Three of the top 5 wealthiest neighborhoods in America are in Maryland, with a large population of Asian Americans

Article Source:
Original Post Date:

87840264-e13182655901531

Posted on February 28, 2014

Source: AmericanBazzar

WASHINGTON, DC: A new compilation of the 1000 wealthiest neighborhoods in all of America lists finds that four of the top 10 are located in the Washington, DC metropolitan area, and that three of those four are rife with Asian Americans.

The Higley Elite 1000 – so named after Stephen R. Higley, a professor emeritus of urban geography at the University of Montevallo in Alabama who researched and compiled the list himself – lists Maryland neighborhoods Bradley Manor-Longwood (in Bethesda), Potomac Manor (in Potomac), and Carderock (also in Potomac) as the #2, #3, and #5 richest in the US, respectively. Additionally, the McLean, Virginia neighborhood of Swinks Mill-Dominion was ranked at #7 on the list, and another McLean neighborhood, Glendale, came in at #19.

The Bethesda neighborhood showed a mean income household of $599,440, with Potomac Manors following very closely behind with an average income of $599,331. Carderock registered $595,669 in mean household income per year, while Swinks Mill-Dominion came in with $562,596. The main reason attributed to such staggering financial success is that the area is populated relatively heavily with double-professional families, in which both the husband and wife work.

Asian-origin residents made up 8.4% of the Bradley Mahor-Longwood neighborhood, and a staggering 17.7% of the Potomac Manors community. Carderock registers another relatively high Asian make-up of 16.1%, and Swinks Mill-Dominion has even more with 16.8%. Number 19 on the list, the aforementioned Glendale neighborhood in McLean, has an Asian percentage of 10.7%.

Asian American representation in all the Maryland neighborhoods featured in the entire list stands at 12.4%, with Virginia’s percentage only slightly lower at 11.3%. The average for the entire Washington, DC area was a flat 11.0%, indicating tremendous financial growth for Asian Americans over the past decade. Throughout the US, Asian Americans constituted 7.9% of residents in the top 1000 wealthiest neighborhoods, a huge increase from 4.8%, in 2000.

The richest neighborhood in America: the “Golden Triangle” in Greenwich, Connecticut, with a mean household income of $614,242. The average asking price of a home in the neighborhood is $6.7 million.

The full list can be found here.