Top 25 Small Towns with Big Millionaire Populations

[joey2665]

Interesting article 3 of the towns in New Hampshire including Laconia coming in at #24

https://www.kiplinger.com/investing/...re-populations


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[thinkxingu]

WSJ report of millionaires as percent of residents.



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[thinkxingu]

I wanna know how many of the forum's members are millionaires.

(If you're reading this and are, I'm offering to be your beneficiary. Just throwing it out there!)

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[joey2665]

Originally Posted by thinkxingu

I wanna know how many of the forum's members are millionaires.

(If you're reading this and are, I'm offering to be your beneficiary. Just throwing it out there!)

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[VitaBene]

Doesn't take much to be a millionaire these days! Paid off house in NY or Ma and a 401k

[hd333]

Originally Posted by thinkxingu

I wanna know how many of the forum's members are millionaires.

(If you're reading this and are, I'm offering to be your beneficiary. Just throwing it out there!)

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Define millionaire?


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[thinkxingu]

Originally Posted by hd333

Define millionaire?


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In my head, a millionaire is someone who has $1m in fluid assets that can be accessed readily enough that I'd be ok with being their beneficiary!

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[8gv]

I can confidently say that I am closer to having one billion dollars than Bill Gates is.

[dickiej]

I'm like the Red Sox...I look good on paper.

[TheTimeTraveler]

Originally Posted by joey2665

Interesting article 3 of the towns in New Hampshire including Laconia coming in at #24

https://www.kiplinger.com/investing/...re-populations


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Surprising (at least to me) that Concord, NH was on this list......

[ApS]

My CPA has a house overlooking the Hudson River, and one on a pond at Martha's Vineyard.

But he also has an apartment in New York City, so maybe he's broke by now!

Originally Posted by joey2665

Interesting article 3 of the towns in New Hampshire including Laconia coming in at #24

https://www.kiplinger.com/investing/...re-populations

Claremont, NH, is #23. I thought the "Claremont decision" was the reason other New Hampshire towns became impoverished!

[garysanfran]

I'd like to see a comparison of how many millionaires have been lost in each state due to the state targeting their wealth vs. how many states have gained these successful (if self-made, not inherited) people and have added to the quality of their population...I'm particularly interested in how California and New York, liberal bastions, have fared.

[webmaster]

Originally Posted by garysanfran

I'm particularly interested in how California and New York, liberal bastions, have fared.

Please keep this focused on NH and the Lakes Region. Leave out the politics.

[joey2665]

Originally Posted by garysanfran

I'd like to see a comparison of how many millionaires have been lost in each state due to the state targeting their wealth vs. how many states have gained these successful (if self-made, not inherited) people and have added to the quality of their population...I'm particularly interested in how California and New York, liberal bastions, have fared.

As we have seen in the current real estate market many are leaving those states and coming here. I have 2 friends from NY and one from Connecticut looking for homes in the lakes region. The migration to the area will increase Laconia on the list.


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[BroadHopper]

Originally Posted by VitaBene

Doesn't take much to be a millionaire these days! Paid off house in NY or Ma and a 401k

Should add CA. A bungalow in LA or SF suburb is worth millions!

[MotorHead]

How do they know how much you have in the bank and in your investment, retirement accounts. That is scary.

[tis]

Claremont, NH, is #23. I thought the "Claremont decision" was the reason other New Hampshire towns became impoverished!

I also am confused by this. They are so poor we (property rich towns )have to donate to them!??

[XCR-700]

Clearly my wife and I are doing something wrong, we still live pay check to pay check and I feel like we are loosing ground every year.

Should have been a plumber,,,

[Biggd]

A net worth of 1 million dollars isn't what it use to be!

[mswlogo]

Originally Posted by Biggd

A net worth of 1 million dollars isn't what it use to be!

That’s exactly it. And with 4 trillion new dollars printed recently there will be a lot more millionaires created.

Don’t keep your money in cash what ever you do.

They should measure things in 1000-gold-bar-n-aires rather than million-dollar-aires.

It’s all purchasing power, not absolute dollars.

[Biggd]

Back in 1972 when I started working full time they told you if you put $2000, max at that time, in an IRA every year that you would have 1 million when you retire. But they didn't tell you that that 50 years later you would need 5 million to retire.

[dickiej]

Originally Posted by ApS

My CPA has a house overlooking the Hudson River, and one on a pond at Martha's Vineyard.

But he also has an apartment in New York City, so maybe he's broke by now!

Claremont, NH, is #23. I thought the "Claremont decision" was the reason other New Hampshire towns became impoverished!

....or overcharging you!

[mneck1814]

Originally Posted by tis

Claremont, NH, is #23. I thought the "Claremont decision" was the reason other New Hampshire towns became impoverished!

I also am confused by this. They are so poor we (property rich towns )have to donate to them!??[/QUOTE]

The article is pretty misleading. The Claremont entry is for the Lebanon-Claremont, NH-VT Micropolitan Statistical Area which includes many Upper Valley towns on both sides of the Connecticut River. Including affluent towns like Hanover, Lebanon, Plainfield and Lyme, on the NH side and Thetford, Pomfret, Norwich, Hartford(Quechee) on the VT side. Claremont itself is only a small portion of the area.

[Bigstan]

I dont trust these reports, I would love to know where the source data comes from.

Though Wiki isn't the most accurate thing to quote from it says there were 6700 and change households in Laconia in 2000. This article says there are now 24000 households ? The total population can't even be that high.

Granting it's not hard to be a millionaire on paper and it doesn't really mean anything anymore regardless there is zero way there are 1800+ 7 figure net worth households in Laconia. Not even counting all the out-of-state homeowners in all the high end communities.

This isn't even close to being accurate.

[jazzman]

I think this is just a click bait article. I don't believe my bank or brokerage tell even the government what my balances are. I assume once you turn 70 1/2 there is some disclosure of IRA balances to enforce RMDs.

If you're a couple looking at retirement you'd better have 1M if you're going to live in NH (or a pension with an implied cash value of 1M)

[MeredithMan]

...a probable source of the data is from people themselves. How many times have you "registered" a product that you've bought and the "warranty questionnaire" asks a bunch of demographic questions, which always includes, "household income"? I'm sure many people put down BS answers. The companies then use that data for "marketing purposes".

[garysanfran]

Cash-out my place in San Francisco, I could move to the Lakes Region and "LIVE" like a millionaire!

In SF, $1m won't get you a safe neighborhood nor a garage, nor a second bath, nor a third bdrm...And yes...that plot of grass is called a yard...Good news? You won't need a ride-on lawn mower!

Hard to live like a millionaire in Calicornucopia on a $1MM or 2 or 3.

[Biggd]

Originally Posted by garysanfran

Cash-out my place in San Francisco, I could move to the Lakes Region and "LIVE" like a millionaire!

In SF, $1m won't get you a safe neighborhood nor a garage, nor a second bath, nor a third bdrm...And yes...that plot of grass is called a yard...Good news? You won't need a ride-on lawn mower!

Hard to live like a millionaire in Calicornucopia on a $1MM or 2 or 3.

And from what I'm seeing on the news, it's hard to breath. I understand people like the weather but I would rather deal with snow than wildfires.

[garysanfran]

Originally Posted by Biggd

And from what I'm seeing on the news, it's hard to breath. I understand people like the weather but I would rather deal with snow than wildfires.

Or floods (although they put out the fires), earthquakes and terrorists who want to plant nuclear devices and separate the state from Nevada and make it an island.

Yup, I seriously contemplate moving back here. I just looked on zillow.com at what $1,200,000 can buy in SF vs. Lakes Region...Worse than I thought. I could not find one single family house for $1.2 mm in SF that I would live in if it was given to me for free. All bad neighborhoods and around 1,100 sq'.

On Lake Winni, you can get a very nice place for $1mm. Off the lake you get a mansion.

[MAXUM]

Originally Posted by garysanfran

Or floods (although they put out the fires), earthquakes and terrorists who want to plant nuclear devices and separate the state from Nevada and make it an island.

Yup, I seriously contemplate moving back here. I just looked on zillow.com at what $1,200,000 can buy in SF vs. Lakes Region...Worse than I thought. I could not find one single family house for $1.2 mm in SF that I would live in if it was given to me for free. All bad neighborhoods and around 1,100 sq'.

On Lake Winni, you can get a very nice place for $1mm. Off the lake you get a mansion.

Just the tax savings alone would be worth it. Add in all the other self inflicted problems from the state being perpetually mismanaged it's a wonder anyone wants to live there.

[TheRoBoat]

went for 700K and 1M. Prices will adjust accordingly up down the road.

And the real influx hasn't even begun

[dickiej]

What's the income tax in California now? 13%? Insane....

[TheRoBoat]

Originally Posted by dickiej

What's the income tax in California now? 13%? Insane....

The top marginal is 13.3% ($1M and up)

[joey2665]

Originally Posted by TheRoBoat

The top marginal is 13.3% ($1M and up)

That is almost double New York State which is 6.875. If you “live in NYC” add an additional 3.876 still less than CA. Note if you just work in NYC and do not live within the 5 boroughs this rate does not apply. There is no longer a non residence tax for working in NYC and living outside the 5 boroughs.


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[TheRoBoat]

Originally Posted by joey2665

That is almost double New York State which is 6.875. If you “live in NYC” add an additional 3.876 still less than CA.

At about 58K it is the bargain rate of 9.3%. Stays there until just shy of 300K when it goes up to 10.3%

[Slickcraft]

Well #4 on the list, Torrington Ct , is my hometown. I don't think so. MY sister in law is a realtor down there. Her response:

That article is probably using the micropolitan area of Torrington, which includes much of Litchfield County. That population would explain the existence of many millionaires, not Torrington itself, which has a population of about 34000. The average price of a home in Torrington is probably around $150000 at this point in time. Maybe the whole article is using micropolitan data?

So what about Laconia? Some dolt added up all of the lakefront homes is the area towns to get their estimate?

[ApS]

Originally Posted by XCR-700

Clearly my wife and I are doing something wrong, we still live pay check to pay check and I feel like we are loosing ground every year. Should have been a plumber,,,

You've got to know when and where to invest.

Originally Posted by thinkxingu

I wanna know how many of the forum's members are millionaires. (If you're reading this and are, I'm offering to be your beneficiary. Just throwing it out there!)

Check your PM box, as it shouldn't take long.

By next Tuesday, I should have my last ton of toilet paper sold.

[thinkxingu]

Originally Posted by ApS

You've got to know when and where to invest.


Check your PM box, as it shouldn't take long.

By next Tuesday, I should have my last ton of toilet paper sold.

The TP ship has sailed—the big money's in paper towels now!

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[Susie Cougar]

I wonder how many people panicked when the stock market was plunging. It was scary to hold on but now the stocks have gone back higher than they were before Covid even started. For anyone who is risk averse, I can imagine that some of them sold and now regret it.

[Biggd]

Originally Posted by Susie Cougar

I wonder how many people panicked when the stock market was plunging. It was scary to hold on but now the stocks have gone back higher than they were before Covid even started. For anyone who is risk averse, I can imagine that some of them sold and now regret it.

It will happen again, it always does.

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[Susie Cougar]

Originally Posted by thinkxingu

In my head, a millionaire is someone who has $1m in fluid assets that can be accessed readily enough that I'd be ok with being their beneficiary!

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I’m not on Facebook, but I read a few months back that people were posting their 401(k) balances. They were proud that they were now millionaires. Obviously, for someone who is still working, his 401(k) is not a fluid asset. However, once you reach retirement age, it is.
Have any of you who are on Facebook seen this?

[thinkxingu]

Originally Posted by Susie Cougar

I’m not on Facebook, but I read a few months back that people were posting their 401(k) balances. They were proud that they were now millionaires. Obviously, for someone who is still working, his 401(k) is not a fluid asset. However, once you reach retirement age, it is.
Have any of you who are on Facebook seen this?

I'm on Facebook and, thank God, have never seen that—how tacky.

Unless any of you wonderful forum members looking for a beneficiary have done it, in which case it was AWESOME.

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[MAXUM]

Originally Posted by thinkxingu

I'm on Facebook and, thank God, have never seen that—how tacky.

Unless any of you wonderful forum members looking for a beneficiary have done it, in which case it was AWESOME.

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For those that reach a milestone like that - great! Congratulations! To advertise it publicly is just asking for somebody to steal your identity

!

[WinnisquamZ]

Dad always said. What you make, what you have, and who you voted for is your business and no one else’s. Still go by that rule today


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[JEEPONLY]

I'm working on my second million...

The first million was too hard!

[ApS]

Originally Posted by JEEPONLY

I'm working on my second million...

The first million was too hard!

To get on the lake, there's still a ways to go!

https://www.adamdow.com/listing/4823...boro-nh-03894/

[fatlazyless]

It says in the other details that the annual property tax for 20 Wyman Drive, Wolfeboro is $108,770/year. As you know, starting with the federal income tax bill that was due on April 15, 2019, the maximum state and local tax deduction subtracted off your federal tax was lowered from unlimited down to ten thousand dollars.

Asking ten million dollar Wolfeboro house; with 430' of waterfront and 6.2 acres, maybe they decide is better to switch to swimming the local town beach and trailer their boat to the local launch ramp or to the no fee, Downing's Landing state ramp in Alton Bay?

Just recall the price drop-down, down, down history on the mega mega mega Bob Bahre house.

[ApS]

Originally Posted by dickiej

....or overcharging you!

When my CPA leaves FL until the following season, I store his fishing gear.

In exchange, he does my tax returns for free!

[TiltonBB]

The number of high income people in New Hampshire will certainly increase as more people find working from home works just fine.

People continue to flee the big cities and residential and commercial vacancy rates are climbing. Those people have to go somewhere and low tax rate states like New Hampshire and Florida are attractive if you have a large earned income.

A recent survey of moving companies showed that 7 out of 10 residential moves in New Jersey were to new homes out of state. At some point the states that have relied on the taxes from the high income people will go bankrupt. States like New Hampshire can only benefit but property values will continue to rise because of the increased demand.

[Tuckntruck]

Originally Posted by TiltonBB

The number of high income people in New Hampshire will certainly increase as more people find working from home works just fine.

People continue to flee the big cities and residential and commercial vacancy rates are climbing. Those people have to go somewhere and low tax rate states like New Hampshire and Florida are attractive if you have a large earned income.

A recent survey of moving companies showed that 7 out of 10 residential moves in New Jersey were to new homes out of state. At some point the states that have relied on the taxes from the high income people will go bankrupt. States like New Hampshire can only benefit but property values will continue to rise because of the increased demand.

NJ has been net migration negative for some time - so that’s not abnormal. We were looking in the cherry hill area maybe 15 years ago. $350k house - $12,000 per year property taxes, living in a fishbowl with no land.

There may or may not be a direct correlation to that- and us coming back to NH. (Again)