Wednesday, September 16, 2009
You know this will eventually end very badly, but, for the time being at least, Washington D.C. is the premier destination for the young and upwardly mobile from all across the land, this development likely having something to do with the fact that trillions of dollars of newly created and borrowed money continue to gush from the nation's capital.
Reuters reports that the area now has the highest concentration of thirty-somethings pulling down more than a hundred grand a year and, given that the U.S. economy will likely require largess from Uncle Sam for some time to come, there seems to be little threat that they'll lose that distinction anytime in the foreseeable future.
Sixteen of the top 50 counties in the United States with the highest share of wealthy young people are in the Washington, D.C. area.Let's just hope that our Asian trading partners keep lending us money and that the Federal Reserve never has to sell all their GSE debt. Developments such as those could suddenly make the greater Washington D.C. area a much different place to live and work.
Loudoun county, which is part of the Washington metropolitan area, has 10 percent, or 10,327 young adults, making more than six figures -- more than San Francisco and New York in terms of percentage of the population.
"In 1990 you had a lot more concentration of this demographic in the heartland and in Texas, likely driven by the oil economy, and some of the agribusiness," Michael Mancini, of The Nielsen Company, said in a statement.
Arlington County, in Virginia near Washington, D.C. captured the second spot, followed by San Francisco, Manhattan and Douglas County, which is situated between Denver and Colorado Springs in Colorado.