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New Yorkers on average are earning more than they were a half-decade ago, but for many inflation has aggravated the affordability challenge, a new report from state Comptroller Thomas DiNapoli indicates.
Median household income, according to the U.S. Census Bureau’s American Community Survey five-year estimates, rose in every New York county from 2019 to 2024. But during the same period, inflation increased 23.1 percent, U.S. Bureau of Labor Statistics data shows.
Adjusted for inflation, real median household income decreased in 23 of 62 New York counties, including two in the Rochester region: Genesee (down 1.6%) and Wyoming (down 3.3%).
In Monroe County, real median household income rose 3.3% in the five-year period, the largest increase in the Rochester region. Other counties saw smaller gains: Ontario (3%), Orleans (1.9%), Livingston (1%), and Wayne (1.8%). Statewide, the increase was 2%.
New York’s minimum wage increased on Jan. 1 to $16 per hour ($17 in the New York City area), up 50 cents an hour and the third straight annual increase. Starting next year, it will be indexed to inflation. Yet some, like the Worker Justice Center of New York and Citizen Action NY’s Economic Justice Committee, say the increases are not enough to effectively combat inflation and instead advocate for what they call a living wage.
According to the MIT Living Wage calculator, a living wage is defined as the hourly wage that enables a single, full-time worker to cover the cost of their family’s minimum basic needs where they live without additional public or private assistance.
Under a defined living wage, a single worker in Monroe County would need to make $23.49 an hour to earn a living wage. That number jumps to $31.07 for individuals in a two-parent household with two children and both parents working.
Similar methodologies to combat inflation and increase incomes have been endorsed by Rochester City Council, which in April unanimously signed a memorializing resolution urging the state Legislature to pass and Gov. Kathy Hochul to sign the Living Wage for All Act, legislation that would raise the minimum wage to $30 by Jan. 1, 2030 for large employers (with 11 or more workers) and by Jan. 1, 2035, for small employers.
“Rochester is facing a housing and homelessness crisis that has continuously strained City and County resources as the cost of living soars in Rochester and throughout New York State,” the resolution reads. “Rochester is also home to some of the poorest zip codes in New York State, leaving our most vulnerable residents in ever more dire financial straits.”
DiNapoli’s report warns policymakers to consider the compounding affordability challenges facing households as inflation in many parts of the state continues to outpace income growth.
“When real incomes decline, New Yorkers struggle,” the report states. “Those just starting out have a more difficult time establishing themselves, and others struggle to maintain the same quality of life.”
Narm Nathan is a Rochester Beacon contributing writer and a member of the Oasis Project’s inaugural cohort.
The Beacon welcomes comments and letters from readers who adhere to our comment policy including use of their full, real name. See “Leave a Reply” below to discuss on this post. Comments of a general nature may be submitted to the Letters page by emailing [email protected].
Important article with verifiable data, which I appreciate. It takes me back to a time when if one did not believe in math, science, or facts you could not move to the next grade, graduate, or get promoted by claiming free speech.
Excellent article which provides a lot of specific information. I worked at Kodak in the fall of 1966 and started at $2.34 per hour. A gallon of gas cost $0.30.
Thank you to Narm for the excellent reporting and presentation of data on the current economic situation New Yorkers are living in.
I’m amazed that neither DiNapoli’s report, nor this overview of it, failed to mention the dramatic impact on inflation caused by the Covid pandemic. Talking about inflation without mentioning Covid makes as little sense as talking about the Civil War without mentioning its battles.