Home values in the top 10% wealthiest communities are worth more than six times that in the bottom 40%, a new survey has found.
According to The Demand Institute, rich communities hold nearly 52% of the housing wealth, compared to 8% owned by lower-end landlords. The Institute, which assessed 2,200 largest communities across the nation is also operated by The Conference Board and Nielsen, which researches a total market value of owner-occupied housing in these types of cities, towns and villages, which are home to half of the nation’s residents.
The results surprised the Institute researchers by the depth of the divide that exists among communities in the U.S. “You see a real concentration of wealth in a few places,” said Louise Keely, the institute’s chief research officer.
Not surprising, the wealthier communities are accepting the housing collapse a little better. The total home value of this group rose 73% between 2000 and 2012, compared to 59% for the bottom rungs.
The institute identified what it called Affluent Metroburbs, which are established, wealthy communities near big cities. These cities include Pinecrest, Florida., Madison, New Jersey and Laguna Hills, California.
It also designated other locales as Endangered Communities, which are truly distressed areas with weak housing markets and severe socioeconomic problems. These include Decatur, Ill., Wilkes-Barre, Pa. and Gainesville, Texas.
For more information on the nine different community profiles and specific information on the cities within them, check out the institute’s report.
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Original facts and information courtesy of economy.money.cnn.com.