income

Economy
3:33 pm
Fri February 7, 2014

Rental market becomes out of reach for many Michiganders

A neighborhood in Detroit.
user: ifmuth

Over the past few years, renting a home has become more popular than owning one. However, according to a recent Harvard study, rent is quickly becoming unaffordable for most Americans.

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Stateside
5:11 pm
Tue December 17, 2013

How one author cut $1,000 from his monthly budget... and made it work

Could you cut $1000 from your monthly budget?
wikimedia commons

For many of us, the word “budget” is not on our favorite words list.

But as so many of us across Michigan discovered during the Great Recession, things can get mighty scary when there's a crunch and we don't have much in the piggy bank.

Detroit News Personal Finance Editor Brian O'Connor writes the "Funny Money" column, offering financial advice to his readers. During the Great Recession, Brian and his family felt the pinch. So he decided to find out if his family could cut its monthly expenses by $1,000. He has turned his experiment  into a new book  “The One-Thousand Dollar Challenge: How One Family Slashed Its Budget Without Moving Under a Bridge or Living on Government Cheese."

Listen to the full interview above. 

Economy
1:03 pm
Tue November 26, 2013

Do you live in a 'Super ZIP?' Here are Michigan's top 5 wealthiest ZIP codes

This is a screenshot from The Washington Post
The Washington Post

This map shows you how wealthy your ZIP code is.

The Washington Post created it using data from the 2010 Census. Only zip codes that have at least 500 adults were included in the map (so some ZIP codes in the U.P. were not counted).

The ZIP codes are ranked from 0-99.

The higher the number, the higher the average household income and the higher the percentage of adults who have college degrees.

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Economy
11:01 am
Thu September 19, 2013

Census: Michigan's income and poverty rates remained steady in 2012

A woman holds a sign during a rally in Lansingon Wednesday on raising Michigan's minimum wage
Steve Carmody/Michigan Radio

New U.S. Census data shows Michigan’s median income and poverty rates holding steady.

The Census Bureau released the results of its latest American Community Survey today.

The results show Michigan’s poverty rate in 2012 stood at 17.4%, unchanged from 2011.

Ed Welniak leads the Income Statistics Branch of the U.S. Census Bureau.  He says Michigan’s numbers reflect a broader national trend.

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Economy
5:41 pm
Wed December 12, 2012

Stateside: Addressing Michigan's income disparity

Charley Ballard called for policy changes that allow for economic growth
Michigan State University

The gap between the Middle and Upper class in Michigan has widened.

Michigan State University’s Charley Ballard spoke with Cyndy about income disparity in both the state and country.

“There is a lot of emphasis about the level of income, but I am talking about the gap between those at the top, the middle and bottom in terms of how much their household income is. A big story is that the gap has widened. Michigan is typical in that the gap between the gap and top and the middle has gone way up, but the gap between the middle and the bottom has not,” said Ballard.

The disparities in income are largely a result of varying degrees of education among Michigan workers.

“Those at the top tend to be college-educated. Those at the bottom tend to not be,” said Ballard.

According to Ballard, Michigan’s statistics are average when compared nationally.

“In a lot of ways we’re a middle-of-the-pack state. If you take that ratio of the household income for the person at the 90th percentile, upper-middle class, and compare that with the household income with someone at the tenth percentile, that ratio increased by more than 20% in Michigan.”

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Economy
4:34 pm
Tue November 27, 2012

Stateside: Per capita income increases in Michigan, still below national average

Though far from fully repaired, Michigan's economy is improving
sushina flickr

A new report from the United States Commerce Department found that economic recovery is occurring in Michigan. According to the survey, per capita personal income rose in nearly every Michigan county last year.

Charley Ballard, Michigan State University Professor of Economics explained that although improving, Michigan’s economy still has further to go.  

Ballard began by defining the factors of per capita income.

“It’s their wages and salaries. It also included dividends and social security. It doesn’t include Medicare. They add up all of the income of all the people in Michigan and then divide by the number of people,” said Ballard.

Though improved, Michigan is still well below the national average of per capita income.

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Economy
3:33 pm
Fri October 19, 2012

Michigan 4th worst in gender-based income inequality

Gender-based income inequality by county.
screenshot Slate/New America Foundation

Mitt Romney’s “binders full of women” comment from the second presidential debate became an instant Internet meme, but it also brought attention to the issue of income inequality based on gender.

It’s an issue with particular relevance for Michigan.

The state ranks fourth in the country for the largest pay gap between men and women.

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Economy
4:04 pm
Thu September 20, 2012

Census data shows higher poverty, lower median household incomes in Michigan

Household incomes are down while the number of people living in poverty is up. That’s according to new data from the US Census Bureau. Michigan’s numbers mirror national trends.

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Economy
1:21 pm
Mon July 16, 2012

Forbes: Detroit ranks 3rd in adjusted wages compared to national average

Detroit
user andrea_44 Flickr

Detroit has the third highest average annual income out of the 51 largest metropolitan areas in the country.

Shocked? Let me explain.

Forbes Magazine and the Praxis Strategy Group re-ranked the incomes in these 51 cities after adjusting for cost of living. Not surprisingly, it turns out a dollar goes a lot farther in Detroit than in, say, New York City or Boston.

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CEO Compensation
1:01 pm
Fri September 3, 2010

Report says CEOs cashing in on layoffs

Cover of the report by IPS "Executive Excess 2010: CEO Pay and the Great Recession"
IPS

A report from the Institute for Policy Studies looked at CEO compensation from the 50 companies that layed off more workers during the recession. They found the CEOs at these companies are paid more, on average, than the average pay for the CEOs running to top 500 companies in the U.S. (S&P 500).

Sarah Anderson is the lead author of the report.  She says,

"CEOs are squeezing workers to boost short-term profits and fatten their own paychecks."  

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