Update: I’ve received a lot of email on this post, which delights me. Definitely see the comments. But I need to clarify and correct a couple things:
1. There was a typo (hello, my name is typo, what’s your’s?) in the 75225 zip code: median income there is $130,332.
2. 75225 is not Highland Park — 75225 is Dallas. There is only a portion of Northern University Park that is 75225, but none of Highland Park fits into this area. It is Preston Hollow, Windsor Park, Glen Lakes, and Caruth Homeplace.
3. Readers think there may be a couple hundred folks in Preston Hollow with median incomes of $10 million a year or more. I think I know a few!
Do you think people are building bigger and bigger houses in Dallas? You may be right: Dallas has placed fourth nationally in a ranking for double-digit millionaire growth in the last decade.
Let’s put it this way, as Paul O’Donnell at the Dallas Business Journal did::
The number of people earning more than $10 million a year has jumped 58 percent in Dallas – from 1,750 in 2004 to 2,770 in 2014. Only in-state rival Houston, and West Coast cities Seattle and San Jose saw bigger gains.
We even beat San Francisco. This from a March 2015 publication called New World Wealth. That is why we are seeing bigger and bigger spec homes, and part of the reason why our real estate market (etc.) is so hot. Fancy stores are coming here, not to Chicago or Detroit.
It’s nice to hang around rich people. They can afford to buy things, if you are selling them, and they are generally well-educated and well-traveled.
Where are they living? According to DBJ research, in five high net worth communities: Southlake, where the median household income is $145,392 (population 28,148); Colleyville, median income at $132,352 and a bit smaller than Southlake with 24,404 residents; Flower Mound, median income of $130,399 with a population of 23,527; Dallas Highland Park (75225) with a median income of $130,332 and a population of 24,149 and Argyle, population 17,388 and a median income of $113,364.
So you have 5 communities with roughly 20,000 residents each, the wealthiest in Dallas metro. That 4 out of 5 communities are not within Dallas County or the city itself — Highland Park is a separate township — concerns those who believe Dallas is stagnating when it comes to growth.
Also, these are 2013 figures. Populations in these areas could be even higher today, with the exception of land-locked Highland Park.