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Old 06-01-2014, 09:52 PM
nei nei won $500 in our forum's Most Engaging Poster Contest - Thirteenth Edition (Jan-Feb 2015). 

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Location: Western Massachusetts
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Quote:
Originally Posted by Robert5 View Post
Using city data/census data to identify the poorest parts of NYC is probably accurate. But I think using that same data to identify the wealthiest parts of NYC is misguided. The census survey on income is "used to determine poverty status, to measure economic well-being, and to assess the need for assistance. These data are included in federal allocation formulas for many government programs." It is not intended to identify wealthy areas. The form only has six digits for inputing income, so the most one could claim in annual income is $999,999. lol, there are probably more than 40,000 people walking the streets of Manhattan any given day with annual incomes well exceeding a million dollars.
The census reports median income. No census tract in NYC, or anywhere in the USA has a median anywhere near $999,999 so the cut-off makes no difference.
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Old 06-01-2014, 10:56 PM
 
Location: Denver and Boston
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Quote:
Originally Posted by nei View Post
The census reports median income. No census tract in NYC, or anywhere in the USA has a median anywhere near $999,999 so the cut-off makes no difference.
A good and important point. Though I find it is being reported both ways, median and mean (average). For example 2012 national survey indicates median household income of $51K, mean household income of $71K. City data reports both as well, for UES 10021 $109k median income, $288k mean income. I think mean income is a better indicator of wealth of an area, but a minor point really relative to my more significant point that many of the very wealthy in Manhattan maintain houses and claim residency for taxes purposes in other States and thus are not included in the Manhattan reports.
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Old 06-03-2014, 07:24 AM
 
Location: Manhattan
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Quote:

Males had a median income of $25,598 versus $19,794 for females. The per
capita income for the city was $13,997.
Wikipedia regularly reports this way for city income demographics. How can you reconcile these????? How can males and females both make far more than per capita income (are partially transgendered dragging down the average? )
What am I not seeing in proper perspective?

<BTW, those are the Union City numbers and indeed they are even a bit worse than East Orange.>
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Old 06-03-2014, 09:21 AM
 
Location: Brooklyn, NY
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Quote:
Originally Posted by Kefir King View Post
Wikipedia regularly reports this way for city income demographics. How can you reconcile these????? How can males and females both make far more than per capita income (are partially transgendered dragging down the average? )
What am I not seeing in proper perspective?

<BTW, those are the Union City numbers and indeed they are even a bit worse than East Orange.>
Median income and per capita income are not the same measurement. Median is, well, a median, and per capita is a mean. Typically, median income measurements are significantly higher than per capita income measurements for two reasons: (i) there are many more people with zero income (students, stay-at-home parents, the unemployed) than there are people with very low but non-zero incomes and (ii) children are typically counted in per capita income measurements but not in median income measurements (especially if the median income is reported by household, but even if it's reported by individual). In some exceptionally high income areas (such as Manhattan), per capita income may still be higher, but you need a lot of people at the extremely high end for that effect to happen.

If Newark doesn't count as a suburb, Union City certainly doesn't! It's denser than NYC. (Anyway, Passaic is poorer.)
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Old 06-05-2014, 12:08 PM
bg7
 
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Quote:
Originally Posted by AngusHsu View Post
What is the wealthiest neighborhood in NYC city proper? Poorest neighborhood in NYC is South Bronx?

What is the wealthiest area of suburban NYC, Briarcliff Manor? Poorest suburb?
Briacliff the wealthiest? How on earth did you pull that one out of the hat?
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Old 06-05-2014, 01:12 PM
 
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Richest Zip Codes, America per the IRS - 2013

New York, NY 10153: $10,284,676
New York, NY 10274: $5,035,236
New York, NY 10106: $5,001,180
New York, NY 10152: $4,303,444
New York, NY 10179: $4,172,937
New York, NY 10171: $2,864,801
New York, NY 10104: $1,506,169
New York, NY 10103: $1,258,599
New York, NY 10112: $1,079,216
New York, NY 10154: $1,010,233
New York, NY 10020: $1,070,336
New York, NY 10167: $983,031
Atherton, CA 94027 $978,943
Purchase, NY 10577: $913,631
New York, NY 10110 $911,345
Palo Alto, CA 94304 $829,940
New York, NY 10111: $787,136
Miami Beach, FL 33109 $756,182
Seattle, WA 98154: $636,327
Alpine, NJ 07620: $628,913
New York, NY 10005 $615,272
Mount Vernon, NJ 07976 $603,548
Mill Neck, NY 11765 $603,411
Weston, MA 02494: $563,612
San Francisco, CA 94119 $553,573
Far Hills, NJ 07931 $550,636
Gladwayne, PA 19035: $536,467
Short Hills, NJ 07078: $534,712
San Francisco, CA 94111 $528,778
Chicago, IL 60604: $526,229
Kenilworth, IL 60042: $514,220
Portola Valley, CA 94028 $504,384
New Canaan, CT 06883: $496,711
Greenwich, CT 06831 $467,709
Greenwich, CT 06830 $465,753
Los Angeles, CA 90067: $447,962
New York, NY 10580 $441,584
Rye, NY 10580: $441,484
Riverside, CT 06878 $434,402
Darien, CT 06820 $417,666
New York, NY 10119 $415,593
Houston, TX 77010: $415,147
Green Farms, CT 06436 $410,950
Ross, CA 94957 $408,410
Sapaponack, NY 11962 $407,875
Boston, MA 02205 $403,503
New York, NY 10155: $403,473
New York, NY 10007: $391,809
Glencoe, IL 60022: $391,092
Palm Beach, FL 33480: $390,065
Dover, MA 02030: $389,438
Palo Alto, CA 94301 $389,094
New York, NY 10128: $391,168
Newport Beach, CA 92658 $384,947
Prides Crossing, MA 01965 $384,362
Boca Grande, FL 33921: $383,302
New York, NY 10021: $381,895
Weston, CT 06883 $375,375
Los Altos, CA 94022 $374,550
Newport Coast, CA 92657: $370,846
Chappaqua, NY 10514 $359,765
Rockland, DE 19732 $358,314
Old Westbury, NY 11568 $357,947
Armonk, NY 10504 $357,178
Old Greenwich, CT 06870 $355,983
New York, NY 10282: $351,913
Westport, CT 06880 $351,055
Gibson Island, MD 21056: $350,787
New York, NY 10028: $349,803
New York, NY 10168: $348,100
Beverly Hills, CA 90210 $346,351
Boston, MA 02108 $344,943
New York, NY 10022: $342,667
New York, NY 10013 $340,995
New York, NY 10169 $336,831
Pound Ridge, NY 10576 $335,819
San Francisco, CA 94104: $335,714
Manhasset, NY 11030 $334,012
Longboat Key, FL 34228: $330,402
New York, NY 10018 $327,963
Akron, OH 44316 $327,013
Saint Louis, MO 63124$326,493
New York, NY 10158 $326,151
Medina, WA 98039: $325,891
Houston, TX 77002: $325,653
Scarsdale, NY 10583: $325,439
Ranco Santa Fe, CA 92067 $323,369
Lake Forest, IL 60045 $316,923
Washington, DC 20004 $316,391
Pacific Palisades, CA $314,889
Bedford, NY 10506 $312,970
Naples, FL 34102 $312,954
Villanova, PA 19085 $311,937
Santa Monica, CA 90402 $304,261
Vero Beach, FL 32963: $301,270

http://www.irs.gov/uac/SOI-Tax-Stats...Code-Data-(SOI
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Old 06-06-2014, 10:55 PM
 
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Zip code 10153 is *not* a residential area, thus whatever wealth that is reflected by IRS data must come from an abundance of filers with return addresses located within.

Since this block which begins on Fifth (where the Apple Store is located) and goes to Madison is made up of commercial office space and retail such activity (high number of wealthy tax filings) usually means a large number or just one very busy accounting firm who have addresses in those buildings.

To further flesh this out many upper middle class and mostly all the rich in Manhattan do not pay their own bills/manage their own finances. Rather accountant or accounting firms are employed to do so. Funds arrive into various accounts (from investments, employment, etc..) and from there bills for the household and so forth are paid.

Case in point a good GF of mine landed herself a very wealthy doctor. After settling down into married life she called me up one day in a mixture of tears and shock. Her husband and his accounting firm had just sat her down and laid down how the household finances are to be run. Basically she cannot write a single check. She does get an allowance of a sort but all the households expenses/debts from the maid to the dry cleaning/laundry are paid via the accounting company. Maid has an Amex card she places expenses on for things like groceries and or various tradesmen/services the household requires. Those that do not accept credit cards must send their bill to (or have it forwarded) to the accountant's office for processing. About once every week or two the "Doctor" goes to said office to sign various checks and is probably given a run down on weekly expenses/cash flow etc...

More or less this is how wealthy families have been managing their finances for years.

There are a good number of these "ghost" wealthy zip codes on that IRS "most wealthy". In NYC there is another some where down near Battery Park City. The zip code is made up of just one building which IIRC has a number of post office boxes, but no residential tenants.
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Old 06-07-2014, 08:32 AM
 
Location: Manhattan
25,341 posts, read 36,840,879 times
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Louis XVI,

If those are median income numbers, I just do not believe them. Perhaps if they are AVERAGE numbers and each zip code has a couple billionaires, maybe they make sense.

Aha, they are what are called UNIQUE zip codes. For example the wealthiest, 10153, is just one building, 767 Fifth Avenue, and #3, 10106, is 888 Seventh Avenue a 666 foot commercial tower that is leased by Vornado. Presumably the lessee would have his income divided by 1 to get the $5 million?

Zip Code Map

Check the left column.

Last edited by Kefir King; 06-07-2014 at 08:53 AM..
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Old 06-07-2014, 05:47 PM
 
Location: Brooklyn, NY $$$
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Quote:
Originally Posted by BrownstoneNY View Post
It's not. East Orange is quite dire. Looks may be deceiving as East Orange was very wealthy about 50-60 years ago, so it has a lot of mansions and large houses that are mostly falling into ruin. Nearby Irvington, NJ is more impoverished, though. Spring Valley, NY is also arguable. Newburgh, NY could count, too, though it's beyond the edge of what I'd consider a suburb. Obviously excluding Newark, Passaic, Paterson, Elizabeth, etc., as those are cities in their own right.

Brownsville is the poorest neighborhood of NYC, though East New York, Ocean Hill, East Flatbush and a bunch of Bronx neighborhoods come close.
East Flatbush is poor? Never knew that.
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Old 06-07-2014, 05:49 PM
 
Location: Brooklyn, NY $$$
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Quote:
Originally Posted by checkmatechamp13 View Post
Assuming that you're excluding actual cities like Newark, Paterson, etc.



I don't think Forest Hills could realistically be counted as "wealthy" (Forest Hills Gardens on the other hand...), and Rockaway Park definitely isn't wealthy. (Even Belle Harbor would be a stretch to actually call "wealthy").

You might want to add Todt Hill, Staten Island to the "wealthiest parts of NYC" list.

Just so you know, Port Richmond & New Brighton aren't next to each other (and both have enough middle-class sections to prevent them from being qualified as the poorest areas in the city). The poorest neighborhood on Staten Island is Stapleton.

East Harlem is the poorest neighborhood in Manhattan, not Washington Heights/Inwood, which are more working-class, with some middle-class sections.

Surprised nobody mentioned Coney Island (though similar to Brownsville, it does have a lot of townhouses to balance out the projects, income-wise).



The poorest neighborhood in the city is actually Morrisania. Brownsville actually has a lot of townhouses in addition to the housing projects, whereas Morrisania has more apartment buildings.

And no way is East Flatbush even close to being one of the poorest neighborhoods. The median income, according to city-data is about $47,000. I can't think of any projects in the neighborhood offhand (the closest would be Flatbush Gardens/Vanderveer). It's mostly low-rise housing (townhouses & detached houses), and is a middle-class area (maybe working class in some sections).
Exactly and vandaveer isn't even a housing project.

Just to understand you correctly what do you mean by town houses in Coney Island and Brownsville. Are you speaking about those tiny Nehemie program houses. Houses on Saratoga avenue for example?
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