Wondering which regions are recovering from the recession? Or, which ones are still feeling the
The map below shows regional shifts in average estimated household income, including income from investments:
Estimate of income from investments plus wage income
These changes are the result of many factors including:
- Migration of households into and out of the ZIP codes
- Increases or decreases in unemployment
- State foreclosure rates and policies
San Antonio and San Francisco appear to have the same drop. How is that possible?
- This map only depicts percent change, not where the region started out. It also takes into account estimated lost income from investments in addition to income from wages.
- So, even if two regions both have 10% growth, one could have gone from $30,000 average estimated income in 2007 to $33,000 in 2011 and the other could have gone from $145,000 to $159,000.
Michigan and Ohio look very green. Why?
- Many communities within these states had already experienced drastic income losses and population declines prior to June of 2007. Unemployment and strained industries were already hitting these regions pre-recession.
- For example, in 2007 Ohio’s unemployment rate was 1% higher than the U.S. average while is it 0.9% lower than the national rate today.
Income has dropped more sharply in California than in Florida. Why?
- Florida has a strong retirement population with fixed incomes and a longer foreclosure process than in California so, on average, income decreases have been less severe.
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