Wednesday Links
State’s Unemployment System Buckles Under Demand [NY Times] In Fed Rate Cut, Fears of Long Recession [NY Times] 6% of City Workers Make $100K a Year [NY Post] Two NJ Nets Dancers Move to Brookyln [NY Post] Community Board Budget Cuts to Hit Hard [NY Post] Outbreak Closes Brooklyn Animal Shelter [NYDN] Real Estate Market…
State’s Unemployment System Buckles Under Demand [NY Times]
In Fed Rate Cut, Fears of Long Recession [NY Times]
6% of City Workers Make $100K a Year [NY Post]
Two NJ Nets Dancers Move to Brookyln [NY Post]
Community Board Budget Cuts to Hit Hard [NY Post]
Outbreak Closes Brooklyn Animal Shelter [NYDN]
Real Estate Market Sees Significant Drop [NY1]
Dime Opens New Branch on Montague [CNN]
That is totally mystifying. Wonder if different organizations come up with different medians. I thought mine was based on tax numbers.
Mopar,
Nope, $48,631 for 2007. Here’s a link to the article:
http://www.observer.com/2008/real-estate/life-or-something-it-city-s-median-income.
There are a lot of wealthy people, but not nearly as many as you would think. I don’t have the exact figures (easy enough to Google), but only about 2.5% of NYC households make over $200,000 a year.
Greenwood, wait a sec, I have always heard $70,000 is the median household income in NYC, which actually makes perfect sense and does explain the crazy prices. NYC is full of wealthy people.
this should be something people can understand. we are looking at the most expansive monetary (and soon to be fiscal as well) set of actions in our lifetime. if you are not getting into inflation correlated assets right now (stocks, commodities, real estate) you are going to get left behind in a horrible way. now is not the time to let What-esque rants scare you away. once the economy visibly bounces it will be way too late for you.
The numbers are correct, although they wouldn’t account for trustafarians and, I assume, wealthy foreigners. And more tellingly, the median household income is about $49,000. How is all the ridiculously priced real estate in this city sustainable? I’ve been trying to figure that out for years…
Only 15 percent of all NYC households earn $100,000 or more? Then how in the world is it possible that all of Manhattan, half of Brooklyn, and some of Staten Island consists of housing only affordable by the 15 percent? Don’t tell me 85 percent of the population lives in the Bronx or Queens.
Or are they not counting the independently wealthy and Europeans?
Rob:
Per 2007 census figures only 15 percent of NYC households earn $100,000 or more. I’m guessing the percentage of all New Yorkers who earn that much is about 10%.
6% of municipal employees stil isn’t alot…especially when you consider that most of those are concentrated in a handful of agencies and it takes years for most people to reach those salaries on the municipal pay scale (unless you’re well connected).
Disclosure: former City employee.
That story about the Nets Dancers may appear on the NY Post web site, but it’s from the Post’s weekly subsidiary, the Courier-Life chain (see yournabe.com).
It’s kind of a funny story:
http://atlanticyardsreport.blogspot.com/2009/01/slow-news-leads-to-front-page-treatment.html