Sixty-two of 100 metro areas saw improvements in income equality from 2019 to 2020, a new analysis showed. Here are the cities that saw the biggest improvements.
Pandemic stimulus benefits and a tight labor market that boosted workers’ wages may have helped increase income equality in big cities across the U.S in 2020, according to a new analysis from LendingTree’s MagnifyMoney.
A Gini coefficient that draws closer to zero demonstrates greater equality, while a higher Gini coefficient closer to 1 shows worsening equality. Boise’s Gini coefficient, for example, dropped by 0.0096 to 0.4440, which was considered positive. But the analysis could nonetheless add to a growing pile of evidence showing the ways in which special government programs, including stimulus checks and expanded unemployment benefits, managed to narrow the ever-widening gap between the haves and the have-nots despite widespread job loss early in the pandemic. That accomplishment was especially profound because income inequality had otherwise been rising for decades, the report noted.
Supplemental federal unemployment programs ended last year, along with stimulus checks, the temporary expansion of the child tax credit, a federal eviction moratorium and more.Meanwhile, it’s possible that the places that saw income equality worsen during the pandemic experienced declines due to fewer employee protections, the report said. In Richmond, for example, the Gini coefficient increased by 0.0133, the most of any metropolitan area examined by MagnifyMoney.
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