US Cities with the Smallest Income Gaps – 24/7 Wall St.

Special report

The United States has some the highest levels of income and wealth inequality in the world. US Federal Reserve data shows richest 10% of Americans control $ 93.8 trillionn, more than double the $ 40.3 trillion in the hands of the remaining 90% of Americans.

The gap between income and wealth only seems to be widening. A January 2020 report released by the Pew Research Center found that over the past four decades, revenue growth for the top 5% of famillion dollars per income far exceeded the income growth of families in lower income strata.

In a country as large as the United States, one can expect varying levels of income inequality. While some regions have large income gaps, other regions of the country are defined, at least in part, by their relative income equality.

Using data from the 2019 American Community Survey from the U.S. Census Bureau, 24/7 Wall St. identified the 50 U.S. cities with the lowest income gaps. Cities are ranked according to their Gini coefficient, a measure of income inequality based on the distribution of income in a population on a scale of 0 to 1 – 0 representing perfect equality and 1 representing the highest level of inequality. high possible. For the purposes of this story, cities are defined as any place covered by the census with populations over 25,000.

Among the cities on this list, Gini scores range from 0.357 to 0.282, well below the national Gini coefficient of 0.482. The places on this list span across the country but tend to be concentrated in the western states. Utah alone is home to 11 cities on this list.

Incomes are generally high in the places on this list. All but two of the 50 cities with the lowest income inequality have a higher median household income than the national median of $ 62,843.

The causes of the rise in inequalities are complex and varied. A published report speak The National Bureau of Economic Research links the growing disparity to a range of economic factors, including globalization, technological advances, a stagnant minimum wage and the decline of unions.

Click here to see US cities with the smallest income gaps
Click here to read our detailed methodology

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