Gotham Gains: Family Incomes Up, Poverty Down
New data for 2016, released by the U.S. Census Bureau last week, shows continued healthy gains in median family incomes and significant drops in poverty, especially childhood poverty, in New York City.
The new figures confirm trends reported in the Center for New York City Affairs’ July 19th Urban Matters post, “More Jobs, Rising Wages, Broader Advances: Seven Indicators of New York’s Economic Health.”
The Census Bureau found that real median family income in New York City rose 5.2 percent in 2016, and is up 9.5 percent since 2013. Real median family income in the city had fallen by 5.2 percent from 2008 to 2013, during and after the Great Recession. The 2016 median family income level of $65,440 was 3.8 percent greater than the 2008 level (expressed in 2016 dollars). . .