Brooklyn recorded the strongest household income growth in New York City between 2019 and 2024, though inflation continued to outpace earnings for many New Yorkers.<\/p>\n
Median household incomes increased in every New York county between 2019 and 2024, but many residents still lost ground to rising living costs, according to a report from State Comptroller Thomas P. DiNapoli<\/a>.<\/p>\n The report found inflation rose 23.1% during the five-year period, outpacing income growth in many parts of the state. After adjusting for inflation, New York\u2019s median household income increased by just 2%, or about $1,688 statewide.<\/p>\n \u201cHousehold incomes for too many New Yorkers have not kept pace with the stubborn inflation we continue to feel today,\u201d DiNapoli said in a statement. \u201cWhen real incomes decline, people struggle to maintain the same quality of life. Continued focus on addressing the state\u2019s affordability challenges, as well as efforts to increase the growth of well-paying jobs across the state, are needed to ensure that all residents have the opportunity to thrive.\u201d<\/p>\n In 23 of the state\u2019s 62 counties, inflation-adjusted household income declined. However, among New York City\u2019s five boroughs, Brooklyn posted the strongest growth in inflation-adjusted household income. Median household income in the borough increased by $6,136, or 8.3%, between 2019 and 2024, outperforming the city\u2019s other boroughs during the same period. Queens also posted growth, increasing by $1,628, or 1.9%.<\/p>\n Household income declined in Staten Island, Manhattan and the Bronx during the same period. Staten Island recorded the steepest drop among the boroughs, decreasing by $3,549, or 3.5%.<\/p>\n