Areaês real per capita personal income drops 4% in four years
Because the cost of living is so high in the Washington metro area, a measure that takes into account both income and cost of living dropped 4 percent from 2008 to 2012, according to a report by the George Mason University Center for Regional Analysis.
Per capita personal income was $61,742 in the Washington area in 2012, second only to San Francisco-Oakland. But because the prices of goods and series here rose faster than incomes, area residents saw a 4 percent decline in real per capita income. Among the top 15 employment metro areas, the Washington area had the third highest cost of living, behind New York and San Francisco-Oakland.
The area is not getting wealthier, Center for Regional Analysis chief economist Stephen Fuller told the Washington Business Journal. Entry level positions and service jobs are growing much faster than middle or high-end salaried positions, dragging down per capita income, Fuller said.Download Bulletin PDF