Known for its charming downtown of locally owned shops and restaurants, the Charlotte suburb of Davidson is also North Carolina’s wealthiest town, according to a new report.
With a population just shy of 12,700, according to the newest U.S. Census Bureau estimates, the small college community is located about 20 miles north of uptown Charlotte and alongside Lake Norman. It is one of just two towns in the Tar Heel State where most households take home six-figure salaries, says 24/7 Wall St., in its recent analysis of the "richest town in every state."
It found that Davidson’s median household income of $109,907 is more than double the $48,256 salary for an average North Carolina worker. And 25.5% of households in Davidson earn $200,000 or more, compared to the state’s 3.9% share.
24/7 Wall St. compiled its list from reviewing median household incomes for areas with populations between 1,000 and 25,000 based on data from the U.S. Census Bureau’s American Community Survey. It also looked at a town’s percentage of adults with at least a bachelor’s degree and share with a high school diploma, poverty rates, median home values and cost of living.
Across the state line in South Carolina, Sullivan’s Island came in as the Palmetto State’s richest town.
Clustered near large urban centers, the towns that topped 24/7 Wall St.’s list are mostly inhabited by upper-income individuals and families, leaving out those making lower salaries. They’re also by and large home to pricey real estate markets and well-educated residents, the study found.
In Davidson, for instance, about 69.1% of adults hold at least a bachelor’s degree, which is much higher than the 29% share in North Carolina and the 30.3% share nationwide.
Wealthiest ZIP Codes
Ranked by ESRI wealth rank
Rank ZIP Code ESRI wealth rank 1 28207 1.0 2 28036 2.0 3 28226 3.0 View This List
As for home prices, the study pegs the value of a typical home in Davidson at $393,000 — compared to the median home value of $157,100 in North Carolina as a whole.
April housing figures released by the Charlotte Regional Realtor Association had the median sales price of a home in Davidson at $387,500 — a 16.1% increase from the previous year. The average sales price of $461,070 jumped 17.8% from April 2017.
Though, statistics sent to Charlotte Business Journal by the CRRA show that — from 2016-17 — home prices for the 28036 ZIP code, which encompasses the Davidson area, experienced a drop. The median sales price of $336,250 fell annually 14% by the end of 2017, while the averages sales price dipped to $422,869, down 2.2%.
CBJ’s full analysis breaking down the top local ZIP codes where home prices increased the most from 2016-17, which ran earlier this spring, can be found below:
Charlotte’s Hottest ZIP Codes ranked by price growth VIEW SLIDESHOW 17 photos