In 2018, data from the American Community Survey revealed that University Park was the second wealthiest city in the United States, with a median household income of $198,438 and a poverty rate of 4.2%.

In response, the area's homeowners first sought annexation into the town of Highland Park, but were refused due to the high cost that would have been required to provide the necessary utility and safety services.

According to state law, incorporation required that area residents hold an election on the issue before the new city could be officially formed and recognized.

To provide for the financial needs of the city, another election was held soon thereafter to authorize the issuance of municipal bonds.

Passing by a near unanimous margin, the $150,000 bond issue funded the installation of a new water supply system, street paving, and the construction of a new city hall and fire station.

[citation needed] As a result of efforts to build and improve the city, University Park grew to a population of over 20,000 residents by 1945 and had become one of the most prestigious locations in the area.

In fact, the community's attractiveness and tax value had risen to such an extent that the city of Dallas now wanted to annex University Park into its boundaries.

In 1989, voters approved a Home Rule Charter which officially adopted a council-manager form of government and expanded the three member board of Commissioners into a five-member city council.

[11] As a result, values of HPISD-zoned properties in University Park rose dramatically and the demographic makeup became wealthier, with smaller houses being replaced by larger ones circa the 1970s.

The city of University Park has consistently supported Republican presidential candidates in recent years.

[21] A small portion of University Park west of North Central Expressway is in the Dallas Independent School District.

The Meadows Museum, which houses the largest collection of Spanish art in the United States, can be found on the campus.

[24] The old location was the first floor of a Chase Bank building at the southern end of Snider Plaza, at the intersection of Daniel and Hillcrest.

Parks with tennis courts include Burleson, Caruth, Curtis, Germany, Smith, and Williams.