In an analysis of census data, the news agency determined in a recent article that LCF ranks 64th among the 100 wealthiest communities in the nation, according to inflation-adjusted household income data of 6,200 places with a minimum population of 2,000 residents. LCF residents’ average annual income in 2015 was $220,363.
“Cities and towns with ties to Wall Street and the Silicon Valley, and a smattering of communities in between, boasted the highest U.S. household incomes in 2015,” the report by Vincent del Giudice and Wei Lu reads.
Topping the list nationally was Atherton, a city of a little more than 7,100 located in San Mateo County, along the technology corridor between San Francisco and San Jose. Atherton’s average household income was $444,374.
California’s top five wealthiest cities — also including Hillsborough, Los Altos, Piedmont and Kentfield — all are within 50 miles of Atherton. And more than one-third of the cities on the list are located within 50 miles of New York City.
“The industries that are located in the so-called fly-over states don’t pay nearly the same as those on the coasts,” said Richard Yamarone, an economist at Bloomberg Intelligence, said in the report. “Earnings for farmers, ranchers and manufacturers simply pale in comparison to the larger salary and bonus-laden occupations.”
LCF Mayor Michael Davitt said a host of factors make the city so attractive to high-earners, including geography and location, plus more.
“People want to come here and live and raise a family because it’s an enriching community,” Davitt said. “People share a lot of the same kind of values — and education is such a strong driver. And we’re small enough to react but big enough to provide conveniences to people. Geographically, we’re in a great location: We’re close to Glendale and Burbank and the studios and we’re close to Downtown L.A., to Pasadena. It’s a nice thing.”
The highest-ranked L.A. County city on the list is Palos Verdes Estates, whose residents’ average income was $245,922. That was followed by Malibu ($238,399); LCF; Manhattan Beach,($214,496); San Marino ($207,276) and Beverly Hills ($199,045).
According to the 2015 Census stats, LCF has 6,559 households and the median household income was $156,883.
LCF also has a stake in another recently released list ranking wealthy communities.
Late last year, the real estate blog propertyshark.com took into account sales data and determined that LCF’s median home sales price was $1.6 million, which put LCF in 60th place — one of 72 California zip codes that checked in at among the nation’s 100 priciest.
With median home sales at $5.4 million, Atherton comes in second on this list, behind Sagaponack, New York ($5.5 million). San Marino is 30th ($2.1 million).
For more information, visit bloomberg.com/graphics/2017.