Just as inflation can drive up costs, macroeconomic shifts, layoffs, or industry downturns can lead to declines in household income, potentially posing challenges to families affording housing, groceries, and other necessities. For some, a dollar doesn't stretch as far when income drops faster than expenses increase. According to the latest Census Bureau data, household income changes can vary widely across cities, and while some cities see incomes outpace inflation, others may experience sharp declines that exacerbate rising costs.
To better understand these trends, SmartAsset analyzed data from 630 cities to rank them based on the percentage decline in median household income over one year, according to the latest data from the Census Bureau.
Cities are ranked according to the percent change in estimated median household income between 2023 and 2022.
Cities are ranked according to the lowest estimated median household income in 2023.
SmartAsset examined data for estimated local median household incomes from the Census Bureau for 2023 and 2022 for 630 cities with available data and a population of at least 65,000. The percentage of households earning at least $100,000 and at least $200,000 each year was also examined.
This story was produced by SmartAsset and reviewed and distributed by Stacker.