Sunday, August 31, 2014

#7 So You’re Rich for an American. Does That Make You Rich for New York?

The author, Jordan Weissmann, talks about what the difference between being rich in New York and being rich in the whole U.S.A. is. He shows us a graph that shows the difference in percentages of how much each household in New York and the USA gain per year. The difference is not that big. In the whole USA, twenty two percent of the households earn six figure salaries per year while only twenty five percent of the households earn six figure salaries in New York. It may seem that New York is filled with rich people and that standards of being considered rich in New York are different than of the country as a whole. But we can see that the difference is not that significant. Even though the rent prices of apartments in New York are insanely high, the amount of money used for commuting balances out these high rent costs. Also, the salaries of people working in New York are higher than average, and New York is reasonably affordable compared to other large cities.  So, the author concludes by saying that if you're rich in the US you are also rich in New York. One place that has a large community of rich people is San Francisco.
The author is successful in this article. He uses from outer reliable sources and uses graphs and illustrations to support his thesis and to help the reader understand more of what he is saying. The not only states the facts, but he tells us the reasons of why the facts are the way they are. He explains why someone could be rich in the US but not rich in New York; however, with the facts and graphs he tells us, we can see how the difference between New York rich and US rich is not much big. The authos is successful with his writing, the pace was easy flowing and well thought out.  

http://www.slate.com/blogs/moneybox/2014/08/29/income_distribution_of_new_york_city_what_does_it_take_to_be_rich.html

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