Everything is bigger in Texas.
No, Texas doesn’t have the highest concentration of millionaires, but in terms of raw numbers, only California has more than the Lone Star State’s 622,065 millionaire households.
Heck, Texas is so big it not only has two of the smallest towns with the most millionaires in the U.S. — Andrews and Fredericksburg — but it’s also home to four of the cheapest U.S. cities in which to live. (Those would be Brownsville, Wichita Falls, Harlingen and McAllen.) On average, the cost of living in Texas is 8.7% lower than the U.S. average.
Texas is a place of extremes when it comes to taxes, too. There’s no income tax at all. On the other hand, sales taxes run high, as do property taxes.
Fredericksburg, Texas
Millionaire households: 834
Total households: 11,682
Concentration of millionaires: 7.1%
Median income for all households: $56,267
Median home value: $269,900
It’s not hard to understand the allure of Fredericksburg, since it’s smack-dab in the middle of Texas Hill Country. This beautiful region of the Lone Star State has plenty to offer for both outdoorsy types and aesthetes alike. Residents can explore a landscape of rolling hills, spring-fed rivers and lakes, and vast fields of wildflowers. But they can also partake in fine dining, wine tastings, concerts and art shows.
Fredericksburg is a German town with a history of self-responsibility, religion, hard work, and charity the settlers brought with them from across the ocean to a land that allowed them freedom in all these things. The town still holds these conservative values today. The concept of “Don’t fix it if it ain’t broke” is why Fredericksburg has done so well.