Wage inequality has soared in many of the United States' biggest cities ove...
- Wage inequality has soared in many of the United States' biggest cities over the past 35 years as companies cluster in urban centers, driving big paychecks for in-demand workers, according to a report by the New York Federal ReserveFILE PHOTO: People walk along Wall Street during the morning commute in the financial district during a winter nor'easter in New York City, U.S., March 2, 2018.
In San Francisco, inflation-adjusted wages for workers in the top 5% of wage earners grew by 120% between 1980 and 2015, while wages for the bottom 10% of earners grew by just 20%. The changes are making city life more challenging for lower wage workers, who are struggling to keep up with rising housing costs and other bills.
While areas such as the thriving tech sector in the San Francisco-San Jose region have moved up the rankings, some cities with the most or least inequality in 1980 were still marked by extremes 35 years later. Bakersfield and Santa Cruz in California also had persistently high levels of inequality, the report found.
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