Most Affluent Zip Codes 2008 (Houston, Dallas: custom home, neighborhoods, buy)

[mikejj2004]

LOL has anyone here been to 75205???? I read all your posts its clear youve never set foot in it. ITS SMU = COLLEGE= low incomes.

[awecelot]

Originally Posted by jobert

75225 is UP, but states it's Dallas. just an observation. I agree with the theory about income in HP.
This total may be the amount they cashed out for "living expenses", and keep in mind that "Old Money" doesn't tend to have mortgages.

The 90K was most likely cashed out of a seven-figure nest egg, and declared as "capital gains" to the IRS.

I live in the City of Dallas in Zip 75225. A good amount of 75225 is City of Dallas.

[FarNorthDallas]

The Dallas Business Journal describes the areas of these two Dallas zip codes like this:

75225 -
Walnut Hill to the north
Central to the east
Lovers Lane to the south
Preston to the West

75205 -
Highland Park area

[Big G]

Ever hear of Occam's Razor?

Explanation 1: People in HP, as a rule, engage in massive income-hiding schemes, such as offshore tax havens and other creative accounting tricks. These tricks are only known to those living in the HP ZIP code. Those living in Southlake prefer to brag about their income (not only individually, but as a whole), and are glad to pay 30+% in taxes to be able to do so.

Explanation 2: The ZIP code for HP includes a lot of SMU student housing and apartments located in the City of Dallas.

Which one is a more likely major explanation for the phenomenon??? Which one can be easily verified??? Which one is simpler??

[lh_newbie]

If you've been paying attention to the news lately, you'll see that the IRS is going after UBS and setting precedent to go after other Swiss and other off-shore banks that people use to avoid paying fed income taxes. With any luck, the days of illegal off-shore tax havens are near their end. I don't mind people having oodles of money (and hope to be one someday), but to commit federal tax evasion is wrong and I hope they get prosecuted to the fullest extent of the law.

[mikejj2004]

Did anyone even read my post? You are talking about the median income not the total. Thus if a large portion of people are low income such as SMU students, the median won't be high. AGI is the total and HP has an AGI of over $300K.

[Lakewooder]

How are the SMU students counted in a census? I was living there on campus all through the 1980 census and I don't remember filling out the form...

[jobert]

Originally Posted by mikejj2004

Did anyone even read my post? You are talking about the median income not the total. Thus if a large portion of people are low income such as SMU students, the median won't be high. AGI is the total and HP has an AGI of over $300K.

True. If the population of 75205 was 3 people, and two of those people were unemployed trust-fund SMU students, and the other was Ross Perot, then the median income would be $0, and HP would look like Wilmer-Hutchins on paper.

person #1: $0/year
person #2: $0/year(median) <--------
person #3: $10M/year

This illustrates the high concentration of wealth at the upper end.

[momof2dfw]

Originally Posted by Lakewooder

How are the SMU students counted in a census? I was living there on campus all through the 1980 census and I don't remember filling out the form...

True. If they don't "own" a residence and are "dependents" of their parents that may live in another area they won't have any role to play in the tabulation of an areas avg. income.

Originally Posted by jobert

True. If the population of 75205 was 3 people, and two of those people were unemployed trust-fund SMU students, and the other was Ross Perot, then the median income would be $0, and HP would look like Wilmer-Hutchins on paper.

person #1: $0/year
person #2: $0/year(median) <--------
person #3: $10M/year

This illustrates the high concentration of wealth at the upper end.

LOL!!!
This is why so many of the areas that have TRUE wealth can fly under the radar and never show up on these surveys or "statistics".

[momof2dfw]

Originally Posted by mikejj2004

LOL has anyone here been to 75205???? I read all your posts its clear youve never set foot in it. ITS SMU = COLLEGE= low incomes.

Yes. I've set my feet in 75205 many times. SMU really doesn't have a huge role to play in this stat IF most of the students are technically "dependents" of their parents. What does come into play is the fact that there are many apartments, duplexes and older small bungalow homes in that area. Throw in the numerous retired people that are not pulling down an annual income from a job outside the home. In addition, those that have their assets and "incomes" coming from other means besides a regular 9to5 job can make these kinds of things misleading. All of this added together........ THEN we see why this tidbit of "info" is skewed.