Median Income In Newport Beach, CA Is $123,958; In Reading, PA: $28,098

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[h1]Mapping The Divergence Of America's Wealth: Median Income In Newport Beach, CA Is $123,958; In Reading, PA: $28,098[/h1]

Submitted by Tyler Durden on 02/27/2010 21:09 -0500



Portfolio has prepared a useful interactive map highlighting America's increasing split between the haves and the have notsbased on city of residence. Case in point: the wealthiest city in theUS according to Portfolio, Newport Beach, has more than a quarter ofits residentshouseholdsmaking over $200,000. On the other end of the spectrum is Reading, PA,whose 80,000 households  have an average per capita income of $14,120(of half the nationalaverage), and none makes over $200,000. And a stab at New Yorkers -with a median household income of just $31,245, and "just" 6.9% ofhouseholds making $200,000, Mike Bloomberg's city ranks a distant 60thin the list of wealthiest cities.

Someother characteristics of uberwealthy Newport Beach, which is home to$1+ trillion bond manager PIMCO, situated conveniently about 13.5seconds away from the Newport Beach Country Club: 
  • Newport Beach’s per capita income (PCI) of $86,586 easily leadsthe 420 U.S. communities with populations above 75,000, and it triplesthe national PCI of $27,589. (Per capita income is the average amountof money earned by each resident of a community in a given year.)
  • Morethan a quarter of Newport Beach’s households (28.6 percent, to beexact) have annual incomes of more than $200,000. Just two other citiesin the study group are above 17 percent—Newton, Massachusetts, andPleasanton, California—though neither does any better than 24 percent.
  • Themedian value for homes in Newport Beach exceeds $1 million. AnotherCalifornia city, Santa Barbara, is the only other place analyzed byPortfolio.com/bizjournals that can make that claim. (A median is amidpoint, with half of all homes being worth more and half worth less.)


Onething is certain: if you live in any of the 5 poorest cities, which inaddition to Reading include Camden, New Jersey; Flint,Michigan; Brownsville, Texas; and Gary, Indiana (and Detroit, which issixth from the bottom), the last thing you care about it the prevailinghome price around Fashion Island, or level of the S&P -  you arelikely much more concerned about the amount of ammunition in yourgarage. 

Full interactive presentation at Portfolio.com and for those who just want the pdf listing, http://www.zerohedge.com/sites/default/files/Richest%20Cities%20PDF.pdfsee attached. 


http://www.zerohedge.com/article/mapping-divergence-americas-wealth-median-income-newport-beach-ca-123958-reading-pa-28098
 

put em up

Banned
3,980
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Joined Apr 21, 2009
Newport Beach just looks like money. Beautiful place just not the spot for me. I rather take LA over OC.
 
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Joined Mar 1, 2008
its all relative. I be cost of living is even a larger disparity than income. where median cost of house in newport is 800,000 and in reading something like 100,000. so people in newport are not that much more well off than people from Reading as you think.
 
9,817
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Joined Dec 9, 2001
You can't. Base everything off of that though. My cousin sold his house in cali and came to saint louis....bought 3 houses (one to live and 2 to rent out) and still had about 100k to do whatever he wanted to do with it.

A 3br house in stl would be anywhere from 100k-200k....in cali...they would be 500k-600k. Believe me....in the end...everything balances out to be the same or similar.
 
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Joined Jul 24, 2007
Originally Posted by CaBron James 23

Originally Posted by wawaweewa

Originally Posted by CaBron James 23

cool map, bro
Get back to studying for that 10th grade History exam, kiddo.
im in law school son son  

  
Everyone and their grandma is.
You can't. Base everything off of that though. My cousin sold his housein cali and came to saint louis....bought 3 houses (one to live and 2to rent out) and still had about 100k to do whatever he wanted to dowith it.

A 3br house in stl would be anywhere from 100k-200k....in cali...theywould be 500k-600k. Believe me....in the end...everything balances outto be the same or similar.
This piece by Portfolio is by no means the end all, be all of income studies. Of course there are many things to take into account. especially the 'cost of living', as you mentioned.

However, large wealth gaps like this are not indicative of 1st world economies.
Event though strictly looking at PCI  by no means tells the entire story, in the end everything does not balance out. That's the problem.

its all relative. I be cost of living is even a larger disparity thanincome. where median cost of house in newport is 800,000 and in readingsomething like 100,000. so people in newport are not that much morewell off than people from Reading as you think.

They are that much more well off though. Take NYC as an example. PCI is around 32k, but the cost of living is the same for those that have a PCI of 100k or those that stay true to that 32k mark. Rent, food, utilities aren't any cheaper for those that make less.
 
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Joined Jun 4, 2007
Originally Posted by wawaweewa

Originally Posted by CaBron James 23

Originally Posted by wawaweewa

Originally Posted by CaBron James 23

cool map, bro
Get back to studying for that 10th grade History exam, kiddo.
im in law school son son  

  
Everyone and their grandma is.
actually, only roughly 3% of the nation has a professional degree. 

http://www.census.gov/population/www/socdemo/education/cps2008.html
  
 
5,491
13
Joined Jul 24, 2007
Originally Posted by CaBron James 23

Originally Posted by wawaweewa

Originally Posted by CaBron James 23

Originally Posted by wawaweewa

Originally Posted by CaBron James 23

cool map, bro
Get back to studying for that 10th grade History exam, kiddo.
im in law school son son  

  
Everyone and their grandma is.
actually, only roughly 3% of the nation has a professional degree. 

http://www.census.gov/population/www/socdemo/education/cps2008.html
  
Everyone and their grandma. I stand by that.......cuz it's true.
Don't worry. Don't take it as an affront.  I might have to get a JD too in the near future. My LSAT score will expire soon, so I have a choice to make.
 
3,315
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Joined Jun 4, 2007
Originally Posted by wawaweewa

Originally Posted by CaBron James 23

Originally Posted by wawaweewa

Originally Posted by CaBron James 23

Originally Posted by wawaweewa

Originally Posted by CaBron James 23

cool map, bro
Get back to studying for that 10th grade History exam, kiddo.
im in law school son son  

  
Everyone and their grandma is.
actually, only roughly 3% of the nation has a professional degree. 

http://www.census.gov/population/www/socdemo/education/cps2008.html
  
Everyone and their grandma. I stand by that.......cuz it's true.
Don't worry. Don't take it as an affront.  I might have to get a JD too in the near future. My LSAT score will expire soon, so I have a choice to make.





   Do it fam.  Join me and our grandmas. (no orgy)
 
5,491
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Joined Jul 24, 2007
Originally Posted by reigndrop

Originally Posted by Homer

I don't get why they through that last paragraph in there.
It's Zero Hedge just feeding their tin foil hat audience.
Lot of 'em now.
In the beginning the comments section actually had some informative posts. Now, it's the usual message board garbage.
It brings in some change so I can't blame them for not taking it down.
 
7,146
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Joined Aug 23, 2003
Originally Posted by smallBALL5

its all relative. I be cost of living is even a larger disparity than income. where median cost of house in newport is 800,000 and in reading something like 100,000. so people in newport are not that much more well off than people from Reading as you think.
true but commodities are  generally the same in price all over the country
 
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