September 24, 2022
What is the average American household income? The number may be higher than you think but the reality is – incomes have actually decreased for the last two years. I’m going to give you those numbers in a second – but first —
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This new report from the census bureau showed us a lot about how American households financially survived in 2021. This video is going to tell you where in the country incomes were the highest, what household ethnicity had the highest income, how many people were living in poverty and how many people were working.
Let’s start with income. All these numbers I’m going to give you are adjusted for 2021 inflation. The median US household income for 2021 was $70,800. That’s less than 2020 when the median household income was $71,186. The census bureau says –though it’s technically less, the two years are “not statistically different.” For context, prior to the pandemic, the median household income in 2019 was $72,808.
People on the west coast had the highest median income at $79,430 dollars in 2021. The median income in the northeast was $77,472-dollars. The Midwest median income was $71,129 and the south’s median income was the lowest at $63,368.
The poverty rate was 11.6% in 2021 – that’s nearly 38 million people (37.9 million) living in poverty in this country. Neither the rate nor the total was statistically different from 2020. Official poverty rates decreased for people under the age of 18 but increased for those over 65. The biggest factor in the decrease in child poverty? Social security – and those monthly child tax credit payments.
The report also found the number of total workers between 2020 and 2021 increased by more than 11 million full-time, year-round workers and the median earnings of those workers including both part time and full-time increased 4.6%. Women earned 83.7% as much as their male counterparts. This figure was not statistically different from 2020.
Read the Census Bureau report here.
