ARIZONA NEWS

Why this north Scottsdale ZIP code surpassed Paradise Valley in household wealth

May 13, 2024, 4:05 AM

Cullum Homes built this model home at Seven Desert Mountain, an exclusive residential golf communit...

Cullum Homes built this model home at Seven Desert Mountain, an exclusive residential golf community in north Scottsdale. (Tourfactory Photo)

(Tourfactory Photo)

For years, perhaps decades, residents of Paradise Valley’s 85253 ZIP code have been the top earners in the Valley. But a new ZIP in town has pushed the elite community into second place.

The north Scottsdale ZIP code of 85262 has the No. 1 spot in household wealth, based on 2022 data from the U.S. Census Bureau’s American Community Survey, the most recent data available.

Scottsdale also has the second-highest growth rate for millionaires, according to the USA Wealth Report 2024 from Henley & Partners, which found that the city had a 102% increase in millionaires between 2013 and 2023. Austin, Texas, had the highest rate at 110%.

This inbound wealth shift is accelerating as more people relocate to Scottsdale from Southern California, Chicago, New York City, Seattle and Portland, Oregon, said J. Andrew Turley, president of Phoenix Valuations, which appraises luxury properties.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Why this north Scottsdale ZIP code surpassed Paradise Valley in household wealth