Exploring Wealth Concentration in Charlotte’s 28207 ZIP Code: Income and Home Values Surge

Exploring Charlotte’s Wealth: A Closer Look at the 28207 ZIP Code and Beyond

Charlotte, a vibrant city known for its southern charm and booming economy, has some fascinating dynamics when it comes to wealth concentration across its neighborhoods. Recent analysis highlights just how concentrated wealth is in specific areas, particularly in the coveted 28207 ZIP code, which boasts some impressive numbers when comparing income and home values.

Meet the Wealthiest Enclave: Zip Code 28207

According to the latest findings, the 28207 ZIP code stands out as the wealthiest enclave in the entire Charlotte region. This area includes well-known neighborhoods like Myers Park and Eastover, attracting those who enjoy the finer things in life. Residents in 28207 have a whopping per-capita income exceeding $180,000, making it the most affluent area in Charlotte. As if that wasn’t enough, homes in this neighborhood are valued at around $1.5 million on average!

With only about 4,400 housing units occupying a land area of just 2.4 square miles, this wealth is tightly packed. In fact, 28207 ranks not only as the wealthiest ZIP in the Carolinas but also as the 80th wealthiest in the entire country according to a newly released wealth index. That’s some impressive company!

The Next Tier: ZIP Codes in the Wealthy 1000

But 28207 isn’t the only neighborhood making waves. Several other Charlotte-area ZIP codes have also found their place within the Wealthy 1000 rankings. Five ZIP codes cluster between ranks 550 and 600, notably 28202, 28211, 28209, 28226 in Charlotte, and 28031 in Cornelius.

Among these, 28211 takes the crown for the highest per-capita income at around $87,831 and a typical home value nearing $830,000. This ZIP code covers neighborhoods like Foxcroft, Cotswold, and Stonehaven, where families enjoy spacious homes and access to great schools.

A Closer Look at Larger Areas

Then there’s 28202, a bustling urban area characterized by its smaller land size of 1.8 square miles. However, it boasts nearly 11,000 housing units and a youthful vibe, as it has one of the lowest median ages in Charlotte at just 30 years. Meanwhile, 28211 encompasses a significantly larger area with more than 14,000 housing units, showcasing the diverse lifestyle options dispersed across its neighborhoods.

Understanding Wealth Through New Methodology

The analysis conducted by The Business Journals is grounded in a refreshed methodology that combines various factors like home equity, lifetime savings potential, and even the median age of residents to provide a well-rounded indication of wealth concentration. Out of the nearly 33,200 ZIP codes assessed across the country, a total of about 21,800 ZIP codes were included in the final calculations after filtering.

This approach looks not only at income and home value but also considers factors like poverty rates and land area, giving a clearer picture of what wealth really looks like in each community.

Household Income Trends in Charlotte

While the wealth index paints a vivid portrait of prosperity in 28207 and beyond, there’s also a compelling story about household income across the area. The median household income in 28207 is an eye-popping $217,656, a significant leap from $192,500 the previous year. Home values in this ZIP are also trending upward, jumping from $1.16 million to $1.34 million—a clear indication of growing demand.

Interestingly, neighborhoods like Waxhaw’s 28173 ZIP code also reveal impressive gains, with median household incomes reaching $144,544, a rise from $135,541 in the previous year, alongside an increase in home values from $436,000 to $501,200.

Conclusion

As we dive into the numbers, it’s clear that Charlotte is not just a beautiful place to live; it’s also a thriving hub of wealth and opportunity. From the ultra-rich confines of ZIP code 28207 to the growing suburban neighborhoods, Charlotte continues to evolve, attracting families and businesses looking to call this charming city their home. With a rich economic landscape and upward trends in both income and property values, the future looks bright for residents and newcomers alike!