The Shopper Value Index shot up by about 13.5% within the 24 months from the beginning of 2021 to the tip of 2022, however the median earnings throughout main U.S. cities elevated by solely 8.1% over the identical interval, in line with a current report from SmartAsset. Because of this, inflation undercut many Individuals’ wages.
Nonetheless, employees in some cities had been capable of keep abreast of and even beat shopper value will increase.
To seek out out the place Individuals had been most affected by earnings modifications over one 12 months, SmartAsset researchers examined knowledge from the U.S. Census Bureau 1-12 months American Group Survey, launched in mid-September, and in contrast median family earnings in 2022 with that in 2021 for 349 U.S. cities with populations of greater than 100,000 in 2022.
The evaluation confirmed that earnings grew by about 30% in only one 12 months in three cities. On the different finish of the spectrum, earnings decreased by greater than 10% within the three worst-affected cities.
See the accompanying gallery for the 15 U.S. cities that loved the largest median earnings development between 2021 and 2022.