The richest neighborhoods in America make obscene amounts of money and have home values that can go as high as $75 million, according to an analysis of census and income data.
The richest neighborhoods in America make obscene amounts of money and have home values that can go as high as $75 million. A recent analysis of census and income data has found that many people have made their second or summer homes into permanent ones, according to the Higley 1000 list.
Using data from the American Community Survey, Stephen R. Higley, professor emeritus of Urban Geography at the University of Montevallo, ranked the most affluent neighborhoods in America by looking at places with a mean income over $200,000 and population over 400.
According to the data, the number of people living in the richest neighborhoods only consists of 0.6% of the country’s population (roughly 309 million). Overall, the New York City Metro Area dominates the list of 1,000 neighborhoods, but the latest list showed a surprising increase in areas that are not only rural, but not part of a metro area, according to Higley.
In the latest Higley 1000 list, gentrification has squeezed out the poor and middle classes from the richest urban neighborhoods. Although the racial makeup of the highest income neighborhoods has continued to evolve to look like the rest of the country, with more Asian and Latino than ever before, the neighborhoods that made it into the top 100 are whiter (85.6%).
Overall the Washington metropolitan area is the most well represented in the top 10 neighborhoods.
Data is compiled and broken down from the 2006-2010 American Community Survey.
Rye, New York
Mean household income: $540,403
Greenhaven is actually the only New York neighborhood to make it into the top 10, but the New York Metro Area has a total of 234 neighborhoods on the Higley 1000 list—this includes parts of New Jersey, Long Island and Connecticut, though.
In comparison, Rye’s median household income is $135,905.
9. Pelican Hill-Pelican Crest
Newport Beach, California
Mean household income: $549,659
Home in Pelican Hill that sold for $18.5 million. Photo from priceypads.com
The first of 2 California neighborhoods, Pelican Hill and Pelican Crest has the largest percentage of Asians out of any in the top 10 with 23%. While the median household income of Newport Beach ($96,918) is still far above the nation, it is well below the neighborhoods of Pelican Hill and Pelican Crest.
According to Beach Cities Real Estate, homes in Pelican Hill start around $5 million and homes in Pelican Crest sales have recently reached up to $27 million.
8. Cameo Shores-Highlands
Newport Beach, California
Mean household income: $554,721
The Portobello Estate, which last sold for $40 million.
Not only is this another California neighborhood, but also another entry for Newport Beach, in particular. The Corona Del Mar area where these neighborhoods are located is some of the most expensive in Orange County.
Newport Beach actually has two other neighborhoods show up further down the list in the Higley 100 (30 and 67).
7. Swinks Mill-Dominion Reserve
Mean household income: $562,596
Home in Swinks Mill-Dominion. Photo from therichest.com
The McLean ZIP code is the most expensive in the Washington metropolitan area, although this is its only entry in the top 10. In 2011 the median home value in McLean was $868,943, which was a huge increase from $384,500 in 2000. This is likely because the area is home to diplomats, members of Congress and is close to both Washington, DC, and the CIA.
The neighborhoods of Swinks Mill and Dominion Reserve are both more racially diverse than McLean overall.
6. East Lake Shore Drive
Mean household income: $593,454
Chicago is the one bright spot among Midwest cities, according to Higley. Much of that region has declined over the years, particularly Cleveland and Detroit. Three Chicago neighborhoods made the top 100 with 55 in the overall Higley 1000.
East Lake Shore Drive is overwhelmingly white (93.5%).
5. Carderock-The Palisades
Mean household income: $595,669
House recently sold for $2 million in Potomac. Photo from Redfin.
Neighboring the nation’s capital, Maryland has a lot of affluent towns, and Potomac has 3 neighborhoods in the Higley 100. Potomac has been named one of the most affluent towns in America, home to plenty of executives who just have a 30-minute commute into DC.
4. Old Cutler-Hammock Oaks
Coral Gables, Florida
Mean household income: $596,851
Downtown Coral Gables. Photo by Marc Averette.
Another location in Coral Gables just missed out on the top 10 (Gable Estates and Tahiti, 11), with another 2 neighborhoods (Snapper and Hammock) ranked 22.
These neighborhoods are the only places on the top 10 where whites don’t constitute a majority of the population. In Old Cutler-Hammock Oaks 47.9% of the population is white and 47.7% is Latino, which makes sense as the city is just southwest of downtown Miami.
The median income of Coral Gables ($81,337) is much lower than Old Cutler and Hammock Oaks. Hammock Oaks is a private enclave of just 107 homes sold for, on average, $1.3 million.
3. Potomac Manors
Mean household income: $599,331
House for sale for $5.5 million. From Redfin.
Yet another Potomac, MD, neighborhood (there is still one more Maryland entry on the list). Residents of Potomac tend to skew a little bit older (47 years compared to the state’s median 42 years). While people in Potomac Manors earn almost $600,000, the overall town of Potomac has a much lower, though still impressive, median household income of $167,436.
2. Bradley Manor-Longwood
Mean household income: $599,440
There is just one other Bethesda neighborhood (The Burning Tree) in the top 100. Bethesda, in general, has been named one of the most affluent and highly educated communities and the median home value in the city is $757,643, up 102% from 2000.
1. The Golden Triangle
Mean household income: $614,242
The Golden Triangle is the only neighborhood where the median household income tops $600,000. The average home price is roughly $6.5 million, according to Higley with the highest priced estate on the market going for $20 million and the lowest still priced at more than $1 million.