Think you might be in the 1% in DC? Think again. (Borderstan)
By Michelle Lancaster. You can follow her and let her know your news on Twitter @MichLancaster. Email her at michellel[AT]borderstan.com.
D.C. and the surrounding areas are often deemed part of the ‘elite’ by politicians running against incumbents. Most of us who live here take some small bit of pride in that, too.
But if you thought that automatically qualified you as both elite and a 1-percenter in terms of income, you had better check that W-2 from last year. Even if you make a lot of money, chances are you are in the 99%.
The Washington Post reports the 1-percenters in our region must earn more than $500,000 in household income (the national average for 1-percenters is $387,000). Specifically, in D.C. you have to earn even more — $617,000. Plus, more than 13 percent have household incomes of over $200,000.
Surprised? Some of the top earners feel they have been unfairly targeted by ‘political rhetoric’, which is perhaps less surprising.
And, yes, let me remind you again: We live in a bubble within a bubble. Unemployment rates for the Dupont-Logan-U Street area are not only much lower than national averages, they are far below D.C. levels for other areas of the city.
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Borderstan.com covers DC’s Dupont, Logan nd U Street neighborhoods.
By Michelle Lancaster. You can follow her and let her know your news on Twitter @MichLancaster. Email her at michellel[AT]borderstan.com.
Yes, newcomers, “DMV” stands for DC, Maryland and Virginia…
While the Obama Administration has all but broadcasted the lowered unemployment rate from the top of the White House, you may be unaware of our little bubble within DC, Maryland and Virginia.
Throughout the economic crisis, residents have been relatively blessed with fewer than average foreclosures, steady value on their homes and a lower unemployment rate. Nationwide, the unemployment rate is 8.3% – the same it was in January. In Maryland, unemployment fell to 6.5%; Virginia was lower still at 5.8% and the District was a little higher at 9.9%. The Washington Business Journal gives us the facts; you can give us the rationale in the comments below.
I am also reminded of Scott Thompson’s “Neverland” post from last week. While DC’s overall rate is still higher than the national rate, that’s note the case here in large parts of Northwest. For example, the unemployment rate in Ward 2 (Dupont-Logan-Georgetown, NoMa) was only 5% in January — and 2.6% in Ward 3.
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In some ways, we live in a bubble of non-reality in DC–some of it good, some of it not. In Ward 2, with live in a bubble within a bubble when it comes to jobs and unemployment. I don’t often link to these types of stories, as Borderstan focuses on a pretty defined area of the city; the bulk of the hood is in Ward 2 with some in Ward 1.
However, an article in the Washington Business Journal caught my eye because of the sheer (but not really shocking) discrepancies in the unemployment rates by DC wards: “Ward 8 unemployment tops 28 percent.” Citing DC labor stats, the WBJ article notes:
The unemployment rate in D.C.’s Ward 8 remains one of the highest in the nation, reaching 28.3 percent in September, according to the D.C. Department of Labor. By contrast, D.C.’s Ward 3, with neighborhoods such as American University Park, Foxhall and The Palisades, has one of the region’s lowest unemployment rates at just 3.2 percent. Ward 2, whose neighborhoods include Dupont Circle, Georgetown and Sheridan Kalorama, had an unemployment rate of 5.8 percent in September. Read entire article
The September unemployment rate for the entire city was 11.4%, according to the DC government. You can find unemployment numbers by ward at the DC DES site and compare them to one year ago.
