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May 26, 2016 Likes Comments

Newton: Wealthiest city in the Northeast

A recent study of wealth in more than 400 U.S. cities in America found that Newton was No. 1 in the northeast.

The websiteNerdWallet analyzed the median household income and percent of homes without a mortgage, the monthly median home value and the average credit limit for card holders in 475 U.S. cities with more than 65,000 residents.

In the Northeast, Newton topped the list. Newton’s high average credit limit and high median home value placed it well ahead of the other top 10 cities. The average credit limit in Newton was $70,822, almost $19,000 higher than the city with the next highest figure, New Rochelle. Newton’s median home value was $886,400 — over $200,000 more than Cambridge, which had the second-highest median home value in the Northeast, at $649,000.

California cities were at the top of every category, with Palo Alto at the top. Nine of the 10 “wealthiest” cities in the nation were in California, NerdWallet found. One Southern city made the top 10: Bethesda, Maryland. Boston and its suburbs comprised half of the top 10 in the Northeast, the study found.

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