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Flocking to These Neighborhoods
Everyone knows wealth is concentrating. This is where the rich are going.
U.S. unemployment is near a 50-year low, economic growth is brisk and the stock market—despite a disappointing 2018—has paid generous returns since the financial crisis of a decade ago.But not for everyone. The chasm between rich and poor hasn’t been this wide since data collection began in the 1960s. Workers experience starkly different versions of America depending on which city or neighborhood they live in. One way to measure the economic fortunes of a place is by the concentration of households earning $200,000 or more, the highest threshold in the Census Bureau’s American Community Survey.
Where wealthiest are moving in US
The widest wealth gap since records began in the ‘60s has fueled the growth of U.S. neighborhoods where households earn $200,000 and above — the top tier of the Census Bureau’s community survey. Together with calculations by Webster Pacific, Bloomberg has identified the fastest-growing 100 of these wealthiest communities. Some of the findings:
- No. 1 is around the former Cabrini-Green, the Chicago public housing project. Since its demolition in the ‘90s, “the area’s concentration of $200,000-plus households has skyrocketed from zero to 39%,” per Bloomberg.
- The Washington, D.C., commuter area holds four of the top 10 high-earner neighborhoods.
- The New York metropolitan area took Nos. 9 and 10.