The Boston Globe recently reported on the number of million-dollar earners living in each Massachusetts city or town. For communities in I-495/I-95 region of the Commonwealth, the Town of Franklin made a very competitive showing in terms of its number of million-dollar earners per 1,000 residents.
For million-dollar earners on a per capita basis, Franklin was ranked by the Globe as being on par with such affluent I-495/I-95 communities as Wrentham, Norfolk, Walpole, Mansfield and Holliston. Pretty good company!
Table shows ranking of communities
The Globe reported that Franklin was home to 71 tax-filers reporting incomes of one million dollars or higher in the 2017 tax year. For Franklin on a per capita basis, that comes out to 2.16 filers in town reporting million-dollar incomes for every 1,000 Franklin residents.
According to the Globe, just over 18,200 tax filers in Massachusetts for the 2017 tax year reported incomes of one million dollars or higher. (The Globe noted that a portion of these filings likely were married couples filing jointly.) 2017’s million-dollar filings represented over a twelve percent increase in million-dollar filers compared to such filings in the 2016 tax year.
The Globe reported that the communities in Massachusetts with the highest per capita concentrations of million-dollar filers for the 2017 tax year were led by Weston (47 per 1,000 residents) with Dover coming in at number two (37 per 1,000), followed by Wellesley (34 per 1,000), Lincoln (24 per 1,000), and Manchester (23 per 1,000).
Massachusetts ranks near the top among US states for income, wealth
In many measures of wealth and income, Massachusetts ranks prominently among US states.
Citing 2015 data, MoneyRates.com ranks Massachusetts fourth in the US for states with the highest proportions of million-dollar earners.
The Bay State is no laggard in terms of median household income either, according to USNews.com.
USNews.com ranked Massachusetts fourth in the nation for median household income.
US census data
US census information confirms a concentration of high incomes in much of the eastern half of the Commonwealth.
For Franklin, Census.gov reports that the town has a median income of $115,355 and a per capita income of $50,626 (each in 2018 dollars).
From the point of view of someone who has resided in Franklin, MA for over twenty years after having lived in several other regions of the United States, Franklin offers a refreshingly diverse population with a wide range of incomes. If you are a prospective home purchaser, Franklin certainly deserves your consideration! You can explore Franklin, MA here.