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The salary distribution is right-skewed, therefore more than 50% of people earn less than the average gross salary. Thus, median figures might be more representative than averages. [2] These figures will shrink after income tax is applied.
In 2011 5.2% of all hourly-paid workers age 16 or over earned an hourly wage at or below the federal minimum wage. [138] According to the Economic Policy Institute, the minimum wage in the United States would have been $18.28 in 2013 if the minimum wage kept pace with labor productivity. [139]
New York City's minimum wage for companies with 11 or more employees became $15.00 per hour on December 31, 2018. [197] On the same day, NYC's hourly minimum wage for companies with 10 or fewer employees became $13.50. [197] The minimum wage in Illinois will reach $15 per hour by 2025 with increases beginning in 2020. [198]
New York City is an established safe haven for global investors. [30] As of 2023, New York City is the most expensive city in the world for expatriates [31] and has by a wide margin the highest residential rents of any city in the nation; [32] and Fifth Avenue is the most expensive shopping street in the world. [33]
New York also had the highest density of millionaires per capita among major U.S. cities in 2014, at 4.6% of residents. [110] New York City is one of the relatively few American cities levying an income tax (about 3%) on its residents. [111] [112] [113] As of 2018, there were 78,676 homeless people in New York City. [114]
The boroughs of New York City are the five major governmental districts that comprise New York City. They are the Bronx , Brooklyn , Manhattan , Queens , and Staten Island . Each borough is coextensive with a respective county of the State of New York : The Bronx is Bronx County, Brooklyn is Kings County, Manhattan is New York County, Queens is ...
Overall, real hourly wage growth since the business cycle peak in December 2007 has averaged 0.8 percent a year for these workers, the fastest growth of any business cycle (measured peak-to-peak) since the 1970s." [2] The percent of persons aged 25 or older with a bachelor's degree or higher increased from 27.7% in 2008 to 30.1% in 2016. [135]
Queens is the largest by area of the five boroughs of New York City, coextensive with Queens County, in the U.S. state of New York.Located near the western end of Long Island, it is bordered by the borough of Brooklyn [5] and by Nassau County to its east, and shares maritime borders with the boroughs of Manhattan, the Bronx, and Staten Island, as well as with New Jersey. [6]