Rising living costs have outpaced wage growth for many New Yorkers, with 68.3% identifying the cost of living as their biggest concern, according to WSYR.
Cornell University researchers found average household income rose 68% from 2007 to 2023, but inflation left families with only a 14.3% increase in purchasing power over that period.
More than 40% of respondents said they were financially worse off compared with the previous year, while 13.4% of employed respondents reported relying on app-based gig work in 2024.
The report also found a persistent gender income gap averaging $27,300 in 2026 dollars and declining trust in institutions among people with negative economic outlooks.
New York’s unemployment rate was 4.6% in June 2026, with private-sector employment up 46,000 jobs from a year earlier despite a monthly decline of 3,400 jobs.
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