow for median home values.
Nicole Ball, a real estate broker with Compass in Rye, wasn’t surprised either by the rankings given the two Westchester communities’ short commutes to the world’s financial capital – New York City.
Photo courtesy Zillow
“These areas are very desirable places to live without needing to be so far away from work,” Ball said.
A village of less than 7 square miles with a population of about 18,000, Scarsdale homes typically list for $1.4 million, and the average household income tops out at nearly $570,000, the finance outlet reported.
Just north along the Long Island Sound, Rye’s population is slightly above 17,000 across 6 square miles. A city in name only, an average home goes for $2.1 million, while the typical household income surpasses $400,000, according to the outlet.
Both communities, which imbue small town feels, boast lively downtown shopping districts – full of retail options and dining variety – walkable communities, robust nonprofit institutions, recreational opportunities, and pristine amenities.
But what realtors say sets them apart from their Westchester competitors – and the entire U.S. for that matter – are the schools.
“The reason Rye and Scarsdale attract very wealthy people is the school districts are really stellar,” said Dogan. “The schools will generally ensure kids have choices … they can go to Ivy [League] schools, state schools.”
U.S. News & World Report recently ranked Rye and Scarsdale, 31 and 64, respectively, in its annual list of New York state’s best high schools – although Rye saw a surprising dip in its rating. Eric Byrne, the Rye schools superintendent, downplayed the report, previously telling The Record that “it is not particularly relevant to what is important in schools.”
Photo courtesy Zillow
Harrison also cracked the U.S.’ wealthiest suburbs list at No. 50 – the only other Westchester community to make the cut. Nearby Greenwich, Connecticut, landed at 39.
Ball said the “extreme walkability” of Rye and Scarsdale is what elevates them over neighboring towns. And in the case of Rye, a coastal waterfront, including public and private beaches, is an additional selling point for prospective home buyers, she said.
But Rye and Scarsdale face some of the stiffest property taxes in the U.S. paying upwards of $29,000 annually on average.
Westchester County remains the highest-taxed in the nation, with five of its communities, Scarsdale and Rye included, paying among the U.S.’ top 15 in taxes, according to 2023 data. Home values across Westchester are also on the rise – up 7% to $796,000 on average over the last year, according to Zillow.
California was the most heavily represented on the wealthiest suburbs list, with 16 of its communities reaching the threshold, including 11 of the top 24 towns. But Dogan believes the Golden State wasn’t able to outdo Westchester’s best because of one thing: the East Coast.
Even in the era of tech billionaires, Dogan said there’s nothing like NYC.
“It’s The Big Apple … Rye and Scarsdale are feeders to it,” she said. “The East Coast is so accessible to the rest of the world. The East Coast cities are a little more global.”