Mar 24, 2022 - News
Philadelphia's household incomes swelled before pandemic
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Philadelphia residents saw their household median income grow over the last five years from $38,000 in 2015 to $49,000 in 2020, according to recent data from the U.S. Census Bureau.
- That's a 28.4% increase, the largest among all counties in the state.
- The commonwealth overall saw a 5% increase, from $60,824 to $63,627.
The intrigue: No county in the state experienced a decrease in average household income.
Zoom out: The national average increased 7% from $60,904 in 2015 to $64,994 in 2020.
- The growth coincides with a rise in educational attainment levels and significant drop in poverty levels nationwide.
Between the lines: The increases reflect the continued growth and economic expansion from the aftermath of the Great Recession to the pandemic.
- Unfortunately, that growth spurt has ended. Inflation is at a 40-year high, and wage increases aren't keeping up.