Fairfax County, Virginia and Loudoun County, Virginia are the counties with the highest MEDIAN income in the USA for the last few consecutive years.
Read more about it on my March 19, 2010 blog: https://viviannerutkowski.wordpress.com/2010/03/19/loudoun-county-virginia-tops-the-list-of-americas-25-richest-counties-in-2008/
However, the Washington, D.C. region remains also one of the most expensive in the country.
The Washington area families now need to bring home six figure salaries to feel secure, a new study shows.
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In order to maintain “basic economic security,” families of four based in Fairfax County, VA — the most expensive in the Washington region — need to earn $108,000 to feel financially secure, according to a detailed cost-of-living analysis by local organization Wider Opportunities for Women.
Meanwhile, the typical single childless worker in Fairfax County earns an income suggesting economic security, the WOW study says.
In other words: it costs money to raise children, which in turn raises a question: are parents paid enough by the society for raising the next generation? Is having children becoming a privilege, and not the biological right simply because of economics?
I do NOT mean here the irresponsible right to have an UNLIMITED number of children. Only 1-3 children as a replacement of the older generation.
The WOW study found out that Montgomery County families in Maryland who only needed $80,000 two years ago, now need to make $104,000.
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To feel secure, study participants say they need food, a roof over their heads, a doctor, and a small emergency fund.
However, we should mention also a retirement fund for the parents and a college fund for the children, and a downpayment for a house.
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“We’re facing a growing gap between the top and the bottom, with increasing unemployment and job losses and people making less than they did a couple years ago,” Audrey Singer, a demographer with the Brookings Institution, told The Washington Post.
“There’s been a lot of concern about how people can make ends meet in a region such as this one, which has been fairly buffeted during the recession.”
The median household income of Washingtonians is roughly $85,000, according to the Post report, and unemployment rates are well below the national average.
To read the full report visit: http://www.wtop.com/?nid=25&sid=2075378#
and http://www.washingtonpost.com/wp-dyn/content/article/2010/10/10/AR2010101003347.html
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NOTE: Observations in this blog are personal views of the agent.
SOURCE: WTOP, The Washington Post
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Northern Virginia Real Estate Blog by Vivianne Rutkowski, REALTOR 