Research reveals rapid increase in residents achieving wealth swiftly

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Households in Huntington, Long Island have experienced a significant increase in their incomes since the onset of COVID-19, according to a recent study, elevating the town, formerly classified as middle-class, onto a new list of affluent areas.

Between 2020 and 2023, the median household income in the enclave surged by a whopping 22.8%, according to research conducted by GOBankingRates.

By examining income data from the US Census American Community Survey, the company identified the top 50 US towns where residents are rapidly accumulating wealth. Huntington ranked 16th on this list.

Back in 2020, the median household income in Huntington was $131,989. In 2023, that figure had risen to $162,066.

Furthermore, the percentage of households earning over $200,000 annually in Huntington surged by an impressive 22.6% over the same four-year period, marking one of the largest increases nationwide.

Aerial view of Long Island, New York, showing houses, waterways, and the Robert Moses Causeway. — Only three towns in New York state made the GOBankingRates list. All were located on Long Island. Aurora East Media – stock.adobe.com

GOBankingRates didn’t explain what, specifically, was behind Huntington’s wealth boom. It was one of only three New York towns to make the top 50 list.

West Islip and Plainview, both located on Long Island, came in 21st and 33rd place, respectively.

The median household income in both of those nabes surged between 2020 and 2023, and is now inching toward $200,000 in both communities.

Meanwhile, Summit, New Jersey was named by GOBanking Rates as the number one town where “upper-class Americans are getting richer.”

Empty street in Summit, NJ, with shops closed due to pandemic. — Summit, New Jersey was named by GOBanking Rates as the number one town where “upper-class Americans are getting richer.” Corbis via Getty Images

While the community has long been cashed-up, residents appear to be getting richer there at rates higher than anywhere else in the country.

Between 2020 and 2023, the median household income in Summit soared by a staggering 39.4%, from $142,845 to $199,107, per the study.

There was also a 23.6% increase in the number of households earning $200,000 or more.

The GOBankingRates study revealed that California is the state with the most areas amassing wealth quickly.

A whopping 20 of the top 50 towns on the list were located in the Golden State, proving it’s still a place of upward mobility despite high taxes and astronomical property prices.