- Joined Jul 24, 2007
[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.