WASHINGTON, DC - Are you poor, rich or still trying? Regardless, the Census Bureau says the U.S. median household income increased in 2014 to $53,657. Perhaps a sign that the economy is improving. However, adjusted for inflation, the number was still below pre-recession levels.
This gloomy trend comes despite the fact that 2.8 million more adults are working full time. Poverty in America also remains high, with nearly 46.7 million people living in need.
In other news, an old book says rich people don't go to heaven. Although it looks like buying a home in San Francisco, Manhattan or DC could be the next best thing. Financial website 24/7 Wall St. made a list of the richest and poorest metro areas in America. San Jose, California, was ranked as the wealthiest.
With a 3.2% unemployment rate, Midland was the only city in Texas that made the top ten. The poorest city is also in the Lone Star State: Brownsville-Harlingen, where 30% of households rely on food stamps, and the median household income falls to $32,000.
Rich cities absorb the most educated folks, offer better paid jobs, and the opposite goes for the poorest towns. So, in conclusion: those who believe life is a journey and not a destination, know nothing about real estate investment.