Contact Us
New Canaan Daily Voice serves New Canaan, CT
Return to your home site

Menu

New Canaan Daily Voice serves New Canaan, CT

Nearby Towns

Breaking News: Alberta Clipper System Will Sweep Through Area Before Busy Thanksgiving Eve Travel Day
news

Lower Fairfield County Ranked As Most Unequal Place In Nation

Business Insider rated the Bridgeport-Stamford-Norwalk area as the most unequal metropolitan area in the country. Photo Credit: File
Business Insider rated the Bridgeport-Stamford-Norwalk area as the most unequal metropolitan area in the country. Photo Credit: Wikimedia Commons

FAIRFIELD COUNTY, Conn. -- The Bridgeport-Stamford-Norwalk metropolitan area has been rated as the most unequal place in America by Business Insider.

Disparities abound when it comes to a region that encompasses affluent areas such as Greenwich juxtaposed against the post-industrial landscape of Bridgeport. The median annual income of Greenwich residents in 2012 was just over $83,000 versus $19,743 for Bridgeport residents, Business Insider reported.

Bridgeport's fall from grace happened in the 1970s and 1980s, when industrial jobs became more and more obsolete. The employment rate in the city has fallen 42 percent since 1970, and many of those who lost their jobs left town in the hopes of finding better work, Business Insider said.

Greenwich, meanwhile, became the place where executives set up palatial estates. Eventually, these head honchos grew tired of commuting into Manhattan and began setting up hedge funds in the area. About 10 percent of all hedge fund wealth is now run out of Greenwich, Business Insider said.

As a result of these changes and economic shifts the average property in Greenwich now sells for nearly $950,000 while the average home in Bridgeport barely cracks $163,000, Business Insider said.

Overall, 5 percent of Fairfield County residents own 30 percent of the area's wealth while the bottom 20 percent only have 2.3 percent, Business Insider said.

Don't expect this disparity to close, either. The Nutmeg State did away with county governments in 1960, which means the more affluent areas have no motivation, nor any obligation, to help the more dilapidated areas get a facelift, Business Insider said.

Click here to read the full article.

to sign up for Daily Voice's free daily emails and news alerts.

Welcome to

New Canaan Daily Voice!

Get the news you need to know on the go.

Welcome to

New Canaan Daily Voice!

Hi! You've read our articles so we know you like our reporting. To keep reading please join our mailing list.

Get important news about your town as it happens.