Nestled in the heart of Texas, Dallas has a rich history that dates back to the mid-1800s. Originally founded as a trading post, the city quickly grew into a hub of commerce and industry, attracting entrepreneurs, business executives, and wealthy families.
Today, it is one of the fastest-growing economies in the country, and for many, the city embodies the American dream. The median household income in Dallas is $58,231, which is moderately lower than the national average of $69,021.
However, the city’s most affluent neighborhoods far exceed this average, with median household incomes that are several times higher.
In this article, we list 8 of the richest neighborhoods in Dallas based on median household income. These neighborhoods offer an unparalleled standard of living, with exquisite homes, lush landscapes, and world-class amenities.
From the traditional mansions of Preston Hollow to the contemporary architecture of University Park, each neighborhood on this list showcases the wealth, opulence, and sophistication that defines Dallas’s elite.
8. Melshire Estates
Population: 4,839
Median Property Value: $1,300,000
Poverty Rate: 5.5%
Image source: candysdirt.com
Melshire Estates is a highly sought-after neighborhood in the north-central part of Dallas. Hillcrest Road bounds Melshire Estates to the west, Preston Road to the east, Royal Lane to the north, and Forest Lane to the south.
Many homes in Melshire Estates were built in the 1960s and 1970s, with some newer construction in recent years. The architecture of the homes in the neighborhood is varied, ranging from traditional ranch-style homes to modern mansions. In recent years many custom-built homes have popped up in this area. The average home in Melshire Estates has 4-5 bedrooms and 3-4 bathrooms, with a median price of over $1.3 million.
Melshire Estates is an established neighborhood with a strong sense of community. It is home to many families with school-aged children who attend some of the best schools in the Dallas Independent School District, including E.D Walker Middle School, Nathan Adams Elementary School, and W.T White High School.
7. Bluffview
Population: 4,617
Median Property Value: $2,000,000
Poverty Rate: NA
Image source: luxatic.com
Bluffview is a beautiful, welcoming neighborhood with the perfect blend of natural beauty, impressive architecture, and a convenient location. It is located in North Dallas and bounded by Northwest Highway and the Preston Hollow neighborhood.
One of the most notable features of Bluffview is its natural beauty. The neighborhood lies along cliffs offering sweeping views of the city skyline, the Bachman Branch, and its tributaries.
Bluffview is also home to many top-rated schools, making it a popular choice for families. The Dallas Independent School District serves the neighborhood, which includes several highly regarded public and private schools. Several amenities are also located nearby, including shops, restaurants, and entertainment venues, ensuring that residents have everything they need right at their fingertips.
Did you know?
The area now known as Bluffview was once a dairy farm. In 1924, J.P. Stephenson purchased 215 acres of land from the farm owner for $59,427 and developed the Bluff View Estate.
6. Russwood Acres
Population: 4,083
Median Property Value: $1,153,401
Poverty Rate: NA
Image source: dmagstatic.com
Russwood Acres is a residential neighborhood in the north-central part of Dallas, just east of the Dallas North Tollway and south of LBJ Freeway. The neighborhood is known for its large lots, mature trees, and charming homes, which give it a peaceful and picturesque feel.
Russwood Acres was developed in the 1960s when Dallas was experiencing significant growth and expansion. The neighborhood was designed to offer spacious homes on large lots, providing residents ample space for outdoor activities and recreation. The aim was to build an understated yet high-end community.
Today, many of the homes in Russwood Acres have been renovated and updated while maintaining their original charm and character.
One of the defining features of Russwood Acres is its abundance of greenery. The neighborhood is home to several parks and open spaces, which provide residents with opportunities for hiking, biking, and other outdoor activities. It is also situated near several major shopping centers, including the Galleria Dallas and NorthPark Center, which offer a wide range of retail and dining options.
Did you know?
No traffic cuts across the neighborhood of Russwood Acres, which gives a feeling of a gated community without a gate.
5. Preston Hollow
Population: 8,054
Median Property Value: 1,700,000
Poverty Rate: 2.7%
Image source: media.bizj.us
Preston Hollow is a posh neighborhood located in north Dallas. It shares its borders with University Park, the richest neighborhood in Dallas.
The neighborhood was developed in the 1920s as a farming community but later transformed into a residential area in the 1930s. Today, Preston Hollow is home to some of Dallas’s wealthiest and most influential residents, including business tycoons, celebrities, and politicians.
The architecture of the homes in Preston Hollow is diverse, ranging from traditional mansions to contemporary designs. Many homes are on large lots, providing ample space for gardens, swimming pools, and other outdoor amenities.
The neighborhood is also known for its tree-lined streets and quiet atmosphere, making it a popular destination for those seeking a peaceful retreat from the hustle and bustle of city life.
In addition to its residential offerings, Preston Hollow is home to many high-end shops, restaurants, and entertainment venues. The area is also known for its excellent schools, including some top private and public schools in Dallas.
Did you know?
Preston Hollow is home to former US President George W Bush.
4. Southlake
Population: 31,105
Median Property Value: $697,000
Poverty Rate: 1.92%
Image source: wikipedia.org
Southlake was founded in the 1840s and was originally a rural community with a small population. However, following the completion of the DFW International Airport in1970s, the city has experienced rapid growth and development, becoming a hub for upscale shopping, dining, and entertainment.
One of the main attractions in Southlake is the Southlake Town Square, a shopping and dining destination featuring over 120 shops and restaurants. The Town Square is traditional European-style, with cobblestone streets, fountains, and a central square. The Town Square is also home to several annual events, including the Art in the Square festival and the Southlake Oktoberfest.
Southlake has a thriving business community, with several major corporations and businesses in the city. The city has several major healthcare providers, including Texas Health Harris Methodist Hospital Southlake and technology and engineering firms.
Did you know?
The city is served by the Carroll Independent School District, which is ranked as the largest exemplary school district in the state.
3. Greenway Parks
Population: 4,720
Median Property Value: $1,155,691
Poverty Rate: NA
Image source: wikipedia.org
Greenway Parks is a highly desirable neighborhood located in North Dallas. The neighborhood was established in the 1920s as a planned community and is known for its distinctive architecture, which includes a mix of Tudor, Colonial, and Mediterranean styles.
Many homes were built in the 1920s and 1930s and have been carefully restored and updated. These homes feature large, spacious rooms, high ceilings, and luxurious finishes, making them perfect for families or anyone looking for a high-end home.
One of the most distinctive features of Greenway Parks is its lush greenery. The neighborhood is nestled among mature trees and beautifully manicured lawns, which create a serene and tranquil atmosphere. The streets are lined with towering oaks, magnolias, and crepe myrtles, making it one of the most picturesque neighborhoods in Dallas.
Did you know?
Greenway Parks was the first pedestrian-oriented neighborhood in Dallas. The layout was designed by architect Davis R. Williams, known for his Texas Regionalist style.
2. Highland Park
Population: 8,747
Median Property Value: $1,450,000
Poverty Rate: 5.45%
Image source: wikipedia.org
Highland Park is a small town located in the suburbs of Dallas. The neighborhood, together with University Park, comprises the Park Cities, an enclave of Dallas.
Founded in 1907 by John S. Armstrong and a group of investors, Highland Park was originally intended to be a residential development designed for the wealthy. The town was designed with wide, tree-lined streets and spacious lots, which allowed homeowners to have large homes with plenty of outdoor space.
Today, Highland Park is home to some of the most expensive real estate in Texas, with homes selling for millions of dollars. The town has around 8,500 people and is known for its high quality of life, excellent schools, and low crime rate.
Did you know?
When the layout of the town of Highland Park was designed, 20% of developed land was reserved for parks.
1. University Park
Population: 24,849
Median Property Value: $1,350,000
Poverty Rate: 3.91%
Image source: wikipedia.org
University Park is the richest neighborhood in Dallas, with a median household income estimated at $247,716. The town shares borders with Dallas and Highland Park.
The community was established in the early 20th century to create a residential enclave for faculty and students of Southern Methodist University.
Since then, it has evolved into one of the most desirable neighborhoods in the city, attracting professionals, families, and retirees who appreciate and can afford its exceptional quality of life.
The homes in University Park are some of the most luxurious in Dallas, featuring stunning architecture, elegant finishes, and state-of-the-art amenities. Many of these homes are on expansive lots, with lush lawns, mature trees, and manicured gardens, creating an idyllic setting for outdoor living and entertaining.
Residents of University Park have access to a wide range of amenities and attractions, including the Snider Plaza, home to numerous boutiques, restaurants, and cafes. The community also has several parks, playgrounds, and sports facilities, providing plenty of scope for outdoor recreation and leisure.
Did you know?
In 2018, the American Community Survey named University Park the second wealthiest city in the United States.
