Report: Despite Bklyn’s Upsurge, Affluent Prefer to Live in Manhattan

tri-state area
15 of the Top 20 Top Zip codes of the wealthiest people in the Northeast are in the tri-state area, none are surprisingly in Brooklyn, according to a new report

Despite the incredible resurgence of Brooklyn, Manhattan in still home to the city’s highest earners, according to a Bloomberg report.

A Bloomberg analysis of household earnings by zip code, which showed five of the top 20 areas with the highest adjusted gross income in the Northeast in Manhattan. surprisingly none were in Brooklyn. Of the top-20 richest zip codes in the Northeast, 15 are in the Tristate area.  The news group evaluated IRS data for ZIP codes with more than 200 tax returns as of the 2015 filing season, and with 500 residential households according to the latest Census tally. More than 22,000 ZIP codes met the criteria.

NYC pales in comparison to other areas in the Tri-State area, according to this report; half of the top 20 ZIP codes in the Northeast are in commuter towns in New York, New Jersey and Connecticut. Harrison, New York, was home to the Northeast’s highest earners, with average AGI of $976,200. Gladwyne, Pennsylvania, and Weston, Massachusetts, followed with the only other averages above $850,000. New Jersey’s first entrant was Far Hills at fourth, while Riverside, Connecticut, was sixth, according to Bloomberg.

Many Brooklynites would be surprised at this report considering the vast popularity of Brooklyn over the past 2 decades. Areas like Williamsburg, Bushwick, Park Slope and Crown Heights have seen young new comers migrating from all over the country to Brooklyn, resulting in a huge real estate boom and shift of population demographics from Lower and Middle-income families to Upper Middle class and wealthier residents.

For example, former President Obama rented an apartment in Park Slope in the second floor of a 5 Bedroom house in the 1980’s after he graduated Columbia. This house is valued at $4.5 million according to real estate listings.  This is a 110-year-old house.  The median price of a house in the US is $210,000 according to real estate research company Zillow.

The median sales price for buildings in Brooklyn average $784,000 so far in 2018, a 14% increase from last year, according to Zillow.  Park slope has the highest average at $1,082,600, followed by Prospect Lefferts Gardens at $1,009,900, and Crown Heights at $865,700. All well above the nation’s average.

With these astonishing numbers, one would be surprised to not see Brooklyn areas as some of the top zip codes for the Northeast’s wealthiest residents. Manhattan and the state of Connecticut each had 5 of the wealthiest zip codes in the Tri-State, followed by New York State with 3, and NJ with 2.

 

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