Our model generates three pre- dictions that we confirm using a novel database of consistent-boundary neighborhoods in U.S. metropolitan areas, 1880–2010, and spatial data for natural features such as coastlines and hills. First, persistent natural amenities anchor neighborhoods to high incomes over time. Second, downtown neighborhoods in coastal cities were less susceptible to the suburbanization of income in the mid- 20th century. Third, naturally heterogeneous cities exhibit spatial distributions of income that are dynamically persistent.