Median Income In Newport Beach, CA Is $123,958; In Reading, PA: $28,098

[bobbyw24]

Mapping The Divergence Of America's Wealth: Median Income In Newport Beach, CA Is $123,958; In Reading, PA: $28,098


Portfolio has prepared a useful interactive map highlighting America's increasing split between the haves and the have nots based on city of residence. Case in point: the wealthiest city in the US according to Portfolio, Newport Beach, has more than a quarter of its residentshouseholds making over $200,000. On the other end of the spectrum is Reading, PA, whose 80,000 households have an average per capita income of $14,120 (of half the national average), and none makes over $200,000. And a stab at New Yorkers - with a median household income of just $31,245, and "just" 6.9% of households making $200,000, Mike Bloomberg's city ranks a distant 60th in the list of wealthiest cities.

Some other characteristics of uberwealthy Newport Beach, which is home to $1+ trillion bond manager PIMCO, situated conveniently about 13.5 seconds away from the Newport Beach Country Club:

Newport Beach’s per capita income (PCI) of $86,586 easily leads the 420 U.S. communities with populations above 75,000, and it triples the national PCI of $27,589. (Per capita income is the average amount of money earned by each resident of a community in a given year.)

More than a quarter of Newport Beach’s households (28.6 percent, to be exact) have annual incomes of more than $200,000. Just two other cities in the study group are above 17 percent—Newton, Massachusetts, and Pleasanton, California—though neither does any better than 24 percent.

The median value for homes in Newport Beach exceeds $1 million. Another California city, Santa Barbara, is the only other place analyzed by Portfolio.com/bizjournals that can make that claim. (A median is a midpoint, with half of all homes being worth more and half worth less.)

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/summers/Newport%20Beach_0.jpg

http://www.zerohedge.com/article/mapping-divergence-americas-wealth-median-income-newport-beach-ca-123958-reading-pa-28098

[HOLLYWOOD]

Let's look at that huge paycheck for living and working in California and how much of a cut Government takes... Notice the Increases add it up and the individual is screwed!

11% State Income Tax
9+% State Sales Tax

6.2% Social Security Tax
1.45% Medicare
1.1% California State Disability Tax (CASDI)
6.6% Bonus pay Tax (California withholding rate for 2010 increases to 6.6%)
3.2% Unemployment Insurance
33+% Federal Income Tax


HIDDEN TAX INCREASES you do not realize:

1.) Increase in the State of California Disability Wage Limit

2.) CA standard deduction for 2010 Decreases to $3,637 for Single, and $7,274 for Married/Head of Household.

3.) CA Personal exemption credit for 2010 Decreases to $108 per allowance.

4.) The POOR: Decrease in the State of California Low Income Exemption
The low income exemption for the State of California for 2010 decreases to $11,130 for Single, and $22,261 for Married/Head of Household.

http://www.compusource.com/taxtables/CA_Tax_Information.pdf

Then you pay ridiculous prices for Pigeon Hole Housing in Newport, like $500K for a 2 bedroom home, highest for goods, fuel, and energy prices.

This is why California and Federal government Love inflation... since they take percentages, they get a bigger cut.

Notice CA even reduced the Income exemption on the POOR?

[dannno]

lolz... I was just staying at my friend's house in Newport last weekend and I live in Santa Barbara.. I must be bougi :eek:

[dannno]

Then you pay ridiculous prices for Pigeon Hole Housing in Newport, like $500K for a 2 bedroom home


That's a good guess... but I'd say more like $600+