U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-29-2013, 12:44 PM
 
8,897 posts, read 11,252,490 times
Reputation: 17235

Advertisements

Quote:
Originally Posted by JEB77 View Post
I'm not attacking you, but it's clear that you don't understand the difference between median income and wealth/net worth. The fact that median income in Loudoun is higher than in Fairfax does not establish either than median wealth in Loudoun is higher than in Fairfax (that might also be the case as well, but you certainly haven't shown it) or that there are more wealthy individuals in Loudoun. The Forbes data simply tracks median income. Whether that data gets characterized in rankings of the "richest" or "wealthiest" counties doesn't change the fact that it is not a barometer of wealth.
But just saying that by having 15 out of the top 50 wealthiest zip codes (versus Loudoun having 8) doesn't prove that Fairfax is wealthier, either.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 08-30-2013, 03:41 PM
 
1,024 posts, read 1,304,718 times
Reputation: 441
Quote:
Originally Posted by spencgr View Post
But just saying that by having 15 out of the top 50 wealthiest zip codes (versus Loudoun having 8) doesn't prove that Fairfax is wealthier, either.
Exactly! and we weren't even talking about which county had more wealthy towns, we were talking about which county is wealthier as a whole. He got so far off track of the original statement I made
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2013, 03:42 PM
 
1,024 posts, read 1,304,718 times
Reputation: 441
Quote:
Originally Posted by JEB77 View Post
I'm not attacking you, but it's clear that you don't understand the difference between median income and wealth/net worth. The fact that median income in Loudoun is higher than in Fairfax does not establish either than median wealth in Loudoun is higher than in Fairfax (that might also be the case as well, but you certainly haven't shown it) or that there are more wealthy individuals in Loudoun. The Forbes data simply tracks median income. Whether that data gets characterized in rankings of the "richest" or "wealthiest" counties doesn't change the fact that it is not a barometer of wealth.

Also, as I'm not 12-21, please take the "dude" stuff to Reddit.
We were never talking about which county had more wealthy zip codes. We were always talking about which county is wealthier as a whole, which is Loudoun. Just because Fairfax has more millionaires doesn't make it wealthier
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2013, 05:57 PM
 
5,109 posts, read 9,125,265 times
Reputation: 2825
Quote:
Originally Posted by TyBrGr View Post
We were never talking about which county had more wealthy zip codes. We were always talking about which county is wealthier as a whole, which is Loudoun. Just because Fairfax has more millionaires doesn't make it wealthier
You have not shown that. You have simply alluded to data that has been discussed before regarding median income levels, which is not the same as wealth. It may be that median and/or average household net worth, or wealth, is now greater in Loudoun than in Fairfax as well. It doesn't matter to me personally, but your repeated assertions that Loudoun is wealthier than Fairfax as a whole, without evidence to support it, suggests that you are either being deliberately obstreperous about the topic or that you could benefit from some additional schooling.

And, regardless of whether median and/or average household net worth is greater in Loudoun, there is almost certainly more total wealth in Fairfax than in Loudoun, given its greater population, which is certainly relevant when, for example, retailers make decisions about where to locate. A luxury car dealer, for example, might open a dealership in Loudoun, where land is less expensive, but other high-end retailers that need less space might be far likely to open a store at, say, the Tysons Galleria than the Dulles Town Center.

Last edited by JD984; 08-30-2013 at 06:31 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2013, 06:04 PM
 
5,109 posts, read 9,125,265 times
Reputation: 2825
Quote:
Originally Posted by TyBrGr View Post
We were never talking about which county had more wealthy zip codes. We were always talking about which county is wealthier as a whole, which is Loudoun. Just because Fairfax has more millionaires doesn't make it wealthier
Wrong again. The thread, as opened by the OP, was about NoVa's characteristics generally, and in particular as compared to the Philadelphia area. A discussion about where the wealthier zip codes in the region are concentrated (spurred by information first provided by cdmurphy, a Loudoun resident and poster) is probably as relevant to that broader topic as a discussion about which jurisdictions, as a whole, have the highest median or average incomes or net worths.

The fact that Fairfax has more millionaires than Loudoun does not mean that Fairfax households have higher median or average net worths than Loudoun households, but neither does the fact than Loudoun has higher median income levels. They are ultimately both simply data points that might point in that direction.

Last edited by JD984; 08-30-2013 at 06:29 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-02-2013, 07:55 AM
 
1,024 posts, read 1,304,718 times
Reputation: 441
Quote:
Originally Posted by JEB77 View Post
You have not shown that. You have simply alluded to data that has been discussed before regarding median income levels, which is not the same as wealth. It may be that median and/or average household net worth, or wealth, is now greater in Loudoun than in Fairfax as well. It doesn't matter to me personally, but your repeated assertions that Loudoun is wealthier than Fairfax as a whole, without evidence to support it, suggests that you are either being deliberately obstreperous about the topic or that you could benefit from some additional schooling.

And, regardless of whether median and/or average household net worth is greater in Loudoun, there is almost certainly more total wealth in Fairfax than in Loudoun, given its greater population, which is certainly relevant when, for example, retailers make decisions about where to locate. A luxury car dealer, for example, might open a dealership in Loudoun, where land is less expensive, but other high-end retailers that need less space might be far likely to open a store at, say, the Tysons Galleria than the Dulles Town Center.
Like I said, I'm don't even live in Loudoun, I live in Arlington, so I am going completely off of news articles and facts. Loudoun is the richest county in America, Fairfax may have more old wealth, but people in Loudoun earn more money than Fairfax residents. Plus, there is so much land out in Loudoun that huge mansions are being built all over the place. If it isn't the wealthiest by your standards currently, it will be wealthiest in 10 years. Loudoun County, Virginia - In Photos: America's Richest Counties - Forbes
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-02-2013, 08:08 AM
 
1,024 posts, read 1,304,718 times
Reputation: 441
Quote:
Originally Posted by JEB77 View Post
You have not shown that. You have simply alluded to data that has been discussed before regarding median income levels, which is not the same as wealth. It may be that median and/or average household net worth, or wealth, is now greater in Loudoun than in Fairfax as well. It doesn't matter to me personally, but your repeated assertions that Loudoun is wealthier than Fairfax as a whole, without evidence to support it, suggests that you are either being deliberately obstreperous about the topic or that you could benefit from some additional schooling.

And, regardless of whether median and/or average household net worth is greater in Loudoun, there is almost certainly more total wealth in Fairfax than in Loudoun, given its greater population, which is certainly relevant when, for example, retailers make decisions about where to locate. A luxury car dealer, for example, might open a dealership in Loudoun, where land is less expensive, but other high-end retailers that need less space might be far likely to open a store at, say, the Tysons Galleria than the Dulles Town Center.
Maybe this is what you were talking about when you talked about wealth. Loudoun isn't #1, but it is still ahead of Fairfax America's 10 Richest Counties
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-02-2013, 08:24 AM
 
Location: Chester County, PA
1,077 posts, read 1,564,064 times
Reputation: 1035
Quote:
Originally Posted by TyBrGr View Post
Maybe this is what you were talking about when you talked about wealth. Loudoun isn't #1, but it is still ahead of Fairfax America's 10 Richest Counties
You clearly do not understand the difference between income and net wealth. If you make $100 but spend all of it, you have zero net wealth. Or, if you manage to save a $100, but have $100 of debt, you have zero net wealth. The link you posted is a ranking by income not net wealth. It may be called a ranking of the "wealthiest" counties, but they are actually ranking incomes.

Really, any ranking of average net wealth by county is impossible because the data simply doesn't exist. I'm sure some good statisticians could get close by looking at things like income, property values, age, household size, etc., but it would still be less than 100% accurate.

One reason I suspect that Fairfax County would have higher average net wealth than Loudoun County is simply because it is an older county. As people age (and assuming they have a good income), they tend to accumulate more net wealth as their assets increase and their debts decrease. But, again, this is just pure speculation.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-02-2013, 12:43 PM
 
5,109 posts, read 9,125,265 times
Reputation: 2825
Quote:
Originally Posted by TyBrGr View Post
Like I said, I'm don't even live in Loudoun, I live in Arlington, so I am going completely off of news articles and facts. Loudoun is the richest county in America, Fairfax may have more old wealth, but people in Loudoun earn more money than Fairfax residents. Plus, there is so much land out in Loudoun that huge mansions are being built all over the place. If it isn't the wealthiest by your standards currently, it will be wealthiest in 10 years. Loudoun County, Virginia - In Photos: America's Richest Counties - Forbes
You used to live in Loudoun, so perhaps you should acknowledge that.

It is not the size of houses built in Loudoun that will determine the wealth of their residents, but instead their value. There are condos in Arlington and Tysons now worth more than 5000 SF houses on 50 acres in Loudoun.

In 10 years, if not already, average or median wealth in Loudoun may be greater than in Fairfax, particularly if a younger cohort of workers there keeps building wealth, and Fairfax has more retirees spending their accumulated savings. But it's not something that automatically follows from current income levels.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-03-2013, 05:13 PM
 
1,024 posts, read 1,304,718 times
Reputation: 441
Quote:
Originally Posted by airjay75 View Post
You clearly do not understand the difference between income and net wealth. If you make $100 but spend all of it, you have zero net wealth. Or, if you manage to save a $100, but have $100 of debt, you have zero net wealth. The link you posted is a ranking by income not net wealth. It may be called a ranking of the "wealthiest" counties, but they are actually ranking incomes.

Really, any ranking of average net wealth by county is impossible because the data simply doesn't exist. I'm sure some good statisticians could get close by looking at things like income, property values, age, household size, etc., but it would still be less than 100% accurate.

One reason I suspect that Fairfax County would have higher average net wealth than Loudoun County is simply because it is an older county. As people age (and assuming they have a good income), they tend to accumulate more net wealth as their assets increase and their debts decrease. But, again, this is just pure speculation.
But like you said, there is no way to say how much net wealth a county has. So all we can go off of is incomes and assume that people making more money have more money. I believe that the last post I posted was more based on net wealth however, because the number 1 county on that list is Nantucket, if you have ever been to Nantucket you would know that a majority of people that live there full time are retired.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads

All times are GMT -6. The time now is 01:13 AM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top