{"id":1213,"date":"2018-12-21T10:00:00","date_gmt":"2018-12-21T10:00:00","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2018\/12\/21\/bloomberg-rich-getting-richer\/"},"modified":"2025-03-13T02:18:35","modified_gmt":"2025-03-13T02:18:35","slug":"bloomberg-rich-getting-richer","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2018\/12\/21\/bloomberg-rich-getting-richer\/","title":{"rendered":"Bloomberg: Where the Rich Are Getting Richer"},"content":{"rendered":"

Where the Rich Are Getting Richer<\/h2>\n

Despite relative prosperity in the United States, the gap between the rich and the poor is at its widest since data collection began in the 1960s. \u201cEveryone knows wealth is concentrating,\u201d reports Bloomberg Business News, setting up its article that ranks neighborhoods<\/a> where the rich are flocking.<\/p>\n

<\/p>\n

\n

\u201cWorkers experience starkly different versions of America depending on which city or neighborhood they live in,\u201d write the authors. \u201cOne way to measure the economic fortunes of a place is by the concentration of households earning $200,000 or more, the highest threshold in the Census Bureau\u2019s American Community Survey.\u201d<\/p>\n<\/blockquote>\n

Nationally, 6.9 percent of Americans fall into the $200,000-plus income bracket, Bloomberg notes, and maps the 100 neighborhoods with the most growth in concentration of these high earners.<\/p>\n

Notably, two areas stand out: the Pacific Northwest and the Washington, D.C., suburbs, each boasting 29 such neighborhoods. (Note: The study excluded recently created tracts, those defined as tracts of significant change and any tract with fewer than 100 households in either 2000 or 2017.)<\/p>\n

In a testament to how fortunes can quickly (relatively speaking) change, the tract with the fastest-growing concentration of wealth was \u201cironically, the area around where the Cabrini-Green public housing projects once stood,\u201d in Chicago\u2019s Cook County.<\/p>\n

Bloomberg notes that the public housing projects were demolished in the 1990s by the Chicago Housing Authority, despite concerns over displacing low-income families.<\/p>\n

\n

\u201cTwo decades later, the area\u2019s concentration of $200,000-plus households has skyrocketed from zero to 39 percent,\u201d Bloomberg writes. \u201cFor some of the longtime residents who remain, the neighborhood\u2019s transformation has been isolating.\u201d<\/p>\n<\/blockquote>\n

Row houses that once housed low-income residents have been transformed into luxury<\/a> condominiums. One resident notes that the gentrification has made her feel like a stranger in her own home: \u201cAs poor as we were growing up, I didn\u2019t realize we were poor\u2014because it felt like a community,\u201d she told Bloomberg. \u201cNow it doesn\u2019t feel like a community.\u201d<\/p>\n

Writers also focused on the Washington, D.C., suburb Arlington, Va.<\/p>\n

\n

\u201cIf there\u2019s one place in America that doesn\u2019t need a helping hand from Jeff Bezos, it could be this one,\u201d reports Bloomberg. \u201cThe Washington commuter area is home to four of the top 10 (Nos. 2, 3, 5 and 6) fastest-growing census tracts of high earners. As a bedroom community for the nation\u2019s capital, it already had significant concentrations of wealth back in 2000. But since then, it\u2019s gotten so rich that in some areas around half of households earn more than $200,000.\u201d<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Where the Rich Are Getting Richer Despite relative prosperity in the United States, the gap between the rich and the poor is at its widest since data collection began in the 1960s. \u201cEveryone knows wealth is concentrating,\u201d reports Bloomberg Business News, setting up its article that ranks neighborhoods where the rich are flocking.<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[],"class_list":["post-1213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nBloomberg: Where the Rich Are Getting Richer<\/title>\n<meta name=\"description\" content=\"Nationally, 6.9 percent of Americans fall into the $200,000-plus income bracket, Bloomberg notes, and maps the 100 neighborhoods with the most growth in concentration of these high earners.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtrends.com\/blog\/2018\/12\/21\/bloomberg-rich-getting-richer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bloomberg: Where the Rich Are Getting Richer\" \/>\n<meta property=\"og:description\" content=\"Nationally, 6.9 percent of Americans fall into the $200,000-plus income bracket, Bloomberg notes, and maps the 100 neighborhoods with the most growth in concentration of these high earners.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realtrends.com\/blog\/2018\/12\/21\/bloomberg-rich-getting-richer\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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