New York City's dwindling middle class has been leaving the city in droves, as the city loses over 130 residents every day according to the latest US Census data.
Comprising 48% of city residents, those with annual incomes between $30,000 and $60,000 are feeling the squeeze from higher living costs, wage stagnation and high taxes that whittle away at disposable income. New York's exodus is topped only by Chicago, according to the data analyzed by Bloomberg.
For comparison, around 61% of New Yorkers were considered middle class in the 1970s.
"The middle class is getting squeezed," says economist Peter C. Earle of the American Institute for Economic Research. "The rich in New York City are getting richer; the poor are actually getting richer, but not rich enough to be middle class."
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9 comments:
30K a year isn't middle class on the eastern shore, much less NYC
The " Middle Class " cannot even survive here. All the opportunists have big ideas about property development and business leasing. Now that pyramid scheme Keller Williams is in here marketing false promise of what and to whom ? Retirees ? I don't think the if you build it they will come is ever going to pay off here. You want to be Middle Class get with the far fetched development fantasies of unseasoned so called professionals and their connections with on board contractors and local banking. It's a totally circle jerk PONZI game. People are struggling to make ends meet with subprime living wage jobs and they think everyone is going to come out and support these empty shell games. These jokers should go to the city and see how their BS plays out and leave us alone.
Wow I wonder why they ran
Go figure
Well now we know where to ship all of the Migrants!
Are you saying 30,000 on the Eastern Shore is considered poor.
123pm, don't tell that to the OC City council with their local city gov't payroll!!!!
Look around at the local constructions sites and observe who the workers are. I imagine if an ICE agency van pulled up you would see hammers drop and workers running in every direction. Why pay craftsman wages when you can hire 3rd world workers and 1/3rd the cost and get 1/3rd the quality of construction?
Get a good look at the condos which went up in OC 12-13 years ago. I work in a lot of them and nothing is square or plumb. You want to do anything you have to go with what is there or set your own 'zero' point. I have been in one when you look down the wall for straightness the baseboard goes out of sight!
They all move to Florida's gulf. Every other license plate in Florida is New York.
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