Miami Has the Second-Highest Income Inequality of Any U.S. Metro Area
Categories: Recessionomics
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Los Angeles, Houston and Memphis round out the top five. Read the full report in PDF form here.
The report uses "the Gini index of household income inequality ... (which) ranges from 0.0, when all households have equal shares of income, to 1.0, when one household has all the income and the rest none)."
The Miami-Fort Lauderdale-Pompano Beach metro are has a Gini index of 0.493. The nationwide Gini index is 0.467.
Within the city limits of Miami, the inequality picture is even more grim. The City of Miami has a Gini index of 0.540, which ties it for third place with Washington D.C. for the third highest income inequality in the nation.
Only Atlanta and New Orleans have higher income inequality. Interestingly Gainesville is fifth, while Ft. Lauderdale is eighth with a Gini index of 0.534.
On the state level, Florida comes in ninth on the Gini index, but the report uses other indicators to measure state-wide inequality.
"There was only one state where the different income inequality measures tell a confused story, as indicated by a difference in ranking of at least 10 places. Florida was ranked ninth by the Gini index with greater income inequality than the U.S. Gini (0.469 versus 0.467); it was however ranked twenty- seventh by the P90/10 index, and twenty-third by the P95/20 index, with both the latter two indexes showing lower income inequality than for the United States as a whole. This suggests that the extremes of income are not as prevalent in Florida as in the other states," says the report.
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On the state level, Florida comes in ninth on the Gini index, but the report uses other indicators to measure state-wide inequality.
"There was only one state where the different income inequality measures tell a confused story, as indicated by a difference in ranking of at least 10 places. Florida was ranked ninth by the Gini index with greater income inequality than the U.S. Gini (0.469 versus 0.467); it was however ranked twenty- seventh by the P90/10 index, and twenty-third by the P95/20 index, with both the latter two indexes showing lower income inequality than for the United States as a whole. This suggests that the extremes of income are not as prevalent in Florida as in the other states," says the report.
Follow Miami New Times on Facebook and Twitter @MiamiNewTimes.
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