A new income study has revealed the wealthiest Central Texas residents aren't settling down in Round Rock anymore — they've set their sights on Waco, instead.

Waco had one of the highest growth rates of new wealthy residents nationwide in SmartAsset's new analysis, "Cities Adding the Most High-Income Households – 2026 Study."

Based on U.S. Census income data, SmartAsset's experts ranked 357 U.S. cities with at least 100,000 residents based on the growth in high-income households as a percentage of total households between 2023 and 2024. The report defines high-income households as those earning an income of at least $200,000.

Waco had the sixth-highest growth in wealthy households in Texas from 2023-2024, and it ranked No. 28 nationwide.

The report's findings show Waco had 2,379 high-income households in 2023. By the following year, the suburb had a 53.3 percent growth rate in wealthy earners, bringing the total number of high-income households to 3,896.

A total 6.9 percent of all Waco households made at least $200,000 in income in 2024. For added context, the median income for a Waco household during that same year was $56,548.

According to the report, an influx of affluent households can have a significant impact on a city's local economy, most commonly through contributing "more dollars to the local and state tax bases, and to surrounding businesses."

"At the same time, this relative economic strength may sway entities to cater more to the preferences of these households to earn their patronage," the report said. "Quick growth in high income households may accelerate tax collection and business prosperity, just as their departure may cause some concern for local politicians, business owners, and neighbors."

Although the mention of catering to incoming "preferences" may hint at the possibility for gentrification, the report does not explicitly acknowledge the downsides of having wealthy neighbors for the 93 percent of homes making less.

In SmartAsset's 2025 report, Round Rock was the top Central Texas city that added the most wealthy new residents, but that figure has since plummeted. Round Rock ranked No. 195 in this year's rankings with an 8.8 percent increase in high-income households from 2023-2024.

Texas cities with the biggest growth in high-income households
The East Texas city of Beaumont, located about 90 miles from Houston, had the biggest growth rate of high-earners in Texas from 2023-2024, and it ranked No. 6 nationally.

Austin ranked 241st on the list and its wealthy population grew 3.7 percent from 2023-2024. According to SmartAsset, Austin had 89,428 high-income households in 2023, which grew to 94,487 households the following year.

Other Texas cities that ranked among the national top 100 include:

• No. 8 – Odessa
• No. 14 – Laredo
• No. 18 – College Station
• No. 20 – Conroe
• No. 31 – Mesquite
• No. 56 – Arlington
• No. 59 – Amarillo
• No. 66 – Atascocita
• No. 69 – McKinney
• No. 72 – McAllen
• No. 77 – League City
• No. 90 – Irving
• No. 94 – Brownsville