New York (WRGB) \u2014 Even as paychecks rose across New York over the past five years, many households still fell behind as inflation outpaced income growth, according to a new analysis from State Comptroller Thomas P. DiNapoli.<\/p>\n
Despite median household incomes increasing in every county from 2019 to 2024, they did not keep pace with the cost of living when adjusting for the 23.1% inflation during that time period, the report found.<\/p>\n
DiNapoli said,<\/p>\n
Household incomes for too many New Yorkers have not kept pace with the stubborn inflation we continue to feel today. When 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.<\/p>\n
Statewide, inflation-adjusted, or \u201creal,\u201d median household income increased by $1,688, or 2%, from 2019 to 2024. But the report found that in 23 of New York\u2019s 62 counties, real median household income decreased over that same period.<\/p>\n
Tioga County recorded the largest decline, down $4,794, or 6.2%. Rockland County had the second-largest decrease by dollar amount, down $4,526, while Chemung County had the second-largest decrease by percentage, down 5.8%.<\/p>\n
Other parts of the state saw notable gains after adjusting for inflation. Greene and Ulster counties posted the largest increases in real median household income. Greene County rose the most, up $11,978, or 18.2%. Ulster County increased by $7,132, or 9%.<\/p>\n
In New York City\u2019s five counties, the results were mixed. Real median household income increased in Brooklyn by $6,136 (8.3%) and in Queens by $1,628 (1.9%). It decreased in Staten Island by $3,549 (-3.5%), in Manhattan by $2,590 (-2.4%), and in the Bronx by $661 (-1.3%) between 2019 and 2024.<\/p>\n
The analysis also found that other counties with a positive percentage change in real household incomes of more than 5% included Fulton, Montgomery, Allegany, Suffolk, Schuyler and Franklin.<\/p>\n
The report noted that three of the 10 largest percentage decreases in real household incomes were in the Southern Tier, including Broome (-2.6%). In Western New York, every county saw a positive percentage increase in real household income except Cattaraugus, which fell 0.7%.<\/p>\n","protected":false},"excerpt":{"rendered":"New York (WRGB) \u2014 Even as paychecks rose across New York over the past five years, many households…\n","protected":false},"author":2,"featured_media":632120,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-632119","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/632119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=632119"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/632119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/632120"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=632119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=632119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=632119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}