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Old 09-03-2013, 05:19 PM
 
1,024 posts, read 1,305,091 times
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Quote:
Originally Posted by JEB77 View Post
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.
I lived in Loudoun for two years, and my parents live their currently, I lived in Fairfax for 3 years before moving to Arlington, so I do not believe I have a bias. Yes, you can have a condo that is as expensive as a mansion. But currently a majority of wealthy individuals want land and room, so it is important to say that Loudoun has more homes over a certain amount of square feet. Which is also why I think the post about several wealthy zip codes being in Fairfax is inaccurate. The wealthy in Loudoun are spread out, while the wealthy in Fairfax all live in generally the same area. I believe that you are underestimating the net wealth in Loudoun, even before it became a suburban county it had a lot of old wealth, and there are still several communities in Loudoun that are uber wealthy old money towns.
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Old 09-03-2013, 06:18 PM
 
Location: Chester County, PA
1,077 posts, read 1,564,458 times
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Quote:
Originally Posted by TyBrGr View Post
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.
Income is not all we can go off of. Property values, age of population, household size, mortgage liens - those are all publicly available statistics that affect net wealth and there are probably others that I'm not thinking of. Particularly when you are talking about two neighboring counties where the average income is not that far apart, differences in average age, for example, could easily swing the pendulum to one or the other.

The cnbc article you posted states that Loudoun's average income is $134,098 and that Nantucket's average income is $137,811. It says Pitkin County, Colorado at #2 (in between Nantucket and Loudoun) has an average income of $134,267. So, how is that not a ranking by income? You know, wealthy retired people often have significant income too - it is simply income from investments as opposed to income earned from a job.

I don't really know whether Loudoun or Fairfax has more average net wealth, nor do I really care, but you seem to be certain that Loudoun County has more average net wealth, yet the only cogent argument you have put forth is that average income in Loudoun is higher than Fairfax. Now, if average income in Fairfax was $50k while Loudoun was $134k, I'd be hard pressed to disagree with you. But when average income in Fairfax is only about $1500 less than Loudoun (according to the same cnbc article you have cited), other factors are going to come into play.
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Old 09-03-2013, 06:24 PM
 
Location: Chester County, PA
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Quote:
Originally Posted by TyBrGr View Post
But currently a majority of wealthy individuals want land and room, so it is important to say that Loudoun has more homes over a certain amount of square feet.
Yeah, I'm sure all those wealthy individuals living in Manhattan, London, or any other major world city are living there for all of the land and room that's available . . . haha.
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Old 09-04-2013, 03:43 PM
 
Location: Mclean, Va; West Palm Beach, Fl
513 posts, read 861,425 times
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What I have learned from this thread. Wealthy foreigners are leaving NYC, London, Paris, LA; to move to Ashburn/Leesburg. Loudon county is the new epi-center of cultural arts/night life/prestige/fine dining in the DMV. More people from Loundon county attend our nations premier universities than Fairfax/Arlington school districts combined.

I will be selling my home so that i can have 20 acres in Loundon county with my very own Pondersa style ranch.
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Old 09-06-2013, 04:08 PM
 
1,024 posts, read 1,305,091 times
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Quote:
Originally Posted by airjay75 View Post
Income is not all we can go off of. Property values, age of population, household size, mortgage liens - those are all publicly available statistics that affect net wealth and there are probably others that I'm not thinking of. Particularly when you are talking about two neighboring counties where the average income is not that far apart, differences in average age, for example, could easily swing the pendulum to one or the other.

The cnbc article you posted states that Loudoun's average income is $134,098 and that Nantucket's average income is $137,811. It says Pitkin County, Colorado at #2 (in between Nantucket and Loudoun) has an average income of $134,267. So, how is that not a ranking by income? You know, wealthy retired people often have significant income too - it is simply income from investments as opposed to income earned from a job.

I don't really know whether Loudoun or Fairfax has more average net wealth, nor do I really care, but you seem to be certain that Loudoun County has more average net wealth, yet the only cogent argument you have put forth is that average income in Loudoun is higher than Fairfax. Now, if average income in Fairfax was $50k while Loudoun was $134k, I'd be hard pressed to disagree with you. But when average income in Fairfax is only about $1500 less than Loudoun (according to the same cnbc article you have cited), other factors are going to come into play.
You clearly haven't looked at the data. It isn't a $1,000 difference between Loudoun and Fairfax, it's a $15,000 difference. I think the financial crisis of 2008 shows that how expensive your house is doesn't necessarily correlate to how much money you earn. Plus, Fairfax houses are not any more expensive than most Loudoun homes. So I think we have come to an agreement, Fairfax is the home of wealthy old people, whereas Loudoun is the home of wealthy young people.
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Old 09-06-2013, 05:09 PM
 
Location: Chester County, PA
1,077 posts, read 1,564,458 times
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Quote:
Originally Posted by TyBrGr View Post
You clearly haven't looked at the data. It isn't a $1,000 difference between Loudoun and Fairfax, it's a $15,000 difference. I think the financial crisis of 2008 shows that how expensive your house is doesn't necessarily correlate to how much money you earn. Plus, Fairfax houses are not any more expensive than most Loudoun homes. So I think we have come to an agreement, Fairfax is the home of wealthy old people, whereas Loudoun is the home of wealthy young people.
Well, apparently you didn't look at the article you posted earlier. Here, I'll repost it for you: America's 10 Richest Counties

That article says Loudoun's average income is $134,098 and Fairfax's average income is $132,662. By what math do you arrive at a $15k difference? I'm sure there are other articles out there with different numbers, and I have no idea which is most accurate, and, quite frankly, I don't care.

You're right about the value of your house - it doesn't necessarily correlate with how much you earn. How much you earn is part of your "income." How much your house is worth goes into the calculation of your "net wealth." You continue to demonstrate that you don't know the difference.
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Old 09-07-2013, 06:19 PM
 
1,024 posts, read 1,305,091 times
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Quote:
Originally Posted by airjay75 View Post
Well, apparently you didn't look at the article you posted earlier. Here, I'll repost it for you: America's 10 Richest Counties

That article says Loudoun's average income is $134,098 and Fairfax's average income is $132,662. By what math do you arrive at a $15k difference? I'm sure there are other articles out there with different numbers, and I have no idea which is most accurate, and, quite frankly, I don't care.

You're right about the value of your house - it doesn't necessarily correlate with how much you earn. How much you earn is part of your "income." How much your house is worth goes into the calculation of your "net wealth." You continue to demonstrate that you don't know the difference.
The Forbes data shows a $15K gap, and like you said the other link is probably based on investment income. I think the fact that Loudoun has more mansions than Fairfax shows that Loudoun is wealthier, it would cost more to build a mansion from scratch, than to build a penthouse from scratch. Fairfax and Loudoun house values are very similar, but on average Fairfax house's have less square feet. If you were to strip away the fact that Fairfax is closer to DC, Loudoun house values would be way higher than Fairfax house values.
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Old 09-07-2013, 06:59 PM
 
5,109 posts, read 9,126,710 times
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Quote:
Originally Posted by TyBrGr View Post
The Forbes data shows a $15K gap, and like you said the other link is probably based on investment income. I think the fact that Loudoun has more mansions than Fairfax shows that Loudoun is wealthier, it would cost more to build a mansion from scratch, than to build a penthouse from scratch. Fairfax and Loudoun house values are very similar, but on average Fairfax house's have less square feet. If you were to strip away the fact that Fairfax is closer to DC, Loudoun house values would be way higher than Fairfax house values.
The median for homes sales in Fairfax in July was $60,000 higher than in Loudoun.

Real Estate Market Statistics for the Mid-Atlantic Region | RBI

In addition, there appear to have been about 53 home sales over $1 million in Loudoun in 2013, and about 650 in Fairfax.

And, of course, disregarding location in discussing real estate values (a significant component of household net worth in many cases) makes no sense. Median or average wealth (as opposed to incomes) may or may not be greater in Loudoun than in Fairfax, but home values in Loudoun would not be the driver, if that were the case.

Last edited by JD984; 09-07-2013 at 07:17 PM..
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Old 09-08-2013, 08:05 AM
 
1,024 posts, read 1,305,091 times
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Quote:
Originally Posted by JEB77 View Post
The median for homes sales in Fairfax in July was $60,000 higher than in Loudoun.

Real Estate Market Statistics for the Mid-Atlantic Region | RBI

In addition, there appear to have been about 53 home sales over $1 million in Loudoun in 2013, and about 650 in Fairfax.

And, of course, disregarding location in discussing real estate values (a significant component of household net worth in many cases) makes no sense. Median or average wealth (as opposed to incomes) may or may not be greater in Loudoun than in Fairfax, but home values in Loudoun would not be the driver, if that were the case.
I guess we agree to disagree. The median house value that I was speaking of was from the Washington Post that said they were pretty much the same, but that Loudoun had a higher average SF. And taking out the location does matter, because if the nations capital was in Winchester, not DC, then Loudoun would have higher household values. Taking away the location factor shows the real value of a home.
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Old 09-08-2013, 08:24 AM
 
Location: Chester County, PA
1,077 posts, read 1,564,458 times
Reputation: 1035
Quote:
Originally Posted by TyBrGr View Post
Taking away the location factor shows the real value of a home.
Perhaps this is true in the alternate universe in which you live, but in the real world the value of a home is almost entirely dependent upon its location. You simply cannot separate the value of a home from its location. This is seen on both micro and macro levels. Two identical homes in close proximity to each other will often have different values because of something like being zoned for different schools. Similarly, two identical homes in a place like NoVA vs. a place like Atlanta, for example, will similarly have drastically different values.
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