Average American Income 2022: Statistics On Household Personal Income In The US

2022-09-26 0 By Seamus

us poverty over time

Average American Income [2022]: Statistics On Household + Personal Income In The US

Research Summary. While the average American income depends heavily on the industry, field, and experience, you might be surprised to learn how your income stacks up against the rest of the country. According to our extensive research:

While there are many factors that go into income differences between men and women, including industry preferences, work-life-balances choices, and more, the fact is that the average female worker still makes less than the average male worker. Our research shows that:

Of course, it’s important to keep in mind that these average incomes are based on all workers across all industries, meaning that the demographic abundance of female workers in a lower income industry or the abundance of male workers in a higher income industry can easily skew these averages.

us median income by gender

While this 2020 number is lower than the 77% cited a few years prior, there is still a considerable gap between men and women. Fortunately, those in younger generations do have a noticeably smaller gap, with women between the ages of 25 to 34 earning 93 cents for every dollar a man makes.

That’s the difference between an average of $408 per week for men, compared to $251 for women. Today, that gap has shrunk by over 20 percentage points, with the average woman earning $916 per week and the average man earning 800,100.

Average American Income by Demographics

While the non-Hispanic/Latino White population is by far the highest in the U.S., at 60%, this group doesn’t earn the highest income. In fact, there are several demographic factors that go into income, such as age, sector, etc. When it comes to the demographics of the average American income, our research shows that:

That’s over $20,000 more than White Americans, who are the second-highest earners in the country. This disparity is likely the result of two main factors. First, Asian Americans are one of the highest growing demographics in the U.S., and second, Asian Americans are also the most educated demographic.

us median income by race

us median income by age

The oldest demographic (65+) has the second-lowest median income of $43,696. These two demographics have the lowest median income because they are either at the beginning or very end of their career.

How much does the typical American household make? (+6K Views)

How much does the typical American family make? This question is probably one of the most central in figuring out how we can go about fixing our current economic malaise. In this article we break down the U.S. household income numbers. Words: 464

Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has edited the article below for length and clarity – see Editor’s Note at the bottom of the page. (This paragraph must be included in any article re-posting to avoid copyright infringement.)

The median household income in the United States is $46,326….[while] dual earner households have a higher median income at $67,348. To highlight the massive discrepancy I’ve put together a chart showing the household income distribution:

U.S. Income Distribution

As you can see from the above chart, only 17.8% of all U.S. households make more than $118,200 a year. Only 2.67% make more than $200,000. The fact that only 34% make more than $65,000 is astounding given how expensive other cost of living items have gotten over the past decade. That is why the middle class is feeling squeezed from all different sides.

What is even more fascinating, is how even amongst the super wealthy income is not distributed evenly. There are approximately 146,000 (0.1%) households with incomes exceeding 800,500,000 a year. Even at that, the top 0.01% of households had incomes of $5,500,000 and accounted for 11,000 households. The 400 highest tax payers in the nation brought in a stunning $87,000,000 a year. Now that is wealth.

For us mere mortals, it is important again to focus on that chart. $46,000 does not go a long way. In a recent Census report there are 110,000,000 households in the United States. What this data tells us is that 55,000,000 households are living on $46,000 or less a year. Let us assume this is a married couple with 1 child. Let us run the numbers:

Texas Income Household

I ran the numbers for a state with no state income tax, Texas. A family at this level is only bringing in $3,215 a month. The national median home price peaked around $200,000. So let us assume this family purchased the median home:

Right off the bat, this family is spending 47% of their net pay on a median priced home…The bottom line is [that] the average American family is being squeezed from every angle.

What we need is a focus on jobs and our economy, not bailing out banks. That defeats the entire purpose. The average American family is struggling getting by and when they hear about these billion dollar handouts, they can’t help but to feel left out.

Editor’s Note: The above article has been has edited ([ ]), abridged, and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.

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