Massachusetts' wealthiest ZIP codes cluster in a single region, according to a recent study

In a recent report published by the Boston Business Journal, it was revealed that all 10 of the state's richest ZIP codes are within a 10-mile radius of downtown Boston. This finding suggests a concentration of wealth in areas close to the city centre, indicating a new wave of affluence primarily among millennials and young families.

The top 10 wealthiest ZIP codes or communities in Massachusetts include Lexington, Winchester, Wellesley, Belmont, Reading, Sharon, Hopkinton, Newton, Needham, and Brookline. The ZIP code 02446 in Brookline, in particular, stands out as the third wealthiest, with typical home values of around $880,000 - more than double the national average.

The ZIP code 02116 in Back Bay takes the crown as the wealthiest in Massachusetts, boasting a median home value of a staggering $1.3 million. Interestingly, the ZIP code 02118 in the South End, which has a poverty rate of over 24%, ranks second wealthiest.

The report was based on income, home values, and other data collected from the U.S. Census Bureau and Zillow. Neal Riley, a digital producer for WBZ-TV's Boston division and a graduate of Boston University, has been closely following this trend. His work has been featured in renowned publications such as The Boston Globe and The San Francisco Chronicle.

The report did not provide specific data on the wealth of millennials in these ZIP codes, but it is clear that Boston continues to be an expensive place to live. The median age of residents in the wealthiest ZIP codes is approximately 35 years old, indicating a youthful demographic.

Outside of Boston, Beverly and Leominster are the wealthiest ZIP codes in Massachusetts, according to a recent Realtor.com report. As the city thrives, it remains to be seen how this wealth distribution will evolve in the coming years.

In conclusion, the report findings underscore the concentration of wealth in and around downtown Boston, painting a picture of a city that is not only historic and culturally rich but also economically vibrant.

Massachusetts' wealthiest ZIP codes cluster in a single region, according to a recent study