Palo Alto in the third highest-income city in the nation, according to CNN Money Magazine. It trails behind Bethesda, Md., and Greenwich, Conn. in CNN Money Magazine's 2010 list of "top-earning towns."
"Palo Alto is awash in high-tech prosperity. Stanford professors, Facebook engineers and venture capitalists are neighbors in this Silicon Valley town," the magazine said.
Median family income in Palo Alto is $153,615, and the median home price is $1,180,000, the magazine said.
In Bethesda, home to many federal government employees and other Washington-area professionals, median family income is $172,541, but homes cost less -- $725,000 is the median price.
In New York City's tony bedroom community of Greenwich, median family income is $164,807 and the median home price is $997,498.
Behind Bethesda, Greenwich and Palo Alto in the list are Newport Beach, Lower Merion, Pa., Newton, Mass., Fairfield, Conn., Greenburgh, N.Y., Burke, Va., and Naperville, Ill.