As you will see in these income statistics, 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.
This article 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 Facts and Income Statistics for 2022
- 49% of American households were negatively affected by the pandemic.
- It was projected that the overall poverty rate in 2021 amounted to 13.7%.
- The District of Columbia offers the highest minimum wage in 2022 — $15.20 per hour.
- $67,463 was the median household income in 2021.
- The threshold for a household to be in the top 1% totals $597,815.
- 33.5% of US households make over $100k.
- $96,955.04 was the average income for households in 2021.
- Indian Americans have the highest average income for households —$123,700 per year.
- Togo has the lowest household income in the world.
- The median income for households is highest among 45–54-year-olds.
If you wish to gain more in-depth knowledge concerning this subject, just keep on reading!
US Household Income Percentiles: Median and Average
How much do American households earn on average?
1. 49% of American households were negatively affected by the pandemic.
(Statista)
The most common adverse outcomes on American households included lay-offs and furloughs (20%), reduced hours (19%), inability to operate businesses (12%), and pay cuts (10%).
Interestingly, almost the same percentage of surveyed Americans, i.e., 45%, claimed that the pandemic didn’t negatively impact their households, whereas 6% had no answer.
2. $67,463 was the median household income in 2021.
(DQYDJ) (Forbes)
On the other hand, in 2021, six US cities had a median income of over $250,000 — Atherton (California), Cherry Hills Village (Colorado), Winnetka (Illinois), Mission Hills (Kansas), Short Hills (New Jersey), and Scarsdale (New York).
3. $79,900 is the current estimated national average family income in the US.
(HUD)
The stats on the national average income show that, compared to the average income in 2020, this was an increase of $1,400 (the average income in 2020 was $78,500).
The collected data for FY 2021 included all states except Guam, the US Virgin Islands, the Northern Marianas, and American Samoa.
4. Despite the previously reported increase of 6.8%, the median household income in 2019 rose by a mere 4.1%.
(EPI)
Despite the Census Bureau’s primarily reported increase of 6.8%, the real numbers show us a different picture. Why? Because the data that Census Bureau collected for 2019 was gathered between February and April, right before the COVID outbreak.
In other words, the real median income for 2019 amounted to $66,790, which is 2.7% less than initially reported.
5. $43,206 was the median individual income as per the U.S. income distribution for 2020.
(DQYDJ)
Furthermore, the average individual income amounted to $62,518 overall. With that in mind, in 2020, 44.3% of workers made $50,000, 15.9% earned $100,000, and 2.23% had an individual income of $250,000 or more.
Additionally, merely 6% of workers earned $500,000, and a mere 2% had an individual income of $1,000,000.
6. $96,955.04 was the average income for households in 2021.
(DQYDJ)
In 2020, there was an increase in numbers, from $89,930 — which was the average household income in the U.S. in 2019 — to $97,973 in 2020, only to decrease to $96,955.04 in 2021.
7. The threshold for a household to be in the top 1% totals $597,815.
(CNBC)
In other words, how much the top 1% is earning is over two times bigger than the income of the top 5% of US households .
8. What percentage of Americans make over 100k? 33.5% of US households.
(DQYDJ)
How many people make over 100k? In 2021, there were 43,588,408 households that made $100,000 or even more than that.
That said, 6.28%, or approximately 8,164,272 households in the US, made over $250,000 last year.
9. Middle-class income increased by 49% between 1970 and 2018.
(Pew Research)
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.
10. When it comes to the U.S. household income distribution, in 2019, 16.5% of American households had an income between $50,000–$74,999.
(Statista)
The same data highlights that a staggering 9.1% had an income lower than $15,000. Conversely, a mere 10.3% had an income over $200,000, as well.
Next, data on the U.S. income distribution in 2019 showed that:
- 8% had an income between $15,000–$24,999
- 8.3% of Americans earned between $25,000–$34,999
- 11.7% had an income of $35,000–$49,999
- 12.3% reported earning between $75,000–$99,999
- 15.5% earned somewhere between $100,000–$149,999
- And another 8.3% of Americans had an income between $150,000–$199,999
11. Based on the income statistics by age, the median income for households is highest among 45–54-year-olds.
(Statista)
According to the most recent data, householders aged 45–54 have the highest median income of $90,359.
At the same time, householders between 35–44 have an income of $85,694. They’re followed by somewhat older 55–64-year-olds ($74,270). 25–34-year-olds earn even less ($71,566), and household over 75 have an income of $54,058.
Those between 15 and 24 and people aged between 65 and 74 had the lowest household income of $46,866 and $46,360, respectively.
Median Household Income by County & State
Which state/county has the highest median income?
12. The latest figures indicate Maryland has the highest median family income of all states — $94.384.
(Statista)
Next in line is the District of Columbia, with a median household income of $88,311, New Hampshire ($88,235), Massachusetts ($86,725), New Jersey ($85,239), Utah ($83,670), and Colorado ($82,611).
At the same time, Mississippi ($44,966), Arkansas ($50,540), New Mexico ($50,822), Louisiana ($50,935), and West Virginia ($51,615) have the lowest median family income.
13. When it comes to the average income in California, the Golden State has a median household income of $78,672.
(Census Bureau)
The median per capita income for the Golden State amounted to $38,576. Sadly, 11.5% of people are living in poverty.
14. San Francisco’s median income was higher than the national household income by $43,419.
(Department of Numbers)
The median income in San Francisco for households reached $123,859 in 2019. That’s $58,147 more than California’s household income and $43,419 more than the general US household income.
In comparison, another county in California, Los Angeles, had a median income of $81,912, which was $9,465 lower than the state’s median income.
15. The median family income in Houston peaked in 2005.
(Department of Numbers)
The average income in Houston amounted to $62,034 in 2019. Historically speaking, this was a decrease of 7.37% compared to 2005, when the numbers peaked at $66,970.
However, since 2013, when the family income was historically the lowest (namely, $54,999), the numbers started going up, reaching a 12.97% increase.
16. 26% of households in Seattle had an income lower than $50,000.
(Seattle Times)
Although Seattle‘s median income reached $102,500 in 2019, 26% of Seattleites earn less than $50,000, and 22% earn between $50,000–$99,000.
White and Asian households in Seattle had the highest median income, approximately $112,000, whereas Black families had a median income of $43,500. In contrast, Native American/Alaska Native households earned a mere $34,500.
17. Census income data suggest that Virginia has the wealthiest county in the US.
(US News)
Loudoun County is the richest in the US, with a median county household income of $142,299. Next in line is Falls Church city, Virginia, with $127,610 a year, and Fairfax County, Virginia ($124,831).
On the flip side, Dickenson is the poorest county in Virginia, with a median income of just $29,932 and a poverty rate of 25.7%.
18. The District of Columbia offers the highest minimum wage in 2022 — $15.20 per hour.
(Statista)
The District of Columbia is a state that offers its workers the best salary and hour laws. Not only do employees have a right to recover 10% of their unpaid salaries, but they also get the highest minimum wage of $15.20 per hour.
Next in line is the Golden State, with a minimum wage of $15.00 per hour, followed by Washington ($14.49) and Massachusetts ($14.25).
On the other side of the spectrum, Georgia and Wyoming have the lowest minimum wage rates at $5.15 per hour.
Global Income Statistics
Which country has the highest/lowest income?
19. Togo has the lowest household income in the world.
(BestToppers)
The average income for households in this West African nation amounts to merely $571. Other countries that have an extremely low household income also belong to the African continent.
Those include Burundi ($673), Liberia ($781), Madagascar ($1,013), Rwanda ($1,101), Zambia ($1,501), Benin ($1,502), and Burkina Faso ($1,530).
20. Luxembourg is the country with the highest average household income in Europe.
(BestToppers)
Not only does Luxembourg have the highest income of $52,493, but the country also has a low unemployment rate and the highest GDP per capita ($119,719).
Next on the list is Norway, with an average median income of $51,489, and Sweden ($50,514).
21. The median income of UK households has increased by 7% since 2011.
(ONS)
Likewise, UK income statistics reveal that the mean income grew by 6.2% over the same period (a 0.7% annual growth). The main reason for this was an increase in original income, such as private pensions or investments.
That said, between 2010 and 2020, the median income of the poorest Brits decreased by 4.8% (£13,800, i.e., $19,468). In contrast, the median income of the wealthiest Brits increased by 0.7% (£62,400, i.e., $88,030).
22. Retirement income statistics show the Netherlands has the best pension system in the world.
(Investopedia) (Consultancy)
The Netherlands holds a score of 82.6 on the Global Pension Index. The Dutch owe their success to the retirement system that uses a semi-mandatory occupational pension and a flat-rate public pension.
Denmark is close behind, with a score of 81.4 on the Global Pension Index. The US holds 18th place with a score of 60.3.
Income Statistics By Race and Ethnicity
Which race/ethnic group in the US has the largest incomes?
23. Asian households have the largest median income of $94,903.
(Statista)
Besides Asian, Caucasian households also had a relatively large median income, though some $20k lower — $74,912.
On the other hand, Hispanic and Black families had the lowest median household income among all races of $55,321 and $45,870, respectively, due to higher unemployment rates and the lack of health insurance.
24. According to Indian American income statistics, this ethnic group has the highest average income for households —$123,700 per year.
(Business Standard)
Indians make more money than other Asian groups in the US. For example, Taiwanese and Filipinos have median family incomes of $97,129 and $95,000, respectively.
What is more, Indian Americans have a high percentage of college graduates (79%).
25. Black households had a median income of $45,870, per African American income statistics from 2019 and 2020.
(Statista) (JEC)
The gap between the annual household income between Black and White households amounts to approximately $29,000.
Moreover, unlike their White counterparts, Black Americans are less likely to become homeowners. Namely, merely 42% of Black families have their own homes, in contrast to 73% of White families.
Racial disparities can also be seen in gender and retirement account savings. For example, male vs. female income statistics suggest that Black men and women (those 55–64 years of age) hold $30,000 in savings, whereas White men and women hold $101,000 and $60,000, respectively.
26. The median income for Native American and Alaskan households reached $49,906 in 2019.
(OMH)
During the same year, 20.3% of the Native Americans and Alaskan racial groups lived in poverty, while the unemployment rates reached 7.9%.
Income and Poverty in the United States — 2020 vs. 2019
How did the pandemic affect the poverty rates in the US?
27. In 2020, about 7.3 million Americans were poor.
(Statista) (The Balance)
What’s more, Mississippi was the state with the highest poverty rate of 18.4%. Louisiana took second place with a rate of 16.7%, followed by New Mexico (15.9%), District of Columbia (14.6%), and South Carolina (14.2%).
28. Statistics on the average income in the U.S. from 2019 and 2020 show that New Hampshire had the lowest poverty rate of 4.9%.
(The Balance)
Other states with the lowest poverty rates in 2019 and 2020 were Minnesota (7.0%), New Jersey (7.2%), Utah (7.4%), Washington (7.6%), and Massachusetts (8.0%).
29. In 2020, the poverty rate in the US reached its peak.
(Forbes)
The poverty rate went up from 9.3% in June 2020 to 11.7% in November 2020. According to stats on median household income by year, this was the biggest increase in a single year since 1960.
The poverty rate was highest among people without a college degree; it grew from 17% in June to 22.1% in November 2020.
Job Satisfaction and Income Statistics
Do higher incomes make people more satisfied with their job?
30. 60% of workers would prefer 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. As a result, merely 4% were interested in how often employers evaluate their employees for a raise or a cash bonus.
31. Anesthesiologists have the highest-paying jobs in the US.
(BLS) (Investopedia)
Anesthesiologists make an average monthly income of $22,620, i.e., $271,440 per year, making them the highest-paid professionals in the US. In addition, 74% of anesthesiologist assistants are satisfied with their job, and 82% find their job to be meaningful.
32. Dishwashers have the lowest-paying job in the US, with a mean annual wage of $25,600.
(BLS) (Benzinga)
Although dishwashers in the US have a mean hourly wage of $12.31, 40% claim to be satisfied with their job, whereas 29% believe their work is meaningful.
33. Men of all age groups have a higher median income than women.
(CNBC) (HR Grapevine)
The average yearly income for 16–19-year-old workers is $26,936 for men and $25,012 for women. Similarly:
- 20–24 year olds earn $34,424 (men) and $31,720 (women)
- 25–34 year olds earn $50,076 (men) and $45,084 (women)
- 35–44 year olds earn $64,428 (men) and $52,572 (women)
- 45–54 year olds earn $66,092 (men) and 52,260 (women)
- 55–64 year olds earn $63,440 (men) and $50,544 (women)
- 65+ year olds earn $53,768 (men) and $51,896 (women)
Although men are more satisfied in their workplace by a mere 2% (69% vs. 67%), women are happier when working from home.
FAQs
What percentage of Americans make over 100k?
33.5% of American households made $100,000 (or more). That’s about 43,588,408 households. Only a small percentage managed to make over $250,000 in 2021, i.e., 6.28%, or 8,164,272 of American households.
When it comes to individuals, 15.9% of workers (28,092,101) made $100,000 and 2.23% (3,942,367) made over $250,000.
On that note, the median income for US households in 2021 amounted to $67,463, whereas the average income reached $96,955.
What is the top 10 percent income?
To be in the top 10%, your household income percentile needs to reach $201,052. However, this will also depend on the state you live in.
For example, if you live in New York, you’ll have to earn four times the median income, which is $72,108; in other words, $291,906. Next, you’ll need to earn 234% (or $114,390) more than the median income for the state, which amounts to $48,850 if you live in West Virginia.
On the other hand, in Wyoming, the gap between the median income and top 10% state income is the smallest — “merely” 202%.
What is the top 20 percent income?
To be in the richest 20% of American households, you need to earn more than $100,000 per year. Again, the number will be different for every state.
For example, in In Los Angeles, California, your household needs to earn at least $135,373 per year to be in the top 20%. In Virginia Beach, Virginia, you’ll need $134,181. Detroit, Michigan, is the state with the lowest requirement — just $66,139 per household.
What does the top 5 percent make?
To get in the top 5% wealthiest households, you need to earn $273,850. Regarding the states, to be in the top 5% percent earners in Los Angeles, California, you’d need to make over $516,961 per year, while in Virginia Beach, Virginia, the average income of the top 5% earners amounts to $393,662.
What percentage of US households earn more than 400k?
1.8% of American households earn $400,000 per year. Ten years ago, this would put you in the top 1%. However, by today’s standards, to be in the top 1% income earners, your household needs to make at least $504,420 per year.
Connecticut has the highest threshold for the top 1% earners, a minimum of $896,490, followed by Massachusetts ($810,256). In contrast, West Virginia and Mississippi have the lowest threshold of $350,212 and $361,462, respectively.
Final Notes
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.
Sources:
- Benzinga
- BestToppers
- BLS
- BLS
- Business News Daily
- Business Standard
- Census Bureau
- CNBC
- CNBC
- Consultancy
- Department of Numbers
- Department of Numbers
- Department of Numbers
- Department of Numbers
- DQYDJ
- DQYDJ
- DQYDJ
- EPI
- Financial Samurai
- Forbes
- Forbes
- GoBankingRates
- HR Grapevine
- HUD
- Investopedia
- Investopedia
- JEC
- OMH
- ONS
- Pew Research
- SalesGravy
- Seattle Times
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- The Balance
- US News
- WFXR
