Big Apple home to mix of cultures, incomes
By Janice Chamberlain -- Kids Today, 5/1/2006
New York City is considered the economic heart of the country. Rebounding from the 2001 terrorist attacks, the greater New York area is known for its cultural diversity and openness.
In 2005, New York ranked in the top 20 for Asian households and the top 100 for Hispanic households, according to statisticians at New York-based Easy Analytic Software Inc. (EASI). EASI projects the number of Asian households will increase by 14% in 2010 and by 21% for Hispanic households.
Metro New York, composed of the city, northern New Jersey, Long Island and part of Pennsylvania, ranks No. 1 in population density among the more than 900 U.S. metropolitan areas, according to EASI. EASI also ranks the area in the top 25 for household incomes exceeding $125,000.
The median household income in 2005 was $53,141, about $7,500 above the national average, and EASI statisticians predict that household incomes will jump more than 25% to $66,821 in 2010. New York's 2005 median household income ranked 45th among the 934 metro areas.
New York's a tale of two extremes when it comes to income. Households with incomes of at least $75,000 accounted for more than one-third of the city's households, but the second largest segment, one-quarter, was households with annual incomes of less than $25,000.
From 2005 to 2010, EASI statisticians project a 3% decline in the number of children ages 5 and younger in New York, compared with growth of 1.2% nationwide. The growth in household income might mean more dollars might be devoted to kids, offsetting the decline in the number of children.
Whatever their income, New Yorkers are projected to increase their spending on children's products by at least 20% from 2005 to 2010, with infant/nursery/furniture spending ranking 63rd among the metro areas, followed by youth/teen bedroom, infant accessories and infant equipment.
