When it comes to identifying the most affluent places to live in California, areas such as Malibu and Beverly Hills immediately spring to mind. While these are certainly among the most exclusive places to live in the state, and even in the country, a recent data search by Business Journals has found that the top spots for affluent residents are located different parts of the state than you may realize.
Where the Money Lives
According to the recent report, the places where the people with the most wealth live in the state of California are in the Silicon Valley and the Bay Area. In Southern California, the Newport Coast ranks as the most affluent area within the region. Overall, the Newport Coast ranks as the 81st most affluent area in the country, with its 3,863 households boasting a median household income of $156,440.
In terms of Los Angeles property, Bel Air takes the top spot among the most affluent communities in the area with 3,299 households boasting a median income of $168,036. On the other end of the spectrum, the 90021 region of California has the lowest median income. The area, which covers the Fashion District and the intersection of South Central Avenue and Olympic Boulevard, has a median income of just $13,415.
Income Equality Versus Inequality
Using data gathered by the Gini index, the Census Bureau has been able to successfully take a closer look at income within various parts of the country. In doing so, the Census Bureau has calculated a number to measure the distribution of money in a particular area. This figure is expressed on a scale that ranges from zero to one, with zero representing complete equality with all people having the same exact income and one representing all income being owned by one person in the town. As such, the higher the number, the greater the income inequality.
Among those cities with a population of more than 100,000 people, Atlanta has the greatest income inequality with a score of 0.583 while West Jordan, Utah has the most equality with a score of 0.330. Two cities within the Southern California region were listed among the top ten cities with the greatest income equality, with Norwalk coming in at number seven with a score of 0.376 and Temecula taking the number nine spot with a score of 0.381. While no Southern California cities were listed within the top ten cities with the greatest amount of income inequality, Los Angeles was the 19th city on the list of cities with the greatest inequality. The city scored 0.526 on the scale.
Of course, there are many factors that need to be taken into consideration when determining the city that best suits your needs. Furthermore, each of these cities offers varying neighborhoods and regions with different amenities and features to consider. If you would like to learn more about the cities, communities and neighborhoods that Southern California has to offer, contact our team of professional and experienced real estate experts. We specialize in the most exclusive and luxurious neighborhoods that Southern California has to offer.
Look into these properties below located by Southern California’s elite top spots priced from $8 Million to $12 Million.
$9,760,000 : 304 S Bay Front, Newport Beach3 beds, 5 baths
$11,500,000 : 38 Linda Isle, Newport Beach4 beds, 6 baths
$10,500,000 : 17 Cherry Hills Lane, Newport Beach6 beds, 8 baths
$9,850,000 : 3 Burning Tree Road, Newport Beach5 beds, 8 baths
$9,995,000 : 23 Linda Isle, Newport Beach5 beds, 6 baths
See all City of Newport Beach Luxury Homes For Sale.
(all data current as of 10/17/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.