Income inequality is growing faster in some cities than others — here’s why

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Income inequality is growing faster in some cities than others — here’s why
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The cities with the widest income gaps included Houston, New York, Los Angeles and San Francisco -- but this metro area was the worst.

Big cities equal big time income inequality, according to a new look at the places where American income inequality is most pronounced.

• In the San Jose-Santa Clara area, just to the south of San Francisco, the highest earners make 7.9 times the amount of those at the bottom rung of the earnings ladder. Gaps between the haves and have-nots are deepening across the country, but there’s a reason some places are seeing it more than others.

The same pattern applies for a place like New York City, where the finance industry needs skilled workers, they noted. The Federal Reserve Bank of New York research comes weeks after new U.S. Census Bureau data showed income inequality reaching its highest point since the agency started tracking the divide.

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