Minnesota Household Incomes Fall, Poverty Rises in 2022 as Pandemic's Economic Effects Linger

Minnesota's median household income fell 2% in 2022 to $82,338 when adjusting for inflation, as pandemic issues continue influencing finances.
The state's poverty rate increased slightly to 9.6%, up from 9% in 2019, due to loss of stimulus checks, employment disruptions, and rising costs.
Food shelves like Open Cupboard are serving thousands more families per week as incomes fall and inflation rises.
For Black and Native American households, poverty rates were nearly double the state overall at 24.7% and 30.1% respectively.
Supplemental poverty rates show Minnesota at 5.5%, down from 6.5% pre-pandemic, likely due to expanded antipoverty programs.

startribune.com

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Posted 9/14/2023, 11:02:54 AM

Minnesota Household Incomes Fall, Poverty Rises in 2022 as Pandemic's Economic Effects Linger

Minnesota's median household income fell 2% in 2022 to $82,338 when adjusting for inflation, as pandemic issues continue influencing finances.
The state's poverty rate increased slightly to 9.6%, up from 9% in 2019, due to loss of stimulus checks, employment disruptions, and rising costs.
Food shelves like Open Cupboard are serving thousands more families per week as incomes fall and inflation rises.
For Black and Native American households, poverty rates were nearly double the state overall at 24.7% and 30.1% respectively.
Supplemental poverty rates show Minnesota at 5.5%, down from 6.5% pre-pandemic, likely due to expanded antipoverty programs.

startribune.com

Relevant topic timeline:

8/24/2023

Pandemic, inflation push 68 million more in Asia into extreme poverty, Asian Development Bank says

9/12/2023

Census Data Shows Declining Incomes and Rising Poverty in 2022 as Pandemic Aid Ended

9/12/2023

Child Poverty Soars After Expiration of Expanded Child Tax Credit

9/12/2023

US Household Incomes Fall Most Since 2010 as Inflation Outpaces Wages

5/31/2023

Housing Boom Turns to Bust As Rates Rise, Putting Households At Risk

10/4/2023

Minnesota Consumer Spending Growth Slows as Inflation Squeezes Household Budgets

10/9/2023

Wealth Inequality Resumes Growth After Brief Pandemic Slowdown