Long Beach had median household income of $77,673 from 2006 to 2010, U.S. Census data show. That’s second only to the $146,069 earned in Rye, a city of almost 16,000 about 30 miles north of New York City.
“We’re seeing very strong evidence that our residents are adamant about staying in Long Beach,” Schnirman said. “People want to stay. It’s their home.”
In the municipal market this week, local debt is extending a five-week rally as issuers led by Wisconsin offer almost $8 billion of bonds.
Benchmark 10-year securities yield 1.73 percent, the lowest since Jan. 28, compared with 1.7 percent for similar-maturity Treasuries.
Munis are trailing gains in Treasuries this month, with a gain of 0.88 percent, versus 0.93 percent for federal debt, according to Bank of America Merrill Lynch data.