Philadelphia's poverty rate drops to decade low

Philadelphia is seeing its poverty rate dip to its lowest level in a decade, but it remains the poorest big city in the U.S.

Why it matters: Poverty is a lifelong condition for some Philadelphians, leading to negative health, employment, and educational outcomes.

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The big picture: Addressing poverty could play a big role in the November election as negative perceptions about inflation fuel a sour mood about the economy.

By the numbers: Poverty levels in Philly continued to trend downward by hitting 20.3% in 2023, per newly released Census Bureau data.

• That's down more than a percentage point from the previous year and from a rate of 26% in 2014, per Census data.

Context: Philly's poverty rate outpaces other big U.S. cities.

• Houston, Texas, has the second highest poverty rate among the largest cities at 19.5% , followed by New York City ( 18.2% ) and San Antonio ( 17.5% ).

Zoom in: Philly's Hispanic or Latino residents have the highest poverty rate in the city at 26%, despite seeing a year-over-year decrease.

• That's followed by Black Philadelphians, with a rate of 24.5%. The poverty rate for white residents was 12.5%.

Data: U.S. Census Bureau's American Community Survey ; Note: Poverty thresholds determined by annual income, family size and family composition; Chart: Axios Visuals

Zoom out: The four-state Philly metro increased slightly in 2023 to 11.5% , per Census data.

• Statewide, poverty reached 12% last year, up from 11.8% in 2022.

Meanwhile, people in Philadelphia proper are earning more money.

• The city's median household income topped $60,302, a first since the late 1970s, per the Inquirer .
• Yes, but: That's still below the average national median household income of more than $80,610 , per 2023 data.