by Kristen Carney
Updated: December 17, 2024
The richest city in Colorado is Cherry Hills Village with an average household income of $503,255 as of 2023 and 6,273 people as of 2023 according to the most current Census data available (citation).
Rank | City | County | Population | Average Income | Median Income |
---|---|---|---|---|---|
1 | Cherry Hills Village | Arapahoe | 6,273 | $503,255 | $250,001 |
2 | Franktown | Douglas | 405 | $389,942 | -$1 |
3 | Columbine Valley | Arapahoe | 1,677 | $386,070 | $250,001 |
4 | Altona | Boulder | 532 | $378,012 | $250,001 |
5 | Crisman | Boulder | 253 | $366,856 | $168,750 |
6 | Bow Mar | Arapahoe; Jefferson | 823 | $358,931 | $233,667 |
7 | Coaldale | Fremont | 276 | $355,273 | -$1 |
8 | Castle Pines Village | Douglas | 4,441 | $327,934 | $219,083 |
9 | Timnath | Larimer; Weld | 9,991 | $261,563 | $172,206 |
10 | Greenwood Village | Arapahoe | 15,205 | $258,780 | $145,781 |
11 | Upper Witter Gulch | Clear Creek | 588 | $258,278 | $250,001 |
12 | Tall Timber | Boulder | 376 | $243,740 | $198,018 |
13 | Meridian Village | Douglas | 2,768 | $236,949 | $198,707 |
14 | St. Ann Highlands | Boulder | 483 | $235,083 | $182,568 |
15 | Foxfield | Arapahoe | 735 | $234,456 | $195,750 |
16 | Paragon Estates | Boulder | 767 | $231,220 | $172,625 |
17 | Genesee | Jefferson | 3,826 | $230,304 | $172,692 |
18 | Upper Bear Creek | Clear Creek | 980 | $230,250 | $185,574 |
19 | Comanche Creek | Arapahoe | 389 | $228,890 | $225,175 |
20 | Stepping Stone | Douglas | 3,079 | $223,283 | $220,039 |
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:
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.
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.
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.
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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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, 2023 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 12 December 2024. http://www.census.gov/.
United States Census Bureau. B19013 Median Household Income, 2023 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 12 December 2024. http://www.census.gov/.
United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2023 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 12 December 2024. http://www.census.gov/.
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