The Triangle got richer during the pandemic
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The Research Triangle became richer during the pandemic, according to new data on household income released by the U.S. Census Bureau.
Driving the news: From 2019 to 2022 the nation's median household income as a whole fell 1.6%.
- But in the Triangle, household incomes actually grew.
Why it matters: The pandemic shifted the geography of incomes across the country, which is one reason why the cost of living in the Triangle is rising.
- Some of the income growth is the result of transplants and remote workers bringing in wages from higher cost metro areas.
- Longtime residents have struggled to keep up with the cost of living, leading to concerns about affordable housing and even strikes from city workers.
By the numbers: The median household income in the Raleigh-Cary metro last year was $92,739 — up 0.2% since 2019.
- In the Durham-Chapel Hill metro area, it grew by 4.9% to $79,154.
What's more is that the share of households in the Raleigh metro area earning more than $100,000 increased from 39% before the pandemic to 47% after it.
Of note: The new data comes by way of the U.S. Census Bureau's 2022 American Community Survey one-year estimates.
- Because the latest ACS release is based on 2022 data, it includes what some call the "late pandemic era," when many elements of normality returned but the global health emergency still loomed in the background, affecting many aspects of life.
Go deeper: Where America stands