MIAMI (CBSMiami) — A newly released report is painting a grim picture of how poor Miami is.
According to the report, the rich earn $40 for every $1 earned by the poor.
To add to that, the countywide poverty rate is now at 19.8 percent – about 33 percent higher than the national poverty rate.
It’s a startling statistic considered the average income in Miami-Dade County has been dropping since 2000 while housing and transportation has gone up, researchers found.
It also says Miami-Dade County’s housing market is the third least affordable in the country. That’s behind two counties in New York.
As for jobs, data shows, Miami-Dade County’s economy has created jobs but they are mostly lower wage. The report says high paying jobs are being created at a much slower rate.
The report – unveiled at a conference at the Hyatt Regency Wednesday – was conducted by the Metropolitan Center at Florida International University.
Researchers said all this is causing a prosperity gap that could be hurting the area’s economy. But there may be some solutions.
Along with their findings they proposed ideas to fix the gap including expanding higher wage job opportunities, providing better preparation in school and skills and attracting new investment in historically distressed neighborhoods, among others.
Click here to read the full report.