Richest Cities in Maryland (2024)

by Kristen Carney Kristen Carney

Updated: June 20, 2024

Richest City in Maryland

The richest city in Maryland is Chevy Chase Village in Montgomery County with an average household income of $524,519 as of 2022. While exceptionally affluent, Chevy Chase Village only has a population of 2,027 as of 2023. The richest city in Maryland with at least 5,000 people is Travilah in Montgomery County with an average household income of $334,773 as of 2022 and 10,846 people as of 2023 according to the most current Census data available (citation).

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20 Richest Cities in Maryland

Rank City County Population Average Income Median Income
1 Chevy Chase Village Montgomery 2,027 $524,519 $250,001
2 Martin's Additions Montgomery 931 $521,458 $250,001
3 Chevy Chase town Montgomery 2,866 $474,539 $250,001
4 Chevy Chase Section Five Montgomery 663 $459,139 $250,001
5 Chevy Chase Section Three Montgomery 791 $447,452 $250,001
6 Brookmont Montgomery 3,732 $434,332 $250,001
7 Somerset Montgomery 1,177 $419,599 $250,001
8 Chevy Chase View Montgomery 996 $392,119 $250,001
9 Travilah Montgomery 10,846 $334,773 $248,703
10 North Chevy Chase Montgomery 676 $327,096 $238,750
11 Barnesville Montgomery 144 $314,023 $211,250
12 Chevy Chase CDP Montgomery 9,789 $307,767 $217,500
13 Cabin John Montgomery 2,196 $306,068 $208,598
14 Darnestown Montgomery 6,672 $298,916 $250,001
15 Potomac Montgomery 46,499 $287,918 $218,710
16 Fulton Howard 5,435 $285,357 $215,455
17 Highland Howard 927 $285,335 $242,969
18 Bethesda Montgomery 66,316 $281,586 $185,546
19 Garrett Park Montgomery 982 $275,936 $250,001
20 Beaver Creek Washington 422 $262,419 $155,500

Median Income versus Average Income: Which Should You Use?

We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:

  • average is the sum of a set of numbers divided by the count of numbers in the set
  • median is the middle number in the set of numbers
illustation of median vs average

Now let’s say you had the following simplified set of income data.

Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000

The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.

Most Business Owners Should Use Median Income

So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.

When Should You Use Average Income

If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.

Why do so many cities have a median value of $250,001?

The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.

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SOURCES

United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.

United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.

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