MONEY income

The 10 Richest Counties in America

Jackson Hole, WY
A Jackson Hole mansion in Teton County, Wyoming. Jonathan Adams—Getty Images

Newly released IRS data shows where in the U.S. top earners live.

Teton County, Wyoming, tops the list for highest average income in the United States, according to updated Tax Stats data just released by the IRS.

The average income in Teton—known for hiking, skiing, and multimillion dollar Jackson Hole ranches—is nearly $300,000. Compare that with $62,483 for the average American household.

Of course, average income figures don’t give you a good picture of how much a typical resident makes, since super-rich outliers can skew the data (median figures were not released), but this list gives you a good idea of where many of America’s millionaires and billionaires hang out.

Sterling, Texas, places second on the list and carries yet another distinction—the highest average tax liability in the country. Only 600 returns were filed in the county, but the average tax owed was a whopping $97,387.

County State Average Income
Teton Wyo. $296,778
Sterling Texas $266,563
McMullen Texas $211,059
New York N.Y. $191,847
Pitkin Colo. $173,299
Fairfield Conn. $157,601
Glasscock Texas $145,031
Marin Calif. $143,333
San Mateo Calif. $143,203
Westchester N.Y. $137,695

 

Note: Dollar figures represent mean adjusted gross income for 2012, the most recent data available.

TIME poverty

U.S. Census Bureau Shows More People Living in Areas of Poverty

A man covers himself as he crosses a street under a snowfall in Washington, D.C. on March 25. 2014.
A man covers himself as he crosses a street under a snowfall in Washington, D.C. on March 25, 2014. Jewel Samad—AFP/Getty Images

Researchers find living in poor neighborhoods adds burdens to low-income families

A U.S. Census Bureau report released on Monday reveals that the proportion of people living in areas of poverty increased by 7.7 percentage points from 2000 to 2010. Latest figures collected by the American Community Survey from 2008 to 2012 showed that 1 in 4 U.S. residents lived in areas with a poverty rate of at least 20%.

The report, Changes in Areas With Concentrated Poverty: 2000 to 2010, compares new data with that collected in the 2000 Census Bureau to track income changes throughout the country. According to latest figures, 30% of the population lived in areas of poverty in the District of Columbia and 14 states — an increase from only four states and the District of Columbia in 2000. States that had experienced the greatest increase included Tennessee, Oregon, Arkansas and North Carolina.

Data also showed that the entire country was affected by the increase in poverty, regardless of race. Although the report indicated that minorities and households headed by single mothers were at the greatest risk of living in poverty, whites living in poor areas had the greatest proportional increase — from 11.3% in 2000 to 20.3% in 2008 to 2012.

The report’s lead author, Alemayehu Bishaw of the Census Bureau’s Poverty Statistics Branch, said in a statement that federal and government agencies would be able to use the data to provide assistance to those in need. “Researchers have found that living in poor neighborhoods adds burdens to low-income families, such as poor housing conditions and fewer job opportunities,” he said.

Despite the general rise throughout the country, the report found that the proportion of people living in poverty areas in West Virginia, Alaska, Louisiana, the District of Columbia and Hawaii actually decreased by at least 0.4 percentage points over the same period.

MONEY Careers

Your Career Is Your Biggest Asset. Here are 5 Ways to Protect It

Career coach and former HR exec Caroline Ceniza-Levine offers strategies for ensuring that your human capital keeps appreciating.

Your earning potential is a million-dollar asset.

The first quarter 2014 Bureau of Labor Statistics report puts median earnings in the US at $796 per week, which adds up to $41,392 per year, which amounts to a hair over seven figures over a 25-year career—even without any raises. Get a reasonable 3% bump every year and your career will be worth $1.6 million.

If you owned a million-dollar home, you wouldn’t let the grass get overgrown or park your cars in the lawn, since this would erode the property’s value. Similarly, you do not want to be complacent with the asset that is your career. Instead, reserve a few minutes a day or a few hours each week to focus on protecting it.

Use these five strategies to ensure your most valuable asset just keeps getting more valuable:

1. Nurture your network

Job leads are shared mainly by word-of-mouth.

But even if you’re not actively job seeking, a strong network enables you to hear about company changes, upcoming projects that you might want to be a part of (or avoid), the inside scoop on a new client, or helpful tips on how promotions, raises, and bonuses are decided.

Maintaining your network can be done in a few minutes per day.

Your action plan: Read your LinkedIn activity feed and reach out when people post news. E-mail former colleagues you don’t regularly see to catch up on summer vacation plans. Attend the occasional professional association event or conference. Or, block out specific days and times to reconnect with people —for example, scheduling at least one lunch a week with a different contact.

2. Make friends in HR

A former colleague called me in a panic one day: Layoff rumors were swirling at her company and she wanted to know how severance works without making a formal inquiry into HR. Having worked as a recruiter, I was able to tell her what she needed to know (severance information is actually openly shared with employees–check your employee handbook).

Your action plan: Get to know your HR colleagues well before you have an urgent concern. A friend in human resources can help you navigate the ever-changing benefits landscape, can explain sensitive issues like severance that you’d rather not discuss with your boss, or give you helpful insights, such as deadlines for performance reviews (these often precede when raise and bonus decisions are made so you want to know the timeline). Even HR relationships outside of your own company are helpful, as recruiters elsewhere can inform you about market trends—including what is a fair compensation for your position. Return recruiter phone calls, even if you’re not looking.

3. Manage your references

If you’re not actively looking for a job, you might think that you don’t need references. While you don’t need them in the traditional sense that a job seeker does—no one will be calling your list to vouch for you—informal references are given all the time. Recruiters may ask around to find an expert in a certain area: Will your network mention you, and therefore give you a chance to grow that recruiter relationship (see point 2)? Senior management may ask around about who would be good for an upcoming, high-profile project: Will your colleagues think of you and regard you highly enough to put your name forward? Managing your references means that you have supporters who know your value and promote you as opportunities arise.

Your action plan: Keep people informed of what you’re doing–don’t assume that even your boss knows everything you’re working on—and what is of interest to you. This way, the right opportunities will come your way.

4. Build your online profile

Social media is a great way to keep in touch with your network, your recruiters and your references.

Your action plan: Update your LinkedIn profile regularly to mention a new project or to add a new skill, since this activity is broadcast to your contacts. It’s a way of keeping people updated and staying in touch more broadly. At the same time, you will hear about others’ activities, and you can reach out individually with a congratulatory note or a helpful idea. Finally, you want your profile to be updated so that, if someone does refer you for a job or a project, the prospective employer can easily research you and see comprehensive details about you. Building your profile takes dedicated time if you’re starting from scratch, but updating it and maintaining correspondence with your contacts takes just a few minutes at a time.

5. Maintain your go-to status

Your online profile showcases you, your references think of you, recruiters flock to you, and your network promotes you… all because you are the go-to person for something. You have a set of skills, industry knowledge, specific expertise, or some combination of qualities that make you the perfect solution to a problem at hand.

Do you know what you are the go-to person for? Do you take the time to sharpen this advantage?

Your action plan: Define your unique qualities that make you marketable. And work on emphasizing your competitive advantage even more.This could mean taking advanced classes relating to your skill set, reading trade publications to stay ahead of trends in your area of expertise, or adding new skills with volunteer work or cross-departmental projects at your company.

_____________________________________________________

Caroline Ceniza-Levine is co-founder of SixFigureStart® career coaching. She has worked with professionals from American Express, Condé Nast, Gilt, Goldman Sachs, Google, McKinsey, and other leading firms. She’s also a stand-up comic. This column will appear weekly.

 

MONEY Pick from a Pro

Dimon in the Rough: Time to Buy J.P. Morgan Chase?

Jamie Dimon of JPMorgan Chase
James "Jamie" Dimon, chief executive officer of JPMorgan Chase & Co. Joshua Prezant—Bloomberg via Getty Images

The bank's stock and CEO Jamie Dimon have had a rough year. But Thornburg's Brian McMahon thinks that could soon change.

The Pro: Brian McMahon, chief investment officer at Thornburg Investment Management and co-manager of the Thornburg Investment Income Builder fund.

The Fund: Thornburg Investment Income Builder owns shares of large, value-oriented companies around the world. Over the past five and 10 years, the fund has beaten 95% and 86% of its peers, respectively.

The Pick: J.P. Morgan Chase

The Case: Long a banking industry darling, J.P. Morgan Chase has had a rough couple of years. After winning plaudits for deftly navigating the global financial crisis, America’s biggest bank by assets has been dogged by one scandal after another — from mammoth trading losses of the ‘London Whale’ to mortgage-related problems at Bear Stearns and Washington Mutual, two companies it acquired during the crisis.

In all, the House of Morgan has agreed to pay more than $25 billion in fines. To put that in perspective, the bank’s total reported net income last year was just under $18 billion. Even chief executive Jamie Dimon has lost public esteem amid growing skepticism about his brash leadership style and outsize pay.

No wonder J.P. Morgan shares have lagged the market — and industry peers — for the past five years despite earning more than $87 billion in profit.

JPM Chart

JPM data by YCharts

McMahon thinks it’s time for investors to give the bank a fresh look. “You’ve got a household name in the U.S … and around the world,” he says.

Bad behavior, but good value
Chalk it up to bad timing. J.P. Morgan’s legal troubles arrived just as the rest of the broad market began to soar. But investors can turn that into an advantage, says McMahon. With the market up 53% over the past three years, McMahon estimates large company stocks are trading at price/earnings ratios of about 15, based on estimated 2014 profits. J.P. Morgan Chase, which has gained 38% sports a P/E ratio of only about nine. McMahon thinks the stock looks cheap, especially since J.P. Morgan has traded at an average P/E of 11 over the past decade.

Dividend Potential
In March, J.P. Morgan hiked its quarterly dividend to 40 cents from 38 cents. It might have gone further, McMahon says, but the Federal Reserve, still worried about the health of the banking system, has required banks to hold onto cash to strengthen their balance sheets. That can’t go on forever. With interest rates likely to rise in the long run — boosting what J.P. Morgan can earn on its $1.3 trillion of checking, savings and other deposits — he expects the company should be able to roughly double what it pays out to shareholders in the future.

Is There Another Shoe to Drop?
The big question: Is the worst of J.P. Morgan’s regulatory problems truly over? McMahon thinks so. But there is no guarantee.

“The government keeps hounding them and extracting fines for one thing or another,” he says. He’s quick to add: “There’s the shadow of them just being dogged.”

Just last month the former head of J.P. Morgan’s China investment banking team was arrested amid yet another scandal, this one focused on whether the giant bank inappropriately hired children of top Chinese officials in order to win business. J.P. Morgan didn’t respond to a call for comment by press time.

TIME States

Blue States Barack Obama Won in 2012 Have More Rich Than Red States

The states with most poor residents tend to vote red, and those with the richest vote blue.

States that voted for Democrat Barack Obama in the 2012 presidential election have, on average, a higher percentage of households that make $150,000 per year, and a lower percentage of households that make $25,000 or less per year, than the red states that supported Republican Mitt Romney, according to U.S. Census data collected by research engine FindTheBest. Morethan150k

Note, the U.S. Census defines household as people who occupy a single housing unit.

The data shows that the percentage of households in blue states that make over $150,000 per year—11%—is slightly above the national average of 9.4%.

Blue states also account for all but one of the top 17 states by percentage of households in the highest income bracket, with Alaska (12.8%) being the only red state to make the list. Red states, on the other hand, fall slightly below the national average, at 6.9%, and account for all but one (Maine, 5.6%) of the bottom 12 states by percentage of households making at least $150,000 per year.

So which states have the most (and least) households making $150,000?

The highest earner is D.C.—a blue district, not a state—where 20 percent of households make over $150,000 per year. One secret to D.C.’s high income might be its high concentration of well-educated individuals, where 53% of the population holds a bachelor’s degree, well above the national average of 28%.

Ranking in spot two is New Jersey, where 18% of households make over $150,000 per year. Once you factor in the cost of living however, those high incomes don’t sound quite as lofty. 68% of homeowners—compared to the national average of 32%—spend more than $2,000 in homeowner costs per month.

At the bottom of the list is West Virginia, where only 3.9% of households are in the highest bracket. It’s also dead last for well-being out of all 50 states, according to the 2013 Gallup-Healthways Well Being Index.

Scroll over any state in the map below to find the percentage of households in the $150,000 or higher income bracket.

FindTheBest also crunched the numbers for percentage of households making below $25,000 per year. lessthan25k

States that voted blue ranked better than red states for percentage of households making $25,000 or less per year (21.6% vs. 25.9%); putting blue states 1.7 percentage points below the national average of 23.3%, and red states 2.6 percentage points above it.

Additionally, whereas the highest earning states were almost completely blue, the lowest earning states are almost completely red—New Mexico (with 28.3% making $25,000 or less) being the only blue state among the 14 lowest earners.

As for the poorest states?

West Virginia comes close to ranking the most poorly again, with 32% of households making less than $25,000, but Mississippi (also ranking poorly on the Gallup-Healthways Well Being Index, in 48th place) outpaces it, at 34%.

To see the percentage for every state, scroll over the map below.

MONEY The Economy

The Shrinking Role of Wages

Senior woman looking at Social Security check
A social security check arrives in the mail Donald Higgs—Getty Images

As the population ages and workers get displaced, a smaller portion of income is derived from actual work.

For Americans, work is becoming less and less important.

Today, wages and salaries make up only 50.5% of overall personal income, according to a new Wells Fargo Securities report. That’s down from almost 60% in 1980.

You can blame some of this on changing demographics, including the aging of the population and government programs that direct transfer payments to certain groups.

Take Medicare and Social Security. In the beginning of 2007, 80% of people between the prime working ages of 25 to 54 was employed. Today that number is down to 76%.

image (1)
Source: St. Louis Federal Reserve and the Labor Department

While the Great Recession lowered demand for workers, “the aging of the baby boomers and longer life expectancies have pushed the share of the population age 65 and older to a record high,” writes Wells Fargo economists John Silvia and Sarah House.

Almost one in seven Americans is 65, according to the U.S. Census, compared to 12.4% in 2000. More Americans over the age of 65 means more Americans receiving Social Security and Medicare.

Then there’s help for the disabled and poor. “Increased eligibility and use of social insurance programs such as disability insurance and food stamps have also prompted the rise in transfer payments,” note Silvia and House.

Right now there are more than 14 million Americans who are deemed disabled by the Social Security Administration.

Consider this from NPR’s Planet Money’s excellent series on disability:

Part of the rise in the number of people on disability is simply driven by the fact that the workforce is getting older, and older people tend to have more health problems.

But disability has also become a de facto welfare program for people without a lot of education or job skills. But it wasn’t supposed to serve this purpose; it’s not a retraining program designed to get people back onto their feet. Once people go onto disability, they almost never go back to work. Fewer than 1 percent of those who were on the federal program for disabled workers at the beginning of 2011 have returned to the workforce since then, one economist told me.

Or take food stamps. Since 1969, the number of people on food stamps has increased by a factor of 16.

The share of income derived from transfers has increased from 12.5% in 2000 to 17.3% today, according to Wells Fargo Securities.

A lousy job market in the aftermath of the recession has left millions without work — 36% of today’s unemployed have been without a job for over 27 weeks, compared to 12.1% in 2000. And that abundance of available labor, writes Silvia and House, “has kept wage growth muted, restraining labor income even as hiring has improved.”

image (2)
Sources: St. Louis Federal Reserve and the Labor Department

For the overall economy, “the general diversification of income sources adds to the stability of consumer spending over time,” House says. “In particular, transfer payments have becoming an increasingly important share of income and have helped to smooth income/spending throughout the business cycle and Americans’ life cycle.”

MONEY Marriage

Post-Recession Couples Most Comfortable Being Financially Naked

They're more likely to talk money with their partners than those married before the crash.

The Great Recession left many of us with a lingering sense of economic vulnerability—as we discovered in a March survey about Americans and their money—but that same anxiety seems to have brought a silver-lining with it, at least when it comes to relationships.

Couples who married post-recession appear to be tighter financial units, who are more in sync and open about their finances than those married before the recession, credit bureau Experian found in a survey released today. These couples place greater weight on having financial conversations with their spouse and are more likely to discuss purchases with their partner.

Of couples married in 2008 or later, 82% discuss financial goals with a spouse at least monthly vs. only 65% of couples married before 2008. These more recent newlyweds were also more likely to discuss small, everyday purchases with their spouse: 75% of them did as compared to 59% of couples wed prior to 2008.

These recent-marrieds are also more apt than longer-wed folks to have discussed their financial histories—including things like their credit score and bill payment—as well as larger issues like their long-term financial goals with their spouse before tying the knot.

While the economy may have spurred these couples to be more open, generational differences may also contribute, as the chart below shows.

ExperianSurveyGraphic2
NOTES: Based on a nationwide survey of 1,010 married adults. SOURCE: Experian

There’s no question that being frank with your partner about your financial history and goals is crucial both before marriage and after.

But these conversations aren’t easy—which may go to explain why the Experian survey also found that almost 10% of married couples have never discussed long-term financial goals or retirement savings with their spouse at all. If you’re one of these couples or if you think you and your spouse could better navigate complex decisions like savings goals and determining your financial priorities, see our couples’ guide to growing richer together.

MONEY Savings

If You Lived Here, You Could Be Rich by Now: New Study Shows Top Cities For Savers

Wish you could stash just a little more cash each month? Maybe you should move to one of these nine cities.

Could a move boost your savings account?

A new analysis by Interest.com, based on 2012 data from the Bureau of Labor Statistics, compared median after-tax income with median expenses in 18 major metropolitan areas to see which cities provided the best savings opportunities. The good news is that maintaining an average standard of living and income would afford room for savings in all of them but one. (Phoenix was the outlier, perhaps because the area is still recovering from the housing bust.)

“What this really means is, don’t let your expenditures grow to meet your income,” says Interest.com managing editor Mike Sante said. “You do have some control over those bills. You can still have a solid middle class life and have some money left over to save.”

The nine cities that follow offer the best opportunities to sock away money, with the top one allowing you to bank an impressive $24,250 a year.

 

  • 1.

    Baltimore, Md.

    The Inner Harbor in Baltimore Maryland Office of Tourism

     
    Median after-tax income: $73,816

    Median expenditures: $49,566

    Save $24,250 a year

  • 2.

    Washington, D.C.

    The Metrorail in Washington, D.C. courtesy of Destination DC

     
    Median after-tax income: $85,769

    Median expenditures: $65,802

    Save $19,967 a year

  • 3.

    Cleveland, Ohio

    Skyline of Cleveland, OH.
    A view of Cleveland from North Coast Harbor courtesy of positivelycleveland.

     
    Median after-tax income: $49,772

    Median expenditures: $34,428

    Save $15,524 a year

  • 4.

    Chicago, Ill.

    Southwest view of Navy Pier, Chicago, IL.
    Navy Pier in Chicago, Ill. courtesy Choose Chicago

     
    Median after-tax income: $52,478

    Median expenditures: $41,964

    Save $10,514 a year

  • 5.

    Dallas/Ft. Worth, Texas

    City Hall, Dallas, TX.
    City Hall in Dallas DCVB

     
    Median after-tax income: $50,106

    Median expenditures: $40,843

    Save $9,264 a year

  • 6.

    Houston, Texas

    Revival Market, Houston, TX.
    Revival Market in Houston Julie Soefer

     
    Median after-tax income: $47,904

    Median expenditures: $38,706

    Save $9,198 a year

  • 7.

    Minneapolis/St. Paul, Minn.

    Open Field in Minneapolis, Minn. Cameron Wittig—Walker Art Center

     
    Median after-tax income: $62,134

    Median expenditures: $53,256

    Save $8,878 a year

  • 8.

    Atlanta, Ga.

    140521_FF_Cities_ATL2
    People shopping at the outdoor live, work, play complex, Atlantic Station, Atlanta, GA. courtesy AtlantaPhotos.com

    Median after-tax income: $49,433

    Median expenditures: $41,351

    Save $8,082 a year

  • 9.

    San Francisco/San Jose, Calif.

    140521_FF_Cities_SF2
    Indoor market, San Francisco, CA. Scott Chernis—San Francisco Travel Association

    Median after-tax income: $56,369

    Median expenditures: $49,748

    Save $6,631 a year

TIME

Here Are the 10 Richest Towns in America

More than a few surprises on the list

See correction below.

Where do the richest Americans live? Short answer: the Northeast. Six out of 10 of the nation’s wealthiest zip codes come from Connecticut, Maryland, New York and New Jersey, while three more lie just to the south, in Virginia. Only one zip code west of the Mississippi—76092 in Southlake, Texas—cracks the top 10.

Using 5 year averages from the US Census Bureau, the data was compiled and visualized by FindTheBest, a research engine. (Note that this study was limited to zip codes with at least 10,000 residents.)

Here’s a heat map showing the nation’s richest zip codes, where darker is wealthier.

Wealth

A few characteristics common to the top 10 (and most of the top 50):

Well-educated: about 80% of residents in the 10 wealthiest zip codes have at least a Bachelor’s degree, compared to only about 30% in the average American zip code.
Costly: at least 87% of residents in the 10 wealthiest zip codes pay more than $2,000 per month on their mortgage.
Married: approximately 70% of residents in each of the wealthiest zip codes are married, compared to only about 50% nationally.
Caucasian: the wealthiest zip codes in the nation are overwhelmingly white, with one exception (see below).
Employed: none of the top 10 wealthiest zip codes have unemployment rates above 6.5%, and most are well under 5%.

#10: 22101
McLean, Virginia
57.8% of households make more than $150k

Human Trafficking Probe
This house owned by the government of Saudi Arabia, was investigated by the U.S. Immigration and Customs (ICE) officials on a report of human trafficking in McLean, Va., Thursday, May 2, 2013, Alex Brandon—AP

McLean is the most expensive suburb in the Washington metro area, home to many government officials and wealthy politicians.

McLean’s 22101 zip code isn’t just wealthy: it’s smart. Students in 22101 boast the best overall performance on the SAT, ACT, and AP exam compared to every other zip code on this list.

#9: 76092
Southlake, Texas
58.7% of households make more than $150k

Paul Moseley
Kelly McGuire Lynch poses at her soon-to-be ex-home in Southlake, Texas, with her son Patrick, June 24, 2009. MCT—Getty Images

Southlake is a wealthy suburb near Dallas-Fort Worth, home to Sabre Holdings, an S&P 500 company that owns Travelocity.

Southlake’s 76092 zip code is distinctive for several reasons. Besides being the only top finisher out West, the zip code is tied for the most modern of the 10, with a median home construction year of 1995 (compare that to the national median, 1974). It’s also the least educated of the top 10, with just 23.8% of residents holding advanced degrees (though that’s still over twice the national percentage of 10.6%).

#8: 06820
Darien, Connecticut
59.7% of households make more than $150k

The home of Morgan Stanley investment banker, William Bryan Jennings, is seen at 39 Knollwood Lane in Darien
The home of Morgan Stanley investment banker, William Bryan Jennings, is seen in Darien, Connecticut on March 6, 2012. Adam Hunger—Reuters

Darien is a quiet town in southwest Connecticut made up of wealthy professionals, most of whom commute to Manhattan or other nearby cities.

Darien’s 06820 zip code is both very wealthy and very white. With 95% of residents identifying as caucasian, it’s the least diverse of the top 10.

#7: 21029
Clarksville, Maryland
62.2% of households make more than $150k

hx-house3 07-28-2006 #182535 Mark Gail_TWP House at 5918 Clifton Oaks in Clarksville.  (Photo by Mar
Mark Gail’s TWP House at in Clarksville, MD on July 28, 2006. The Washington Post/Getty Images

Clarksville is a wealthy community between Baltimore and Washington DC, home to some of the most expensive properties in the nation.

Clarksville’s 21029 zip code is the most diverse of the top 10, with a population 61% caucasian, 28% Asian and 7% African American. (The next most diverse—20854—is 74% caucasian, essentially the same as the nation as a whole.)

#6: 20854
Potomac, Maryland
62.4% of households make more than $150k

Magazine  Cover Story on Linda and Jim Hobbins for Fall Home and Design Issue (September 30th, 2012)
Linda Hobbins waters the mums on the front steps of her 18th century farmhouse in Potomac, Maryland on August 29, 2012. The Washington Post/Getty Images

Sitting on the east bank of the Potomac River, Potomac is home to wealthy DC professionals and several nationally-ranked schools.

With 17.3% residents over 65, the 20854 zip code has more retirees than any other top 10 finisher. It’s also the largest (nearly 50,000 residents) and the most female (51.7%).

#5: 10514
Chappaqua, New York
63.7% of households make more than $150k

The new home of President Bill Clinton and First Lady Hillar
The home of President Bill Clinton and First Lady Hillary Rodham Clinton on Old House Lane in Chappaqua, N.Y on Sept. 3, 1999. NY Daily News/Getty Images

Once a modest farming town, Chappaqua is now a wealthy hamlet north of New York City containing wealthy professionals and Ivy League-bound students.

Chappaqua’s 10514 zip code, like much of New York, is less car-dependant than the rest of America. More than one in three 10514 residents take public transportation to work, the highest proportion of the wealthiest 10 zip codes.

#4: 22066
Great Falls, Virginia
67% of households make more than $150k

The Baker's home in Great Falls VA,
Front exterior of the Baker’s home in Great Falls VA on October 2, 2013. The Washington Post/Getty Images

While many Great Falls residents spend their days working in DC, their homes sit along the pricey desirable west bank of the Potomac River.

Among the top 10 wealthiest zip codes, Great Falls’ 22066 has the second highest percentage of homeowners (94.3% of residents own a house), as well as the second highest average number of cars (nearly 60% own at least three cars). Compare those figures to the national averages, where just 66% of Americans own a home and just 35% own three or more cars.

#3: 06883
Weston, Connecticut
67.3% of households make more than $150k

OfficeMaxÕs "A Day Made Better" Presentation In Connecticut
Students in a pre-kindergartner class enjoy reading a book by children’s author Alan Katz during OfficeMax’s “A Day Made Better” presentation at Hurlbutt Elementary School in Weston, Connecticut on April 26, 2010. Wendy Carlson—Getty Images

Weston is one of several wealthy towns in southwestern Connecticut, each known for affluence, low crime, great schools, big properties, and lots of open space.

The smallest of the 10 wealthiest zip codes, 06883 is home to 10,203 residents, just large enough to earn a spot in this study.

- rent over $1,500

#2: 22039
Fairfax Station, Virginia
67.8% of households make more than $150k

SLUG: FX_COVER21 DATE: May 18, 2009 PLACE: Fairfax, VA. PHOT
Metro trains move to and from the Vienna Metro Station alongside I-66 traffic in Fairfax, VA. on May 18, 2009. Washington Post/Getty Images

Fairfax Station lies just to the southwest of Washington DC, and like several of the other zip codes on this list, is home to many DC professionals.

22039 is rich, old, and traffic-clogged. The zip code houses more middle-aged and elderly combined than the other nine cities on this list, while its average commute time—38.9 minutes—is the worst of the group. Car ownership may have something to do with this: over 10% of 22039 residents have 5 or more cars, the highest percentage of the bunch.

#1: 07078
Short Hills, New Jersey
69.4% of households make more than $150k

A view of the home of former JP Morgan chief investment officer Ina Drew in Short Hills, New Jersey
A view of the home of former JP Morgan chief investment officer Ina Drew in Short Hills, New Jersey, on May 14, 2012. Eduardo Munoz—Reuters

West of New York City, Short Hills is a quiet, affluent town, popular among wealthy NYC commuters.

A closer view of East Coast zip codes by household income:

wealth

 

Correction: The original version of this article contained inaccurate information about standardized test performance in the the 07078 zip code. Student test scores in and around the Shorts Hills area are in fact among the best in the nation, not below the national average. Upon further review, the low Public Schools Rating was a result of missing data from NJ’s Department of Education, not poor test performance. This portion of the article has been removed.

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