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When thinking of small-town living, quaint rows of homes, a single no-thrills supermarket and an everybody-knows-your-name vibe might come to mind. But in other cases, it may mean a rich, mountainous enclave for the stars.
According to a study by the financial planning site GoBankingRates, one Valley-area small town is the richest in Arizona and has the second-highest home value among the 49 richest small towns in each state.
Perhaps unsurprisingly to Phoenix residents, that town is Paradise Valley.
With a population of fewer than 13,000 people, the affluent 15.4-square-mile town is situated between Phoenix and Scottsdale. The average home value is more than $3.3 million, beaten on GoBankingRates’ list only by the small town of Medina, Washington, with an average home value of $4.5 million. Additionally, the median Paradise Valley household earns $236,250 per year, according to the study.
Nestled between Camelback Mountain and the Phoenix Mountains Preserve, Paradise Valley is known not only as the state’s wealthiest small town but also as the state’s wealthiest town period. With an average of 294 days of sunshine a year, the affluent suburb is exclusively residential, with a minimum one-acre lot zoning, creating a quiet, luxury desert oasis filled with golf courses, resorts and top-tier restaurants, according to the town’s website.
It’s home to the historic Cosanti, the former art studio of architect Paolo Soleri, known for its bells. Paradise Valley also has nine world-class resorts, plenty of picturesque hikes and the Paradise Valley Mall. Many athletes, rock stars and high-ranking politicians have called it home, including decorated Olympic swimmer Michael Phelps, legendary rock star Alice Cooper and the late, iconic Arizona politicians Barry Goldwater and Sandra Day O’Connor.
With a median age of more than 55 years old, it’s an overwhelmingly white community, with 81% of the population identified as such, according to the U.S. Census Bureau. Only 5.5% of the population is below the poverty line.
GoBankingRates identified Paradise Valley as Arizona’s wealthiest small town by analyzing the median household income of towns with between 500 and 15,000 households, using the U.S. Census 2023 American Community Survey and Zillow Home Value. Joining Paradise Valley on the list are Parkland, Florida; Kailua, Hawaii; Hanover, New Hampshire; and Los Alamos, New Mexico.
