San Jose Tops San Francisco in the Apartment Markets
Everyone knows Silicon Valley is rich, but how rich is it compared to other notoriously expensive U.S. markets like New York City or Washington, D.C.? Beyond that, how widely shared is the prosperity in each area?
A new analysis using federal data found that the San Francisco Bay Area is home to 61 of the nation’s 1,000 wealthiest neighborhoods, including 34 affluent clusters in Silicon Valley’s San Mateo and Santa Clara counties. The list includes areas that have long been synonymous with wealth, such as Atherton, Hillsborough and Saratoga, along with well-to-do neighborhoods in larger cities like Fremont and San Jose.
Only a few markets across the country surpassed the Bay Area when it comes to representation on the top 1,000 list.
The New York City metro area dominates the nationwide ranking, with 234 wealthy neighborhoods in New York, New Jersey and Connecticut making the list. Washington, D.C., and surrounding areas in Virginia and Maryland account for another 102 wealthy neighborhoods, while the Los Angeles area contributes 91 locales.
The numbers were crunched by urban geography professor Stephen Higley, who recently retired from Birmingham, Alabama’s University of Montevallo. Higley’s report — deemed ” the Higley 1,000” — used detailed Census data collected from 2006-2010, which was then analyzed by isolating contiguous street blocks with a median income north of $200,000.
Here, the seven Silicon Valley neighborhoods that cracked the top 200 on Higley’s nationwide list:
13. Hillsborough Heights-Brewer Subdivision(Hillsborough)
Mean Household Income: $519,024
29. Fruitvale(Saratoga)
Mean Household Income: $451,448
31. Hillsborough Oaksbridge-Ryan Tract(Hillsborough)
Mean Household Income: $439,682
151. Atherton(Atherton)
Mean Household Income: $340,915
155. Los Altos Hills(Los Altos Hills)
Mean Household Income: $338,932
173. Menlo Park Central(Menlo Park)
Mean Household Income: $333,990
198. Skyfarm-Carrolands(Hillsborough)
Mean Household Income: $328,599
Higley first completed a similar analysis using 2000 Census data as part of broader research on racial integration in wealthy areas.
As I have reported, Silicon Valley is home to stark disparities in both income and educational achievement when data is broken down by race or ethnicity. Case in point: As of 2012, Latino residents earned an average of 70 percent less per year than white residents.
In his new report, Higley found that white and Asian Silicon Valley residents make up the vast majority of the population in the region’s wealthiest neighborhoods. Latino residents also account for more than 10 percent of the population in a small number of the Bay Area’s richest locales.
Below, a full breakdown of Higley’s findings for how the richest neighborhoods in San Mateo and Santa Clara counties rank among the nation’s 1,000 wealthiest neighborhoods:
13. Hillsborough Heights-Brewer Subdivision(Hillsborough)
Mean Household Income: $519,024
29. Fruitvale(Saratoga)
Mean Household Income: $451,448
31. Hillsborough Oaksbridge-Ryan Tract(Hillsborough)
Mean Household Income: $439,682
151. Atherton(Atherton)
Mean Household Income: $340,915
155. Los Altos Hills(Los Altos Hills)
Mean Household Income: $338,932
173. Menlo Park Central(Menlo Park)
Mean Household Income: $333,990
198. Skyfarm-Carrolands(Hillsborough)
Mean Household Income: $328,599
244. Woodside(Woodside)
Mean Household Income: $316,019
310. Parrot Drive Area(Hillsborough)
Mean Household Income: $303,189
325. Homeplace-Hillsborough Knolls(Hillsborough)
Mean Household Income: $300,127
349. Portola Valley(Portola Valley)
Mean Household Income: $296,255
353. Crescent Park(Palo Alto)
Mean Household Income: $295,381
368. Stanford(Stanford)
Mean Household Income: $293,830
425. Hillsborough Knolls-Hillsborough Heights(Hillsborough)
Mean Household Income: $286,346
483. West Fruitvale(Saratoga)
Mean Household Income: $278,555
579. Central Los Altos(Los Altos)
Mean Household Income: $269,924
602. Professorville(Palo Alto)
Mean Household Income: $268,064
638. Leland Manor(Palo Alto)
Mean Household Income: $264,277
662. East Los Gatos(Los Gatos)
Mean Household Income: $262,396
696. Woodland Acres-The Highlands(Los Altos)
Mean Household Income: $260,289
722. Barron Park Southwest-Research Park(Palo Alto)
Mean Household Income: $258,759
731. San Mateo Park(San Mateo)
Mean Household Income: $257,972
736. Burlingame Park-Homeplace(Hillsborough)
Mean Household Income: $257,295
744. Old Palo Alto(Palo Alto)
Mean Household Income: $256,564
750. South Los Altos(Los Altos)
Mean Household Income: $256,612
760. Lakeview(Hillsborough)
Mean Household Income: $255,819
770. Golden Triangle(Saratoga)
Mean Household Income: $255,022
771. Blossom Valley(Mountain View)
Mean Household Income: $255,019
782. Southgate(Palo Alto)
Mean Household Income: $254,301
848. Old Los Altos(Los Altos)
Mean Household Income: $249,524
851. Ladera(Ladera)
Mean Household Income: $249,356
856. Silver Creek Valley Country Club(San Jose)
Mean Household Income: $248,914
866. Baywood-Aragon(San Mateo)
Mean Household Income: $248,178
867. Loyola(Loyola)
Mean Household Income: $248,106