According to a recent article in Forbes Magazine, some of the most affluent communities in America are right here in Chevy Chase! In fact, Chevy Chase Section Five has been ranked as America’s most affluent neighborhood, for the second year in a row.
Chevy Chase Economy Sees Rapid Growth
Per Forbes, Chevy Chase Section Five enjoys a median household income of about $250,000. Section Five is notable for the high-density of affluence in a relatively small geographic area; approximately 700 residents share this village that covers .10 of a mile.
Personal economies of the area have grown faster than the rest of the nation. In the year 2000, the median household income of Chevy Chase Section Five was $100,000. Section Five household incomes have grown by 67% from 2000 to 2012.
The Town of Chevy Chase also ranks high in affluence, coming in seventh place with a median household income of $231,000. Forbes notes that 10 sections of the DC Metro, along with three additional neighborhoods of Chevy Chase, are included in the top 100 list of affluent areas.
Federal Spending Impacts Local Incomes in D.C. Metro
What’s the secret to DC area wealth? Forbes points to snowballing government spending, from $1.78 trillion in the year 2000, to $3.6 trillion in 2011. Federal payrolls grew with the creation of new agencies. Divided politics also make good business for lobbyists, attorneys, public relations managers, media companies and more.
What about the sequester? While it remains a concern, many of the impacts of the automatic Federal budget cuts will be gradual. So far, the reaction of the financial markets is positive. The intense political activity shows no signs of slowing down – and neither does the DC Metro economy.
Your Chevy Chase Real Estate Expert!
The demand for homes in Chevy Chase, Bethesda, and the surrounding D.C. area is expected to grow during 2013, and home prices are trending higher! If you are thinking of buying or selling a home, turn to me for the professional guidance you can trust. My experience with the Chevy Chase real estate market will give you the advantage!
Contact me today for help with your real estate needs!
Melinda Estridge
The Estridge Group-Long & Foster Real Estate, Inc.
Check Out Our Website
See Homes for Sale in Chevy Chase
Contact Us
