Author Topic: Compare your Net Worth to your neighbors  (Read 41499 times)

Mister Fancypants

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Compare your Net Worth to your neighbors
« on: March 14, 2014, 02:06:10 PM »
You can use the link: http://www.arcgis.com/home/item.html?id=814b785f25e24c9d8fc1a61ea61c0462 to view a map of the US which displays the median net worth of the in a very granular scale across the entire country.

The following describes how it calculates Net Worth:

Quote
This map service shows the median household net worth in the United States in 2012. Net worth is total household wealth minus secured and unsecured debt. Net worth includes home equity, equity in pension plans, net equity in vehicles, IRAs and Keogh accounts, business equity, interest-earning assets and mutual fund shares, stocks, and so on. Examples of secured debt include home mortgages and vehicle loans; examples of unsecured debt include credit card debt, certain bank loans, and other outstanding bills. Forecasts of net worth are based on the Survey of Consumer Finances, Federal Reserve Board. The median net worth of households in the United States overall was $66,311 in 2012.

To use the map click on open select Add to new map, I like to select street view as the base map, then click the little drop down triangle next to "USA Median Net Worth (Mature Support)" use the transparency selector and set it to about 45%, this is good setting to be able to see the street view behind the Net Worth map.

Then zoom in, if you zoom in too far it is too granular to have details back out one zoom level and click on the block and you will get a break down of the number of households in the block with a net worth range.

Of the 565 households in my block 418 of them have Net Worth greater than $500,001 which is the top bracket reported.

You might be surprised the breakdown of your neighborhood.

Happy Net Worth hunting

-Mister FancyPants

Michread

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Re: Compare your Net Worth to your neighbors
« Reply #1 on: March 14, 2014, 02:13:44 PM »
Nope, not worth the look to subscribe for free! 

gecko10x

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Re: Compare your Net Worth to your neighbors
« Reply #2 on: March 14, 2014, 02:14:05 PM »
Wow. I'm surprised such detailed information is available.

jpo

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Re: Compare your Net Worth to your neighbors
« Reply #3 on: March 14, 2014, 02:19:54 PM »
Quote
The median net worth of households in this block group in 2012 was $105,993, or 160% of the national average.

I expect that the adjoining neighborhoods to mine (custom houses, $500k+) bring this up. In fact I expected it to be quite a bit higher.

dragoncar

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Re: Compare your Net Worth to your neighbors
« Reply #4 on: March 14, 2014, 02:22:36 PM »
You don't need to subscribe - just click "open" -> "add to map"

Ohh, I just saw if you click on the segment they show a distribution.

bacchi

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Re: Compare your Net Worth to your neighbors
« Reply #5 on: March 14, 2014, 02:24:44 PM »
The nearby cemetery has some high net worth corpses.

bacchi

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Re: Compare your Net Worth to your neighbors
« Reply #6 on: March 14, 2014, 02:29:29 PM »
What do you mean by "click on the block?" I see some colors in my city from yellow to green but where is the actual numerical data?

Jamesqf

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Re: Compare your Net Worth to your neighbors
« Reply #7 on: March 14, 2014, 02:33:22 PM »
Of the 565 households in my block...

Interesting sort of bias there.  Does it only look at people who live on rectangular grids?  Even for those who do, it'd seem as though those across the street - that is, in the next block - are closer neighbors than those around two corners.

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #8 on: March 14, 2014, 02:35:07 PM »
What do you mean by "click on the block?" I see some colors in my city from yellow to green but where is the actual numerical data?

The block is the most granular level of detail the map shows, when you zoom in. If you are zoomed out it is tract based.

Blocks is tax map term used in demographics.

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #9 on: March 14, 2014, 02:38:49 PM »
Of the 565 households in my block...

Interesting sort of bias there.  Does it only look at people who live on rectangular grids?  Even for those who do, it'd seem as though those across the street - that is, in the next block - are closer neighbors than those around two corners.

No some grids are odd shaped it depend on how the census maps the area.

If the grids are all fairly rectangular in an area then the demographics are probably somewhat consistent according to the census.

bacchi

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Re: Compare your Net Worth to your neighbors
« Reply #10 on: March 14, 2014, 02:39:51 PM »
It shows up when you click on the colors.

You make it sound so obvious. ;)

$18000 net worth. Word.

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #11 on: March 14, 2014, 02:44:51 PM »
It shows up when you click on the colors.

You make it sound so obvious. ;)

$18000 net worth. Word.

Sorry I just thought to post this map today as it might interesting to others, I've been using it for years for research.

bacchi

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Re: Compare your Net Worth to your neighbors
« Reply #12 on: March 14, 2014, 02:56:29 PM »
Sorry I just thought to post this map today as it might interesting to others, I've been using it for years for research.

How are renters taken into account? A nearby student ghetto has a net worth of $8,000 (their cars?) but someone owns those houses and duplexes. I suppose that value would show up in the owners' blocks.

It's a great resource. Thanks for sharing.

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #13 on: March 14, 2014, 03:06:02 PM »
Sorry I just thought to post this map today as it might interesting to others, I've been using it for years for research.

How are renters taken into account? A nearby student ghetto has a net worth of $8,000 (their cars?) but someone owns those houses and duplexes. I suppose that value would show up in the owners' blocks.

It's a great resource. Thanks for sharing.

It is based on census data so it goes by who lives at the residence not who owns it.

It really tracks the neighborhood not the property owners.

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #14 on: March 14, 2014, 03:09:29 PM »
Darn, it barely misses my neighborhood.  The next block up from me (older SFRs, but still nice) is $271,012 net worth.  The one above that (mainly apartments and condos) is $13,131.  The golf course communities are $300-500k.  The main downtown area that has old homes is $20,000 or below.  Overall it looks pretty accurate.

I wonder how it takes snowbirds into account.  We get a lot of them in my area buying second homes.  Seems like they would help push the net worth higher (buying second homes anywhere from $200-400k), but it isn't their permanent residence.

Wherever you filled out you census, so you will only be counted at one residence whichever you count as primary. Owners or rental properties would be owning those assets and the renters show up on the block where they rent.

Davin

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Re: Compare your Net Worth to your neighbors
« Reply #15 on: March 14, 2014, 06:39:31 PM »
My neighborhood has a median net worth $13,187, or 20% of the national average. I'm doing better than that. Thats why all my neighbors call me "The Thousandaire Next Door"...maybe I should write a book or something.

rocklebock

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Re: Compare your Net Worth to your neighbors
« Reply #16 on: March 14, 2014, 07:31:21 PM »
I'm seeing a huge divide between block groups full of apartments and small houses that tend to attract younger, single people ($12k median) and then immediately adjacent block groups with large and immaculately restored historic homes ($500k median). All in what is popularly considered the same neighborhood and one of the nicest parts of the city.

Ours is $37k, which is a little lower than I expected, but we do have a lot of young families and immigrants just starting out.

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Re: Compare your Net Worth to your neighbors
« Reply #17 on: March 14, 2014, 09:02:01 PM »
Very interesting map!  Our neighborhood is in the $350K range, so we are probably slightly behind, but then, I'd venture that we're below the median age by at least a decade.  Our old neighborhood is at $113K, which surprised me (thought it would be lower), but perhaps there are some retirees who've owned there since the 70's and have some NW.

geekette

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Re: Compare your Net Worth to your neighbors
« Reply #18 on: March 14, 2014, 10:27:30 PM »
I'm surprised at the detail - where'd they get the info?  I doubt half the people I know even have a clue what their net worth is.

I'm also surprised at the different block sizes.  Our "block" is basically our street with adjoining cul-de-sacs (fewer than 300 households).  Others are huge, comprising thousands.

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #19 on: March 15, 2014, 02:11:33 AM »
I'm surprised at the detail - where'd they get the info?  I doubt half the people I know even have a clue what their net worth is.

I'm also surprised at the different block sizes.  Our "block" is basically our street with adjoining cul-de-sacs (fewer than 300 households).  Others are huge, comprising thousands.

Census data... Every reports there assets and debts, then that data is compiled against federal databases. If you read the initial post it is in the quote also on the front page of the map, they explain where they data is sourced from.

2527

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Re: Compare your Net Worth to your neighbors
« Reply #20 on: March 15, 2014, 06:51:54 AM »
It shows very clearly how wealth is geographically concentrated. 

Blindsquirrel

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Re: Compare your Net Worth to your neighbors
« Reply #21 on: March 15, 2014, 07:09:56 AM »
   Pretty cool! Always love census data, neat to see so much info, I came up with
The median net worth of households in this block group in 2012 was $112,804, or 170% of the national average. Seems high to me given the large numbers of mobile homes but I guess the large farms really jack the median up. I am sure we swing the average north a fair bit. :)


tomsang

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Re: Compare your Net Worth to your neighbors
« Reply #22 on: March 15, 2014, 07:41:39 AM »
Pretty cool. I don't think it is overly accurate. It shows our area as $500,001. This must be the high as I searched other areas and it always showed the same number. I tried where Bill Gates lived which I would be surprised if it was less than $5 million and it came back to the $500k.

Fun to check out other areas.

prodarwin

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Re: Compare your Net Worth to your neighbors
« Reply #23 on: March 15, 2014, 08:24:09 AM »
Pretty cool. I don't think it is overly accurate. It shows our area as $500,001. This must be the high as I searched other areas and it always showed the same number. I tried where Bill Gates lived which I would be surprised if it was less than $5 million and it came back to the $500k.

Fun to check out other areas.

I agree, 500,001 is the high.  Almost every block in the NOVA area reads 500,001.

jpo

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Re: Compare your Net Worth to your neighbors
« Reply #24 on: March 15, 2014, 11:49:09 AM »
Very interesting map!  Our neighborhood is in the $350K range, so we are probably slightly behind, but then, I'd venture that we're below the median age by at least a decade.  Our old neighborhood is at $113K, which surprised me (thought it would be lower), but perhaps there are some retirees who've owned there since the 70's and have some NW.
I think this is definitely the case for us as well... I think we are by far the youngest non-dependent residents in our block.

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #25 on: March 15, 2014, 12:25:13 PM »
Pretty cool. I don't think it is overly accurate. It shows our area as $500,001. This must be the high as I searched other areas and it always showed the same number. I tried where Bill Gates lived which I would be surprised if it was less than $5 million and it came back to the $500k.

Fun to check out other areas.

I agree, 500,001 is the high.  Almost every block in the NOVA area reads 500,001.

It varies, right now the top data range is $500,001, depending on when data is aggregated the ranges change when the map gets republished.

I have seen ranges as high as $1million + but usually that is the highest.

This map I believe was last updated in January so check back often as it is always changing.

jhartt3

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Re: Compare your Net Worth to your neighbors
« Reply #26 on: March 15, 2014, 04:57:27 PM »
everything around me is 500K +  we arent there yet but we are well under average age  by probably 15 years minimum

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #27 on: March 16, 2014, 11:00:49 AM »
It shows very clearly how wealth is geographically concentrated.

As a fun side note this map is a great visual reference to look at while reading Thomas Stanley's "The Millionaire Next Door"

mm1970

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Re: Compare your Net Worth to your neighbors
« Reply #28 on: March 16, 2014, 02:42:59 PM »
Wow.  $500,001.

Abe

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Re: Compare your Net Worth to your neighbors
« Reply #29 on: March 16, 2014, 04:28:40 PM »
Just as I thought...Chicago looks like half of a bulls-eye.  Pretty much every tract not within 1-2 miles of downtown to the lake has median NW < $20k; those within that range have median NW 10x or more. Interesting factoid: the median net worth of my tract is about 1/5 of my previous hometown, but the cost per square foot of house is 3x! About half the people here rent, vs. <10% in my previous hometown.

FiveSigmas

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Re: Compare your Net Worth to your neighbors
« Reply #30 on: March 16, 2014, 06:14:42 PM »
Thanks, Fancypants, for the link!

I'm surprised at the detail - where'd they get the info?  I doubt half the people I know even have a clue what their net worth is.

I'm also surprised at the different block sizes.  Our "block" is basically our street with adjoining cul-de-sacs (fewer than 300 households).  Others are huge, comprising thousands.

Census data... Every reports there assets and debts, then that data is compiled against federal databases. If you read the initial post it is in the quote also on the front page of the map, they explain where they data is sourced from.

A small nitpick: While the geographical blocks appear to be the same ones used for the census, it looks like the data itself is a proprietary estimate based on the SCF from the Federal Reserve. Here's the whitepaper on the data: http://www.esri.com/data/esri_data/~/media/Files/Pdfs/library/whitepapers/pdfs/demographic-update-methodology-2013.pdf:

Quote
A householder's net worth or accumulated wealth reflects ability to stay afloat during a financial shock as well as savings for future retirement. Net worth is estimated from data on household wealth that is collected from the Surveys of Consumer Finance (SCF) from the Federal Reserve Board from 1992 through 2010. These triennial surveys feature enhanced representation of wealthy households through the comprehensive measurement of net worth components. By definition, net worth equals total household assets less any debts, secured or unsecured. Assets include ownership of homes, rental properties, businesses, IRAs and Keogh accounts, pension plans, stocks, mutual funds, and motor vehicles. Examples of secured debt include home mortgages and vehicle loans; unsecured debt includes credit card and other bills or certain bank loans.

Since I imagine that the SCF is a much smaller scale operation than the census, I'm a little skeptical that the numbers can be accurate at the finest granularity that they're exposed.

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #31 on: March 16, 2014, 07:23:52 PM »
Thanks, Fancypants, for the link!

I'm surprised at the detail - where'd they get the info?  I doubt half the people I know even have a clue what their net worth is.

I'm also surprised at the different block sizes.  Our "block" is basically our street with adjoining cul-de-sacs (fewer than 300 households).  Others are huge, comprising thousands.

Census data... Every reports there assets and debts, then that data is compiled against federal databases. If you read the initial post it is in the quote also on the front page of the map, they explain where they data is sourced from.

A small nitpick: While the geographical blocks appear to be the same ones used for the census, it looks like the data itself is a proprietary estimate based on the SCF from the Federal Reserve. Here's the whitepaper on the data: http://www.esri.com/data/esri_data/~/media/Files/Pdfs/library/whitepapers/pdfs/demographic-update-methodology-2013.pdf:

Quote
A householder's net worth or accumulated wealth reflects ability to stay afloat during a financial shock as well as savings for future retirement. Net worth is estimated from data on household wealth that is collected from the Surveys of Consumer Finance (SCF) from the Federal Reserve Board from 1992 through 2010. These triennial surveys feature enhanced representation of wealthy households through the comprehensive measurement of net worth components. By definition, net worth equals total household assets less any debts, secured or unsecured. Assets include ownership of homes, rental properties, businesses, IRAs and Keogh accounts, pension plans, stocks, mutual funds, and motor vehicles. Examples of secured debt include home mortgages and vehicle loans; unsecured debt includes credit card and other bills or certain bank loans.

Since I imagine that the SCF is a much smaller scale operation than the census, I'm a little skeptical that the numbers can be accurate at the finest granularity that they're exposed.

FiveSigmas - I would agree they are a smaller op and it is probably more than small nitpick, however for pure recreational purposes or simple academic or even low level financial analysis it is more than adequate.

But thnk you for pointing out the white paper, I'm sure most people have just been viewing the map. As with anything do your own due diligence. You clearly are.

FiveSigmas

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Re: Compare your Net Worth to your neighbors
« Reply #32 on: March 17, 2014, 01:17:05 AM »
FiveSigmas - I would agree they are a smaller op and it is probably more than small nitpick, however for pure recreational purposes or simple academic or even low level financial analysis it is more than adequate.

But thnk you for pointing out the white paper, I'm sure most people have just been viewing the map. As with anything do your own due diligence. You clearly are.

I have to admit that I was curious because I didn't remember answering that detailed a questionnaire for the census. It's certainly still a neat (and nicely presented) set of data, though.

soccerluvof4

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Re: Compare your Net Worth to your neighbors
« Reply #33 on: March 17, 2014, 09:16:05 AM »
Wonder if it went up or down since 2012.

$408,009 =615% of the National ave.?

202 of 437 homes in block have net over 500k

Cherry Lane

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Re: Compare your Net Worth to your neighbors
« Reply #34 on: March 17, 2014, 10:39:55 AM »
I like that at different zoom levels the data is aggregated to different geographies. 

Any idea the wealthiest county in the country? 

I would have guessed Loudon Co, VA or Bucks County, PA.  Bucks isn't even close, it turns out.  Loudon Co is probably #2 (at median net worth of $345k).  The wealthiest appears (I might have missed clicking a dark green box) to be Hunterdon County, NJ.  "The median net worth of households in this county in 2012 was $414,425, or 625% of the national average."

Cherry Lane

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Re: Compare your Net Worth to your neighbors
« Reply #35 on: March 17, 2014, 10:52:12 AM »
Almost every block in the NOVA area reads 500,001.

Not in My corner of NoVA.  My block group has a reported median of $259,900, and a nearby block group shows $10,817 (16% of the national average).

MrCash

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Re: Compare your Net Worth to your neighbors
« Reply #36 on: March 17, 2014, 11:36:30 AM »
This is awesome!  Thanks for this!

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #37 on: March 17, 2014, 08:39:41 PM »
This is awesome!  Thanks for this!

Glad you like it, your welcome.

meadow lark

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Re: Compare your Net Worth to your neighbors
« Reply #38 on: March 18, 2014, 11:20:03 AM »
Fun!  My neighborhood is $9,259.  And it lists 0 people over $250k (we just moved in.) That, my friends, is the secret to feeling rich.  Having 55x the median net worth of your neighborhood.

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #39 on: March 18, 2014, 11:32:59 AM »
Fun!  My neighborhood is $9,259.  And it lists 0 people over $250k (we just moved in.) That, my friends, is the secret to feeling rich.  Having 55x the median net worth of your neighborhood.

My neighborhood is quiet the opposite we have 418 households of 565 in the top category over $500,001... I'm surrounded by millionaires and multi-millionaires. We are in the top category, I feel bad for the people in my neighborhood with next to no net worth, they are clearly just trying to keep up with the "Joneses". There are about 20 households with under $20k in my neighborhood, the rest I don't recall. The majority of my neighborhood is more older, everyone is at least mid 30's to 70's

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Re: Compare your Net Worth to your neighbors
« Reply #40 on: March 19, 2014, 11:15:24 AM »
"The median net worth of households in this block group in 2012 was $349,976, or 528% of the national average."

We are certainly not at that level.  Just starting down the path to FI.  I expect us to far exceed that within 10 years.


RootofGood

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Re: Compare your Net Worth to your neighbors
« Reply #41 on: March 19, 2014, 12:41:38 PM »
I'm a little surprised.  My block group includes a bunch of newer townhomes and a number of low rent duplexes and apartments in addition to a good number of single family homes in my neighborhood.  Other than the "below$15000 NW" bin, it's a fairly even distribution between the other NW bins.  The $500,000+ bin has about as many people as the $15,000 to $35,000 bin and all the other bins in between.  That's a sign of a rather socioeconomically diverse area, which would describe the neighborhood well.  Lots of recent immigrants, young families or couples, older retirees, professionals, blue collar workers, etc.  Me and 71 other people in my block group have NW's over $500k.  Not really surprising given the number of 70-80 year old retirees, a few early retirees, and small business owners.  And having a paid off house here would get you to about $150k or so. 

Overall, my block group has a median NW of $75,000, or 114% of the national average.  This isn't surprising, but the "nice part of town" with the $500,000+ median net worths (where 90%+ of the residents fall in the $500k+ bin) is only 1.1 mile from my neighborhood of dirt cheap homes.  I bet they are pissed I can walk to their neighborhood and I can shop in the stores where they shop!  ;) 

Dr. Doom

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Re: Compare your Net Worth to your neighbors
« Reply #42 on: March 19, 2014, 01:05:32 PM »
Sweet Jesus, my neighborhood ('burbs of boston) is a smidge over 500K.  I need to get out of here, I'm only 2x richer than other people.   


Bakari

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Re: Compare your Net Worth to your neighbors
« Reply #43 on: March 19, 2014, 01:33:40 PM »
For my "Block Group" its $10k - but that includes 5 blocks, most of which are SFR.  My actual block, and across the street, are all apartments, and I suspect the average of just these would be a lot closer to $0.

Either way, if I'm only comparing to local Jones, I'm doing pretty good.

The whole Bay Area is pretty interesting - we don't seem to have much middle class, most of the 9 county area is maxed out at one color extreme or the other. 
I'm particularly surprised at the 15k or less average of most of Berkeley CA, given the $737,500 median home sale price.

NumberCruncher

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Re: Compare your Net Worth to your neighbors
« Reply #44 on: March 19, 2014, 01:41:54 PM »
My block is ~$50k, but it's right next to a lot of $500k+s! It's crazy how geographically close the rich neighborhoods can be to the poorer ones

This is a very interesting map. :) 

Mister Fancypants

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Re: Compare your Net Worth to your neighbors
« Reply #45 on: March 19, 2014, 02:10:37 PM »
If you liked this map you might also like the map I posted in this thread too...

https://forum.mrmoneymustache.com/share-your-badassity/compare-your-income-to-your-neighbors/

-Mister FancyPants

RootofGood

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Re: Compare your Net Worth to your neighbors
« Reply #46 on: March 19, 2014, 03:33:05 PM »
My block is ~$50k, but it's right next to a lot of $500k+s! It's crazy how geographically close the rich neighborhoods can be to the poorer ones

This is a very interesting map. :)

That's like my 'hood and the rich neighborhoods near me.  I get to enjoy the benefits of a nice area generally, but only pay to live in the much lower cost housing here in my 'hood.

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Re: Compare your Net Worth to your neighbors
« Reply #47 on: March 19, 2014, 03:49:43 PM »
It shows up when you click on the colors.

You make it sound so obvious. ;)

$18000 net worth. Word.

I followed the directions and also do not see the numerical data. What am I missing? I tried to "click on the colors," but I am not sure what that is referencing.

JohnGalt

  • Bristles
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  • Age: 39
  • Location: TX
Re: Compare your Net Worth to your neighbors
« Reply #48 on: March 19, 2014, 04:35:18 PM »
Wow. I'm surprised such detailed information is available.

There's a ton of data like this out there.  I use even more granular data that attempts to map it down to individual households and even persons for most of the US.  Age, income, education, mortgage amount, magazine subscriptions, etc.  Accuracy is often questionable... but its there and a little scary. 

MrsStubble

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  • Location: West Chester, PA
Re: Compare your Net Worth to your neighbors
« Reply #49 on: March 19, 2014, 07:10:33 PM »
This is very interesting... My block is a mix of 2 different developments (all small houses/townhouses under 1200 sq ft), a mall, and an small industrial complex.    The average net worth is $36,230 but of the 31% of the block has a net worth over $100,000 and 10% has over $500,000 net worth.    There's a bunch of thousandaires next door in this neighborhood apparently.