Miami has the greatest gap among big U.S. cities between rich and poor, Bloomberg reported Wednesday, based on calculations from its own index.
The global business and financial news provider ranked the Top 10 Most Unequal U.S. Big Cities — with populations of at least 250,000. Bloomberg based its index on information from the 2015 U.S. Census Bureau's American Community Survey.
From 2014 to 2015, the income disparity in Miami grew a mind-boggling 16.8 percent, when measuring the span between the top 5 percent and lowest 20 percent of wages, Bloomberg reported. By comparison, that same span grew by only 17.6 percent in the seven-year period from 2007 to 2014.
Miami was followed by Atlanta and New Orleans, according to Bloomberg's ranking. The only other Florida city in the Top 10 was Tampa, which ranked seventh in income inequality.
Bloomberg reported that getting a middle-income job in the Miami area is nearly impossible. Most jobs are either high paying or low paying.
“Miami-Dade now has more jobs than it had in 2007,” Kevin Greiner, senior fellow at the Florida International University Metropolitan Center, told Bloomberg. “The problem is that the quality, and the wages, and the income of those jobs created have been significantly lower than they were in the past.”
Real estate, too contributed to the income disparity in Miami, which often attracts high-end luxury condo investors and second-and third-home buyers, Bloomberg reported.