The headline today in The New York Times says it all: “Immigrants Make Paths To Suburbia, Not Cities.” The implication of the article is that the immigrants referred to are blue collar workers who sought work in the construction and food service industries. However, missing from the article is any discussion of the high concentration of recent immigrants who have settled into million dollar neighborhoods throughout suburban America. Many of these people are highly skilled professionals, entrepreneurs, and corporate executives. America continues to be the land of opportunity for a wide socioeconomic spectrum. In fact, as I pointed out in Stop Acting Rich:
. . .the concentration ratio-the percentage of a particular group living in homes valued at $1 million or more-is highest among the more recent immigrant groups, such as Iranians [14.7%], Iraqis [11.3%], Taiwanese [10.5%], and so on. . . .
Overall at number one are South Africans [21.6%]. Contrast this to the number one ancestry group in terms of the total number living in million dollar or more homes, the English [2.8%].
What the data seems to suggest is that new immigrant groups rise quickly in the United States while more established groups fall in wealth.
I am not certain how many recent immigrants live on Nantucket but according to the article it has the highest median homes values in America “at more than $1M.”