50+ Average American Income Statistics & Trends [2024]

April 10, 2024 0 Comments

Did you know that the top 10% earn 30.2% of the total income in the US?

The median US household income was $74,580 in 2022.

Cardiologists earned an average wage of $421,330 based on over 16,000 cardiologists in employment.

The high-paying occupations in the US are Oral and Maxillofacial Surgeons, Radiologists, Physicians, Pathologists, and Anesthesiologists (239K).

About 37.2 million Americans are living in poverty.

How does your income stack up?

Navigate the realm of personal finance by revealing average American income statistics.

Top Average American Income Statistics: Editor’s Pick

US has the sixth-highest real wages in the world
  1. From 2014-2020, the average median household income increased from $55,613 to $67,521. [1]
  2. The average US household income was $105,555 in 2022. [1]
  3. California is home to five of the top 10 highest-paying areas in the US. [1]
  4. Americans aged 45 to 64 earn more money than their younger and older counterparts. [3]
  5. Asian Americans earn the most, making $106,954 a year. [3]
  6. Men earned a median salary of $52,612 in 2022 while women earned $39,688. [4]
  7. US median family income is highest for four-person families at $113,919. [1]
  8. Families whose income falls between $42,000 and $126,000 are called the middle class. 52% of Americans are considered middle class. [5]
  9. 29% fall into lower class while 19% are considered upper class. [5]
  10. Athletes and Sports were only non-medical professionals who took the highest salaries and made their place in the top five earners with average annual earnings of $358,080. [2]

Average American Income Statistics

How much does an average American earn?

The average US household income was $105,555 in 2022. [1]

 The median US household income was $74,580. [1]

Average American income varies for different geographical areas

From 2014-2020, the average median household income increased from $55,613 to $67,521. [1]

The US has the sixth-highest real wages in the world.

As of 2020, the average American real wage was $67,521.

Average American Income By State

California is home to five of the top 10 highest-paying areas in the US. [1]

The median household income in Washington, D.C. was $101,027 in 2022. [1]

Here we have enlisted median household income in different US states, along with its distribution between male and female.

StateMedian household incomeMedian female incomeMedian male incomeFemale median salary as a percentage of male median salary
District of Columbia$101,027$75,051$92,20681%
New Jersey$96,346$47,965$64,16175%
Maryland$94,991$52,005$64,35281%
Massachusetts$94,488$50,993$63,22881%
Hawaii$92,458$46,268$60,34077%
California$91,551$51,894$66,91878%
Washington$91,306$50,641$65,95277%
New Hampshire$89,992$44,387$60,98873%
Colorado$89,302$50,896$64,38479%
Utah$89,168$44,745$59,13276%
Connecticut$88,429$43,759$59,35274%
Alaska$88,121$55,513$61,08991%
Virginia$85,873$45,154$59,68176%
Minnesota$82,338$42,108$54,63677%
Delaware$82,174$41,015$57,01572%
Rhode Island$81,854$41,054$55,76274%
New York$79,557$44,122$56,78778%
Illinois$76,708$40,803$53,21277%
Oregon$75,657$43,267$52,86082%
Arizona$74,568$43,134$52,58882%
Vermont$73,991$41,366$50,31482%
Georgia$72,837$37,560$52,29072%
Idaho$72,785$37,338$47,76078%
Nevada$72,333$41,458$51,72880%
Texas$72,284$39,615$52,82375%
North Dakota$71,970$36,360$49,68773%
Pennsylvania$71,798$37,129$49,82375%
Wisconsin$70,996$37,729$49,69676%
Wyoming$70,042$35,491$46,46676%
South Dakota$69,728$39,667$46,09786%
Nebraska$69,597$36,125$45,71379%
Iowa$69,588$37,539$46,55481%
Maine$69,543$38,133$43,51188%
Florida$69,303$37,868$51,22574%
Kansas$68,925$35,281$44,14580%
Montana$67,631$36,916$44,04784%
North Carolina$67,481$37,445$46,49781%
Michigan$66,986$35,523$45,61378%
Indiana$66,785$33,881$46,42673%
Ohio$65,720$35,194$45,90177%
Tennessee$65,254$35,565$45,79278%
Missouri$64,811$34,068$43,54678%
South Carolina$64,115$34,515$43,01780%
New Mexico$59,726$32,409$42,04077%
Alabama$59,674$28,708$37,76076%
Oklahoma$59,673$31,917$39,79780%
Kentucky$59,341$29,963$40,00275%
Arkansas$55,432$27,689$36,15977%
Louisiana$55,416$27,628$40,65168%
West Virginia$54,329$27,810$34,29381%
Mississippi$52,719$24,804$32,42476%
Puerto Rico$24,112$13,532$17,25078%
Source: US Census Bureau (2023)

Average American Income By Demographics

It is interesting to note that when an employee is near retirement his salary decreases. [3]

Workers under 25 and over 64 earn the least. [3]

Americans aged 45 to 64 earn more money than their younger and older counterparts. [3]

Median American income by age

Source: US Census Bureau (2023)

What role does education play in getting good pay?

  • High school graduates have an average income of $66,768. [2]
  • Bachelor’s degree holders brought in an average of $125,320. [2]
  • Those with advanced degrees earn an average of $144,300. [2]

Not only age group, race/ ethnicity also impacts income in the US.

median american income by race
  • Asian Americans earn the most, making $106,954 a year. [3]
  • Black or African American earners make the least, making a median of $51,374. 
  • White Americans make $80,404, while Hispanic/ Latino Americans make $65,882.
  • American Indians and Alaska Natives make $58,082

Average American Income By Gender

It is to be noted that women are being paid less (75% of men’s salary) for the same job as men. [4]

Men earned a median salary of $52,612 in 2022 while women earned $39,688. [4]

Yeah, it’s the 21st century and we are developing, but still the gap is too wide.

The gender pay gap is not limited to the private sector, it exists in the government sector too. Men earn $60,349 as local government workers while women earn $48,406. [4]

Average American income by gender

Source: US Census Bureau (2023)

US Median Family Income By Family Size

How much your family makes, highly depends on the number of family members.

US median family income is highest for four-person families at $113,919. [1]

When family members are more than four, the family income is reported to be decreasing. [1]

Family income by family sizeMedian income, 2022
2-person families$80,329
3-person families$95,770
4-person families$113,919
5-person families$107,130
6-person families$104,186
7-or-more person families$109,154
Source: US Census Bureau (2023)

American Poverty And Income Bracket

How many Americans are living below the poverty line?

According to 2020 data, 11.4% of Americans lived below the poverty line. [6]

About 37.2 million Americans are living in poverty. [6]

Who falls into the middle class category?

Families whose income falls between $42,000 and $126,000 are called middle class. 52% of Americans are considered middle class. [5]

29% fall into lower class while 19% are considered upper class. [5]

Is it interesting to note that the top 10% earn 30.2% of the total income in the US. [7]

Medical Professionals are Paid the Highest

Cardiologists earned an average wage of $421,330 based on over 16,000 cardiologists in employment. [2]

The high-paying occupations in the US are Oral and Maxillofacial Surgeons, Radiologists, Physicians, Pathologists, and Anesthesiologists (239K). [2]

Shampooers earned the least, with an average annual wage of $27,870 based on over 7,000 employees. [2]

It is interesting to note that people involved in Athletes and Sports were only non-medical professionals who took the highest salaries and made their place in the top five earners with average annual earnings of $358,080. [2]

Next highest paying non-medical occupations are chief executives with average annual earnings of $246,440. [2]

Followed by airline pilots, copilots and flight engineers ($225,740), computer and information systems managers ($173,670) and financial managers ($166,050). [2]

FAQs 

How does education influence income levels?

Education significantly impacts income levels. High school graduates earn an average income of $66,768, while bachelor’s degree holders bring in $125,320 on average. Those with advanced degrees earn even more, with an average of $144,300.

What factors contribute to the gender pay gap?

The gender pay gap persists, with women earning 75% of men’s salaries for the same job. In 2022, men earned a median salary of $52,612, whereas women earned $39,688. This gap is evident across both the private and government sectors.

What is the median family income by family size?

Family income varies based on the number of family members. For instance, the median income for four-person families is the highest at $113,919, whereas larger families tend to have decreasing incomes.

What percentage of Americans live below the poverty line?

As of 2020, 11.4% of Americans lived below the poverty line, totaling approximately 37.2 million individuals. Additionally, 52% of Americans are considered middle class, with family incomes ranging from $42,000 to $126,000.

Which occupations earn the highest salaries?

Medical professionals, such as cardiologists and oral and maxillofacial surgeons, command some of the highest wages in the US, with average annual earnings ranging from $173,670 to $421,330. Athletes and sports professionals also feature among the top earners.

Conclusion

Understanding the landscape of average American income provides valuable insights into economic disparities, workforce trends, and societal dynamics. From disparities in earnings based on education, gender, and race/ethnicity to variations in income across different states and occupations, these statistics shed light on the multifaceted nature of personal finance in the US.

Sources

  1. U.S. Census Bureau (2023). American Community Survey – Table S1903, Income in the Past 12 Months (in 2022 Inflation-Adjusted Dollars)
  2. U.S. Bureau of Labor Statistics (2022). May 2022 National Occupational Employment and Wage Estimates
  3. Pew (2021). Racial and ethnic gaps in the U.S. persist on key demographic indicators
  4. U.S. Census Bureau (2023). American Community Survey – Table B24082, Sex by Class of Worker and Median Earnings in the Past 12 Months (in 2022 Inflation-Adjusted Dollars)
  5. Pew Research Center. Are you in the American middle class? Find out with our income calculator.
  6. Statista. Number of families living below the poverty line in the U.S. from 1990 to 2020.
  7. Investopedia. How Much Income Puts You in the Top 1%, 5%, 10%?