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Over the last 20 years, a neighborhood on Chicago’s near North Side once home to a notorious public housing complex has seen the greatest increase of residents earning more than $200,000 of any area in the U.S.
An analysis of U.S. Census data by consulting firm Webster Pacifics showed the Cabrini Green area of Chicago and a portion of the north suburb of Glenview now ranks in the top 10 in Census tracts with the greatest increase in high earners, according to Bloomberg.
Census tracts in New York came in at No. 9 and 10, while Washington, D.C., suburbs had four tracts in the top 10.
Rounding out the top 10 were the area surrounding Marsh Landing, a gated community in Ponte Vedra Beach near Jacksonville, Florida, and a neighborhood in Houston. Ten areas of Houston made the top 100 Census tracts on the list.
Nationally, nearly 7 percent of American households earn at least $200,000, the highest percentage in the Census Bureau’s American Community Survey.
The area around Cabrini Green in Chicago saw the concentration of high earners soar from zero to 39 percent since 2000, not long after the city began tearing down the complex and promoting redevelopment in the area. The Glen planned community in north suburban Glenview came in at No. 7 on the Webster Pacifics list.
The neighborhood with the country’s wealthiest residents is in Fisher Island in Miami, where the average income is $1 million higher than the second-wealthiest ZIP code, in the heart of Silicon Valley. [Bloomberg] — John O’Brien
Source: The Real Deal Los Angeles