This is the Richest Small Town in Maine Right Now

We all dream about it. That day when money is not a worry. Where you can do anything and everything you while living in the most extravagant house and driving the most luxurious car. For most of us in Maine, that's simply a fantasy.

But for the residents of one particular small town, life has been awfully good and it remains that way.

Yahoo! Finance has released their list of the richest small towns in America for 2024 and a familiar town is once again Maine's wealthiest. That would be Falmouth Foreside, which boasts a median average household income of $174,295.

Last year, Go Banking Rates put together a list of the 'Richest Small Towns in Every State'. They also deemed Falmouth Foreside as Maine's richest small town. Go Banking Rates used U.S. Census Bureau data with towns and communities that had 500 to 15,000 households, and then averaged the incomes together.

The Median income for Falmouth Foreside in 2023 was $175,248. So while life is still good in the small town, the median household income has come down slightly in the past year.

However, it still only ranks in the middle on the Go Banking Rates list amongst small towns in America. The highest median small town income in New England belongs to Noroton, Connecticut, where households average $248,125.

There's a little extra nuance to choosing Falmouth Foreside as Maine's richest small town. The nuance is that Falmouth Foreside technically isn't a town. For Census purposes, it's considered a CDP or Census Designated Place. There are many CDP's nationwide, but few in Maine.

The idea behind a CDP is to get a better sense of the demographics of a concentrated populated area. The town of Falmouth is spread out acreage-wise, but the Census noticed a concentration of population in the Foreside neighborhood. Hence, Falmouth Foreside was given a CDP designation and can be considered its own small town for Census purposes.