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The Elite 5% in America’s Highest Income Places
The American Community Survey (2006-2008) has included a new table that identifies the mean household income of the highest 5% of households for communities with more than 20,000 residents. The statistics have some interesting patterns when compared to the mean household incomes of ALL households in a given place (The top 50 places on that list can be found on my previous posting: Darien, Connecticut: Wealthiest Town with over 20,ooo.
TABLE of the TOP 5% MEAN HOUSEHOLD INCOMES PLACES
1Â American Community Survey 2006-8
2 American Community Survey 2005-7
The newest survey of the top 5% has similar methodology problems compared to looking at all households. The first irksome problem for either table is that the Census Bureau does not let any household claim an income of over $2,000.000 for statistical reasons. Statistically speaking there is good reason to limit the amount a household can claim as income. After all, Bill Gates would surely blow out Medina, Washington’s mean household income! However, $2 million seems like an arbitrarily low amount and it will not change for the 2010 Census.
Secondly, because of the use of sampling, variances are very large and although there are real differences, one shouldn’t get hung up on whether a community is 3rd or 4th on the list.
Another problem in looking at the wealthiest places is the population cut-off of 20,000. This leaves some of the wealthiest places in America that are so familiar to Americans, off the list (e.g. Scarsdale, Millburn Township aka Short Hills, Winnetka, Hillsborough, and Palm Beach ).
The one problem with the data in high income suburbs that is cleared up by looking at just the top 5% of households is the Servant Problem (as I call it). Servants that have their own housekeeping facilities such as kitchens are considered separate households....