Not everyone who lives in an affluent area is super wealthy, but many who aren't are willing to pay the extra price to live in a place they love. That's especially true in three Arizona communities.
Among the many enclaves of affluence in Arizona, one stands out for making residents feel good.
Residents of Gold Canyon in the far East Valley were happiest about paying more to live where they do, according to a survey by CardRates.com.
Gold Canyon residents were the 17th happiest among the top 150 wealth centers in America. Next on the list for Arizona was Fountain Hills at No. 50 and Queen Creek at No. 61.
Those were the only Arizona communities to make the list, outperforming Paradise Valley, Scottsdale, Sedona and others that are generally considered much wealthier, with ZIP codes on one list or another of the state’s richest.
That’s partly because the happiness reflected in this analysis is not simply about having lots of money. One of the study’s premises was that many residents of the cities on its list are not extremely wealthy but that, even so, they find the quality of life, beautiful locations, nice weather and other benefits of those places was worth paying for a higher cost of living.
"Our study shows that although living in some of the most desirable areas comes with significant financial strain, it is a price worth paying for many residents, who place an enormous value on the unique lifestyle they bring," says Jon McDonald, senior editor at CardRates, in a statement. "It’s a testament to the aspirational appeal of some of these affluent locations."
To reach its findings, CardRate surveyed 3,000 people asking whether the cost of living where they do is worth it. The report’s authors said survey questions were tailored to screen and authenticate respondents.
Coming in first place on the list was Palm Beach, Florida, followed by Boca Raton, Florida; Ewa Beach, Hawaii; Naples, Florida; and Kailua, Hawaii; to round out the top five. Half of the top 10 locations were in Florida.
The study also looked at which aspects of their communities satisfied residents the most, with 38% of them citing quality schools and family-friendly environment. Besides that, 34% cited access to nature and outdoor activities, 16% cited proximity to high-paying job opportunities, and 12% cited the cultural or social scene.
The biggest downside residents cited about their communities was high housing costs, with 60% citing that. Others included the cost of goods and services (25%), and the lack of affordable amenities (15%).
Most respondents also said that, if they were under financial duress, they would cut back on nonessential spending. Smaller numbers said they’d look for higher-paying jobs, downsize or move to more affordable neighborhoods. A sliver of respondents (5%) said they’d take on more debt.
“This survey really shows that many people are willing to sacrifice extra spending money to live in special places,” said Erica Sandberg, CardRates Consumer Finance Expert, in the report. “While these cities are expensive, committed residents clearly find the trade-offs sensible.”
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