Madera, a city in California’s San Joaquin Valley, saw a significant decline in its median household income last year, dropping by over $10,000. In 2022, the city’s median income stood at $67,454, but by 2023, it had fallen to $55,622, according to a study by SmartAsset.
The consumer finance platform ranked 630 U.S. cities based on the largest percentage decrease in median household income from 2022 to 2023, using data from the U.S. Census Bureau. While the Census Bureau reported a nationwide increase in median household income to $80,610 last year, marking a 4% rise from 2022, Madera was among the cities experiencing a significant income decline.
This decline stands in contrast to the broader trend of rising incomes across the U.S., attributed to falling inflation, job growth, and increasing wages, as reported by the Economic Policy Institute. However, SmartAsset’s study highlights that not all households benefitted from the nationwide improvement in median income levels.
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