The U.S. Census Bureau recently released a report naming New York City suburb, the Bridgeport-Stamford-Norwalk, CT metropolitan area, the area with the highest concentration of high income households in the U.S. The report, titled The Geographic Concentration of High-Income Households, defines high income as being in the top 5 percent of the national income distribution (an income of at least $191,469).
David Johnson, the Census Bureau’s Chief of the Social, Economic, and Housing Statistics Division, states that “this report addresses one aspect of the growing interest in income distribution by examining the geographic spread of high-income households.” Homes.com examined the housing market in the top 5 areas to expand on this growing interest. What do these markets have in common?
Coastal areas, particularly the Northeast region and along the Bay area in California, dominate the list of the top largest concentrations of wealth in the country. Naturally, these areas also have higher real estate prices and home values. Are you interested in finding more commonalities? Check out our infographic below: