In America's Richest Town, $500k a Year Is Now Below Average

[underpants]

https://www.bloomberg.com/news/articles/2020-02-20/in-america-s-richest-town-500k-a-year-is-now-below-average

Methodology

Bloomberg evaluated inflation-adjusted household data for all U.S. locations with a minimum of 2,000 households (as defined by the Census), and ranked them based on average household income. Almost 6,300 communities met the criteria, which includes approximately 75% of total households in the U.S.

In Atherton, the cheapest house on the market is currently listed for $2.5 million, according to real estate marketplace Zillow.com. Numerous tech billionaires have called the town home, including Google’s Eric Schmidt, Facebook’s Sheryl Sandberg and Microsoft’s late co-founder Paul Allen, whose former residence there was sold last week for more than $35 million. Golden State Warriors athlete Stephen Curry bought an Atherton estate last year for $31 million.

[TwilightZone]

1. The cost of living there is insane.

Mainly housing. It's between San Fran and San Jose and right next to Palo Alto/Stanford.

It's the most expensive zip code in CA.

https://www.cnbc.com/2018/05/10/atherton-is-the-most-expensive-zip-code-in-california.html

Median home price, according to Zillow: $5.5 million

https://www.zillow.com/atherton-ca/home-values/

[rufus dog]

2. As posted in another thread. Look at Texas

The tRump tax cuts would hit these cities by the cap on SALT. Those Texas folks with a million dollar home pay about 6 percent property tax. Most no longer a write off so tax on 300k of income just hit them for 15k more in taxes.