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Old 11-15-2010, 08:05 PM
 
Location: TX
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The lists definitely look a lot different when considering median vs mean. Both lists make sense - they are just using different criteria.
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Old 11-16-2010, 07:11 AM
 
Location: TX
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Quote:
median 76092 $145,849 - Southlake
mean 76092 $145,486

median 75022 $135,029 - Flower Mound
mean 75022 $108,200

median 75093 $128,458 - Plano
mean 75093 $134,112

median 76034 $127,695 - Colleyville
mean 76034 $138,218

median 75013 $122,880 - Allen
mean 75013 (dropped off list)

median 75225 $103,717 - Dallas
mean 75225 $200,921

median 75205 (dropped off list)
mean 75205 $203,006 - Dallas
combined some of the data from both lists - it basically just illustrates the differences in shapes of the bell curves for income in each zipcode. In some areas the outliers tend to skew the average higher than the median(and probably mode) - while in others it does the opposite. Or in some of these comparisons it's the magnitude of the effect rather than the direction.

It's interesting that in Southlake the shape is almost a perfect bell curve with very little skew.
Data on variance would be helpful as well.

Last edited by tyanger; 11-16-2010 at 08:34 AM.. Reason: clarification
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Old 11-16-2010, 08:56 AM
 
Location: The Big D
14,874 posts, read 38,663,974 times
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Quote:
Originally Posted by FarNorthDallas View Post
The Colony, Grand Praire, Carrollton??? Wow! Where's Highland Park - 75205?

There is more to a persons wealth than just what they report on their income tax returns for their income.


Quote:
Originally Posted by dallas90210 View Post
That is weird University Park and Highland Park are not on there. That seems like a typo from the DBJ
See below.

Quote:
Originally Posted by TurtleCreek80 View Post
Most of University Park is on there (75225), but since UP ends at Northwest Highway and the zip stretches north to Walnut Hill, there are a lot of apartments, duplexes and retirement homes counted in the zip code mix.

75205 (Highland Park, including areas around Knox Street east to 75) is strangely missing, as is 75220 (true Preston Hollow, the estate section where all the billionaires live).
Quote:
Originally Posted by TurtleCreek80 View Post
Actually, for 2009 tax returns, these are the wealthiest 25 zip codes....and these stats look much more "right" to me than the DBJ stats posted above. Most of them show that wealthy individuals are likely to use a business address vs personal address on their tax returns.
Not only what TC has mentioned but there are other resources that the TRULY wealthy have for income that is not on their individual income tax returns. Trying to judge a persons wealth based solely on their individual personal income tax return is not always accurate. For most people it IS the only source to use to judge their income. For those that are really wealthy they have trusts, LLC's, LLP's, JV's, etc all set up w/ funds coming in thru those lines. These won't show up on an individuals personal income tax return.

Another aspect to take into consideration is the mortgage on ones house. While some of the zipcodes earlier might APPEAR to be full of wealthy people if they are "house poor" and most of their income goes into paying their mortgage they are left with very little disposable income. In areas that may not appear to be as wealthy the homeowners could have no mortgage at all or owe very little and have a lot more to spend for their disposable income.

Then there is the matter of assets. Are these assets free and clear? If so, then that persons wealth really is higher than someone that only owns one home and still owes a large portion on it.

If we could take into consideration EVERYTHING that really does determine someones wealth I'm sure that most of these studies would show a completely different set of zipcodes as the most wealthy for the area.
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Old 12-15-2011, 07:23 AM
 
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Curious. Is there a map available (in pdf or html) that illustrates the wealthiest zip codes in the DFW metroplex area graphically/?
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Old 12-15-2011, 07:38 AM
 
Location: The greatest neighborhood on earth!
695 posts, read 1,311,112 times
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I had not seen this topic before. The Colony zip code, 75056, actually encompasses Castle Hills. I have heard and read that the median household income of CH is just under $200K, which makes The Colony higher than it otherwise would be.
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Old 12-15-2011, 07:56 AM
 
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That's correct - Castle Hills' 3000 homes are in 75056 as are roughly 800 homes in Lewisville 75056 with similar values to CH. The only reason someone uses zipcodes to try to identify areas with high income or otherwise is because they're being lazy. They're also being lazy by using the location of the post office assigned to that zipcode as the corresponding placename for the zip code. Worthless.
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Old 12-15-2011, 08:24 AM
 
Location: Southlake. Don't judge me.
2,885 posts, read 4,024,562 times
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Quote:
Originally Posted by momof2dfw View Post
There is more to a persons wealth than just what they report on their income tax returns for their income.

Not only what TC has mentioned but there are other resources that the TRULY wealthy have for income that is not on their individual income tax returns. Trying to judge a persons wealth based solely on their individual personal income tax return is not always accurate. For most people it IS the only source to use to judge their income. For those that are really wealthy they have trusts, LLC's, LLP's, JV's, etc all set up w/ funds coming in thru those lines. These won't show up on an individuals personal income tax return.
Actually, income from LLC's and the like SHOULD flow thru to the individual tax return (unless we're talking C Corps, but most people avoid those because of the double taxation issue on dividends). As far as trusts go, that only counts if they are non-grantor trusts. Most wealthy people (first generation, at least) use grantor trusts for estate planning purposes.

THBS, it is true that people who are very wealthy don't necessarily try to maximize their taxable income. I'll also note that the census also puts out mean/median income totals that, as far as I can tell, are tied to survey results and NOT to tax returns, but the point remains the same –if you’re worth eight or nine figures, you generally only take out as much income as you need and try to minimize the income tax hit. But even with that, when we’re talking ranges where highest median income is under 200K, I’d expect Park Cities and such to be at or near the top. If one looks at the data from the 2009 American Community Survey conducted by the US Census, Highland Park and Southlake have similar median household incomes but HP has a considerably higher mean. (Same holds true directly below those two with Colleyville and University Park). With the exception of Westlake and Westover Hills, those are the highest income towns in the Metroplex.


Quote:
Originally Posted by momof2dfw View Post
If we could take into consideration EVERYTHING that really does determine someones wealth I'm sure that most of these studies would show a completely different set of zipcodes as the most wealthy for the area.
I doubt it. Although you make good points, in general across a wide dataset, higher income correlates with higher wealth. Yes, I suspect there’s lots more “old money” and wealth in the Park Cities than in Southlake/Colleyville, median household incomes notwithstanding (I may well be moving to Colleyville soon, and the only thing “old” about my money is the dollar bills sitting in my wallet because I’m too poor and cheap to buy much with them), but even that can be guessed at by looking at the higher “mean” incomes for those areas.

Yes, there are people who buy big houses in certain areas and don’t have two pennies to rub together afterwards (a corollary to the thread about people leasing low-end “luxury” cars), but for large entities like towns as a whole, higher income correlates quite well with higher net worth.
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Old 12-16-2011, 08:06 AM
 
Location: Yankee loves Dallas
580 posts, read 844,627 times
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This mapping tool uses data from the Census Bureau's American Community Survey, which breaks down by census tracts. The problem is that for whatever reason the census tracts range from a few hundred households to several thousand households, so maybe they're not comparable (leaving aside sampling error).

Mapping America ? Census Bureau 2005-9 American Community Survey - NYTimes.com

Inside 635, the top areas for income:

Census tract 74 (Inwood/NW Hwy/Midway/Walnut Hill): $250K
C.t. 197 (Highland Park, roughly btw. Lakeside Park & Byron): $224K
C.t. 133: (Hillcrest/Royal/Preston/Forest): $215K
C.t. 7604: (Hillcrest/Walnut Hill/Preston/Royal): $214K


Outside 635:

C.t. 31706 (southeast of Frankford/tollway... Oakdale?): $241K
C.t. 113909 (Southlake, east of White Chapel): $212K
C.t. 113908 (Southlake, west of White Chapel) $203K




I'm sure I missed some.
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Old 12-16-2011, 08:16 AM
 
Location: Prosper
6,257 posts, read 13,946,546 times
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Well I like the original list. My zip is at number 7 on there, makes me feel important!
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Old 12-16-2011, 12:01 PM
 
1,318 posts, read 2,307,166 times
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Fairview,Prosper and Highland Village are about $106,000.North Texas has a slew of educated people investing in the suburbs.It is fantastic that so many productive people are relocating here.I am excited to see what is in store for the future.
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