Incomes are going up somewhat, but they’re going up much faster for high-income families. A report by the Economic Policy Institute provides state-by-state details to show you just how much those in the executive suite are sweeping the floor with the underlings.
CNN helpfully compiled the data into tables which allow you to drill through to see even more demographic information, down to city-level detail from CNN’s Best Places to Live 2005 report.
My state, New Jersey, ranks fourth in income inequality behind Arizona, Texas, and New York. While the average income of the top 5 percent of families in the Garden State is $268,889, the average income of the bottom 20 percent is $20,391.
While those at the top earn an quickly-accelerating income, they purchase bigger and better, setting the standards higher for those who try to keep up without the means. As those without the means continue to try to keep up, prices continue to rise, making neighborhoods unaffordable for people who can’t or won’t live in mounting debt.
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