Friday, April 06, 2007
NYC's Middle Class - Heading for Extinction?
New York City's Middle Class is shrinking rapidly. According to a study by the Brookings Institution released summer 2006, the City had the smallest proportion of middle class families out of any of the country's metropolitan areas. The Drum Major Institute for Public Policy conducted a survey of New York leaders to try and discover ways to strengthen and increase middle-income families in the city. Among other enlightening results, the survey found that while the City's median family income is just over $49,000 a year, those surveyed think $75,000 to $135,000 is the actual amount it takes a family of four to have a middle-class standard of living.