Aug 23

Household Incomes Improving, But Still Way Down

Household Incomes Improving, But Still Way Down

Household Incomes Improving, But Still Way Down. Image courtesy of jannoon028 / FreeDigitalPhotos.net

Household Incomes Improving, But Still Way Down. Image courtesy of jannoon028 / FreeDigitalPhotos.net

 

Though median household income has been rising for the last two years, it’s still 4.4 percent below where it was in June 2009 when the recession officially ended, according to a new study by two former Census Bureau officials. Annual median household income rose to $52,100 in June, up from $50,700 in August 2011. But that’s $2,400 below June 2009 numbers.

What’s more, median household income stands 6.1 percent below its level when the recession began in December 2007, according to the study.

Some of the largest declines in household income occurred among African-Americans, those who did not attend college, and households headed by people under the age of 25, the study notes. Regionally, the South suffered some of the worst of the brunt, with median household income falling 6.2 percent — to $47,900 — from June 2009 to June of this year.

“Groups with low incomes tended to have steeper declines in income,” says Gordon W. Green Jr., an author of the report from Sentier Research.

Households headed by non-college educated people saw their post-recession income fall to $39,300 in June of this year — a decline of 9.3 percent, according to the report. For households headed by people with a bachelor’s degree or higher, post-recession income declined to $84,700, or by 6.5 percent.

The only group that saw a significant increase in post-recession income were households headed by people ages 65 to 74. These households saw median incomes rise by 5.1 percent to $43,000, despite the fact that many were retired.

Meanwhile, post-recession incomes for households headed by people under the age of 25 dropped 9.6 percent to $31,300.

The study adjusted for changes in cost of living over time.

Source: “Median Income Rises, but Is Still 6% Below Level at Start of Recession in ’07,” The New York Times (Aug. 21, 2013)

 

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.