Former Federal Reserve Chairman Alan Greenspan has long classified the widening wealth gap to be one of the most startling and destructive trends in the country.
The Brookings Institute conducted a study and found that inequality exists to a much greater extent in large cities, but it is very hard to compare the reasons for this inequality. However, cities with relatively low levels of income inequality are usually small and have similar economic characteristics.
According to Brookings, Southern and Western small cities have less income inequality, while "large populations, diverse housing types, and generally progressive politics mean that most cities will always have higher shares of the rich and poor than smaller places."
For a clarified view of the issue, NerdWallet crunched the numbers to find the cities with the greatest income equality.
Looking at the top 10 income equal cities (with populations of at least 100,000), NerdWallet "created an income equality ratio of the mean income of the highest-earning 20 percent of households in each city to the mean income of the lowest-earning 20 percent. The lower the ratio, then, the more equal the place.”
According to NerdWallet's metrics, two Utah cities, West Jordan and West Valley, got first and fourth respectively on the list.
- The 20 best cities to live in for first-time...
- How to eat on just $4 a day
- A solution to paying that medical bill you...
- How depression threatens financial well-being
- Vet who simulates homelessness for a month...
- 5 qualities of successful mompreneurs
- Allow student loan bankruptcies, but hold...
- 7 benefits of taking vacation time
- Allow student loan bankruptcies,... 17
- Raising a kid will cost you $245,000... 11
- Food stamp use shows continued... 9
- Want to increase attraction in your... 7
- Balancing act: Readers dispute... 4
- A solution to paying that medical bill... 4
- Dave Ramsey says: Don't make... 4
- How to eat on just $4 a day 4