One town in the Hudson Valley was just named the "poorest town" in all of New York State.

Last week, Jerome Powell, the Chair of the Federal Reserve of the United States was in New York to speak about inflation.

Inflation Still Too High In New York

Bank Of England Governor Calls For Old Measure Of Inflation To Be Replaced
Matt Cardy/Getty Images

Powell said inflation is still way too high and lower economic growth is probably needed to bring it down.

“Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” Powell said.

Despite some slowing inflation, Powell added it's not enough to determine a trend and it's unclear where inflation will end up in the near future.

“While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2 percent,” Powell added. “We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters.”

A recent survey found that over 85 percent of American households earning less than $50,000 a year reported having some difficulty paying for usual household expenses.

24/7 Wall Street just released a new list of Every State’s Poorest Town.

view in a poor mans wallet with some copper coins

To craft the list, the website used 5-year estimates from the U.S. Census Bureau’s 2021 American Community Survey.

"We considered any city, town, or unincorporated community with populations between 1,000 and 25,000 people, and ranked them by median household income," Samuel Stebbins stated in the article.

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New Square Is New York's "Poorest Town"


New Square, New York, which is located in the Hudson Valley was named New York State's "Poorest Town."

24/7 looked into 724 towns in New York State to determine the Empire State's poorest won.

Some reasons why New Square was named the poorest are below:

  • Median household income: $24,881
    • New York's average median household income is $75,157
  • Adults with a bachelor’s degree or higher: 2.9%
    • The average of New York adults with at least a bachelor’s degree is over 38 percent.
  • Households receiving SNAP benefits: 70.3%
    • The average of New York households receiving SNAP benefits is 14.3 percent.

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