The money we make on a weekly, monthly, even yearly basis has a profound effect on our lives. Nevertheless, our income is not just the product of our hard work, it’s also a combination of other factors including our education, ethnicity, age, and gender. That being said, these income statistics will help you gain a much better understanding of the latest income trends in the US pinpointing certain areas where improvement might be necessary.
But first, take a look at these fascinating income stats down below:
Top 10 US Income Statistics and Facts
- $63,179 was the median domestic income in the US in 2018.
- The real median income of all workers increased by 3.4% between 2017 and 2018.
- Middle-class income increased by 49% between 1970 and 2018.
- Real median earnings have increased both for men and women.
- More men and women are working year-round, full-time (2.3 million).
- Of all the ethnic groups, Asians have the highest median income.
- African American income statistics for 2019 show improved figures albeit still lagging behind the all-race average.
- In 2018, the poverty rate was at its lowest since 2001 — 11.8%.
- 38.1 million people are living in poverty in the US.
- 60% of workers would prefer more appreciation over a raise.
If you wish to gain more in-depth knowledge concerning this subject, just keep on reading!
Average Household Income Stats
1. $63,179 was the median household income in the US in 2018.
That marks a 2.9% increase compared to the median in 2016 — $61,372.
2. The real median income of all workers increased by 3.4% between 2017 and 2018.
As a result, the real median income of US households in 2018 was $40,247.
3. Middle-class income increased by 49% between 1970 and 2018.
More precisely, it increased from $58,100 to $86,600. Yet, it is still lagging behind upper-income households where the median increased by a whopping 64% (from $126,100 to $207,400).
The gains in lower-income households were also less significant (43%); namely, $20,000 to $28,700.
All in all, these US household income percentiles can help track nationwide economic trends and show just how well the country is doing overall.
4. Economic security is becoming a cause for concern for an increasing number of working families.
Established low-income families data shows that the total number of these households has risen to 47.5 million in recent years.
5. When it comes to male vs female income, real median earnings have increased both for men and women.
According to the latest income inequality facts, the real median earnings have increased for both men and women who work full-time, year-round by 3.4% and 3.3% respectively.
6. Speaking of which, more men and women are working year-round, full-time (2.3 million).
For men, the number of workers increased by 700,000. As for women, the increase was more around 1.6 million.
7. The money income Gini index hasn’t changed much over the past few years, according to recent income statistics.
The Gini index — a methodology used to measure wealth distribution and income distribution in a country or a specific economic region — was 0.482 in 2017, which isn’t statistically different from the one from 2016.
As per the Census Bureau, changes in income inequity were statistically insignificant according to other indicators as well, such as the Theil Index, the Atkinson measure, and the MLD.
Income Statistics By Race
8. In the US, both Hispanic and non-Hispanic white households had seen a rise in median income in 2018.
That’s $51,450 and $70,642 respectively, which translates to an increase of 3.7% and 2.6%.
9. Of all the ethnic groups, Asians have the highest median income.
The latest credible government sources state that Asians have a median income of a whopping $87,194.
10. Indian American income statistics state they are the ethnic group with the lowest median income — just $40,315.
African-Americans closely follow suit with a median domestic income of merely $41,361, which is $20,000 lower than the nationwide average.
11. Nevertheless, African American income statistics for 2019 show improved figures albeit still lagging behind the all-race average.
(Black Demographics) (Brookings)
Weekly earnings for black workers in 2018 capped at $769. For all races, the same figure was $969, with black men earning $814, compared to all men — $1,070, and black women earning $735, compared to all women — $865.
On the other hand, black household income has been on the rise since 2011, with the annual median income then being only around $37,000.
Consequently, these stats show that the average income in the US in 2019 has certain inequalities in regards to both race and gender.
Poverty Statistics for the US
12. In 2018, the poverty rate was at its lowest since 2001 — 11.8%.
Meaning, it went down a solid 0.5% from the previous year when it was 12.3%.
All in all, this continued the previous trend of decline for a fourth consecutive year, having fallen by as much as 3% over that time period.
13. Speaking of poverty and the average income by age, people aged 18 to 64 enjoyed a 0.4% decrease in poverty between 2017 and 2018.
More precisely it decreased from 11.1% to 10.7%.
Poverty rates for people over 64, on the other hand, were not a whole lot different from the data gathered in 2017 (9.7%).
14. People with at least a bachelor’s degree were the only group to see an increase in poverty rates.
According to the statistics dealing with the US average income, this group has seen a 0.3% increase in the number of people in poverty (approximately 363,000).
15. 38.1 million people are living in poverty in the US.
According to the latest figures from 2018, there are currently 38.1 million Americans (11.8%) living in poverty. To be more specific, of the total population, as much as 12.9% of women lived in poverty and “only” 10.6% of men.
Median and Average Yearly Income in the US
16. When we look at the median household income by year, we see a steady rise since 2014.
Back then, the median household income was just $56,969 but it rose gradually over time until reaching its maximum in 2018 (the last reliable government source) when it was $63,179.
17. The US Census Bureau uses different methodologies for computing median income figures.
Over the years, the US Census Bureau used both Pareto and linear interpolation to get their estimations. Currently, the agency is using the latter.
18. Apart from Connecticut, in each state there’s at least one county earning less than the national yearly household median income.
As per the median household income by county, Connecticut is the only US state where every county’s average is either above or equal to the national annual median.
Alabama (Sumter County), Alaska (Kusilvak Census Area), and Arizona (Apache County) have the lowest county median household income, judging by the most recent data. $21,663 is the income in Sumter County, while the median income for the whole state is two times higher.
19. Low-income counties show a low average life expectancy.
According to experts, they are largely rural areas with typically weak job markets. They also show to have a declining population.
20. Census income data suggest that Virginia has the richest county in the US.
Loudoun County is the richest in the US with a median county household income of $129,588. Next in line is Howard County in Maryland with $115,576 a year, and Douglas County in Colorado takes third place with $111,154.
21. 17% of US households make between $50,000 to $74,999 a year.
According to U.S. income distribution 2018 stats, this was the largest group among all the households. In addition, 14% of households make $100,000 to $149,999; 12.5% make $75,000 to $99,999; and 12% make $35,000 to $49,999.
What’s more, 10.2% were on the lowest end of the spectrum making under $15,000 a year, whereas 8.5% were on the highest end making $200,000 and over.
Job Satisfaction and Income Statistics
22. 60% of workers would prefer more appreciation over a raise.
(Business News Daily)
Most citizens aren’t purely motivated by the size of their wallets.
According to a recent survey, 60% of respondents said that recognition means more to them than getting a raise; merely 4% were interested in how often employers evaluate their employees for a raise or a cash bonus.
23. Millennials had a median domestic income of around $71,400, according to millennial income statistics from 2018.
(Pew Social Trends) (Gallup)
Despite the above-average median income, millennials are known as the “job-hopping generation.” Namely, as much as 21% of millennials change jobs within a single year, which is three times the number of other generations.
24. All around the world, income statistics tell the same story: having a high salary does not mean higher job satisfaction.
As much as 47% of US and 48% of British and Indian employees are likely to quit their current position for an ideal one for less pay. In other words, there’s more to job satisfaction than just cold, hard cash.
What percentage of Americans make over 100k?
According to the latest census data referring to stats from 2017–2018, 29.2% of American households had an income of $100,000 or higher.
The same report states that back in 2013 — the earliest year for which the US Census Bureau had tangible and regular data regarding household income — the percentage was around 25.7%.
What is the top 20 percent income?
Upon viewing data from the government website, it’s difficult to tell the exact number of households in the top 20%, along with the exact earning figures. Back in 2014, financial experts stated that the top 20 percent’s average income is roughly around $111,111, yet households, on average, remain in this category for no longer than two consecutive years.
What is the top 10 percent income in the US?
Looking at the same estimates, experts state that, on average, 39 out of 100 households in the US will enter the top 10% club in terms of income for at least two years in a row, with an annual income of $153,000 on average.
What is the average income in the US in 2019?
At the moment, the only reliable data regarding household income average figures are from 2018, published by the US Census Bureau. In 2018, the government agency reported that the “real” average income for households in 2018 was $63,179, which was only a 0.8% increase from the previous year ($61,372).
The figures speak for themselves, and according to the Census Bureau’s data, the average income has been steadily rising ever since the economic recession of 2009.
Nevertheless, when it comes to income statistics, most individuals have it harder than others. What’s more, inequalities between genders and races are also a lingering issue. It will take a few years (perhaps even decades) for things to balance out, judging by the current trends; still, only time will tell.