And the city just keeps getting better for men! According to a study released by City Comptroller John Liu's office last week, New York is one of the best places for men with college degrees to make money before they turn 30. Young men here typically earn $256,000 more over their lifetimes than peers in other parts of the country. They also tend to blow all that extra cash on Jägerbombs in Murray Hill.
The city isn't bad for women either, with the average young woman earning $184,000 more than her peers. However, both of these earnings happen within the first 10-15 years of their careers, with most women's earnings plateauing around age 33 and men's at age 37. These numbers are all a part of a study on economic recovery, which highlights that this is the city's first quarter of growth after nearly two years of economic decline. Liu said, “As we start to move out of this recession, my office's analysis has underscored the importance of an education, and the need to address the gender pay gap in ways to strengthen the earnings potential of New Yorkers in the future.”
Liu warns of other concerns besides the gender gap. On the whole, middle-aged New Yorkers tend to earn less than they could in cities like Atlanta or Chicago, which could cause a problem for the city as more baby boomers hit their 40s and 50s. Economist Bernard Weinstein told the Times, “The New York metro area is always sucking people in and spitting them out. I’ve watched this cycle of all these kids moving to New York and 10 years later moving back to Dallas." Or they stick around, have kids, and start complaining when they can't live like they're in their 20s anymore.
