Median Household Income Increased in 2023 for First Time Since 2019

The 2023 median incomes of Hispanic ($65,540) and Black ($56,490) households were not statistically different from 2022 and remained the lowest among all race and ethnic groups. This is especially significant among those with a bachelor’s degree, who are more likely to be married and to live with others with high levels of education, which can further boost household income. By 2024, due to differences in earnings growth by education, median earnings of adults age 25 and older with a bachelor’s degree or higher were 1.8 times those with a high school degree but no college, up from about 1.7 times in 2004.

Official Poverty Measure

Appendix B of the income report compares household median income and inequality measures based on post-tax income. The CPS ASEC — conducted in February, March and April — is designed to provide annual, national estimates of income, poverty and health insurance, collecting information about job status, income and health insurance coverage for the prior calendar year. If a family’s total income is less than the official poverty threshold for a family of that size and composition, then they are considered to be in poverty. Share sensitive information only on official, secure websites.

It includes all the money earned and spent during a specific time. Typically found in quarterly and annual reports, it highlights financial patterns, business activities, and period-to-period comparisons. The content on this page includes a link to a non-government website. Get an alert directly in your inbox to read, share and blog about our newest stories.

Income Data Tables

The ratio of Black to non-Hispanic White household income in 2023 (0.63) was not statistically different from 2022 (0.65). Median income of Asian households did not change either but it remained the highest ($112,800)  among all race and Hispanic origin groups. The only group with higher income in 2023 was non-Hispanic White households, with an increase of 5.7% to $89,050.

Numerous other analyses can be performed as part of any comparative company analysis using the income statement. In this type of analysis, income statement metrics such as total revenue growth and gross profit margin are calculated for similar companies within an industry and compared to one another. Income statements are meant to provide users with insights into the financial performance of an organization. Though this represents the minimum amount of data that must be provided, additional details for each section are frequently included to give users more insight into the organization’s financial activities. It is one of the most heavily scrutinized financial statements issued by every organization. The key is not to choose between vertical and horizontal analysis when assessing income statements.

Income, Poverty and Health Insurance Coverage in the United States: 2024

At the closing of the fiscal year, Time Pro Company reported a net income of $483.23 million. The operating income was further adjusted with additional gains and losses, including $257.64 million in income tax. After deducting $560.43 million in selling and operating expenses, along with $293.73 million in general and administrative expenses, the company arrived at an operating income of $765.23 million. This method enhances the examination of a company’s consistency and growth over time, aiding in comparisons with competitors.

There was also no significant increase in income for those with some college education between 2004 and 2024. All estimates here are presented in 2024 inflation-adjusted dollars. The tables below provide income statistics displayed in tables with columns and rows. The ACS provides detailed estimates of demographic, social, economic, and housing characteristics for states, counties, places, and other localities every year.

Horizontal Analysis

During the 20-year period, households headed by someone with a bachelor’s degree or higher saw greater gains in median household income than those with a high school degree but no college. By 2024, householders with a bachelor’s degree or higher had median household income 2.3 times higher than those with a high school degree. Estimated median household income of householders with only a high school degree didn’t change significantly from 2004 ($58,410) to 2024 ($58,920). Appendix B of the income report provides post-tax estimates of median household income and income inequality metrics. The income statement, also known as the profit and loss (P&L) statement, is the financial statement that depicts the revenues, expenses and net income generated by an organization over a specific period of time.

Tables showing state-level poverty and SPM rates using three-year averages are available in the press kit. The SPM, which also accounts for geographic variation in housing expenses when calculating the poverty thresholds, includes federal and state taxes, work expenses, and medical expenses. As defined by the Office of Management and Budget (OMB) Statistical Policy Directive 14 and updated for inflation using the Consumer Price Index, the weighted average poverty threshold for a family of four in 2024 was $32,130.

All Subtopics Within ‘Income and Poverty’

Post-tax income is defined as money income net of federal and state taxes and credits, as well as payroll taxes (FICA). Since response rates remain below pre-pandemic levels, examining how respondents differ from nonrespondents is important, as this difference could affect the accuracy of the estimates. All three reports are based on data from the CPS ASEC. The SPM provides an alternative way of measuring poverty in the United States and serves as an additional indicator of economic well-being. This new platform on data.census.gov is based on overwhelming feedback to streamline the way you get data and digital content from Census Bureau.

Why your FP&A Team is Spending More Time Explaining the Numbers than Improving Them

Estimates from the 2024 ACS show an increase in real median household income for 29 states and for 12 of the 25 most populous metropolitan areas. SEPT. 9, 2025 — The U.S. Census Bureau today announced that real median household income was $83,730 in 2024, not statistically different from the 2023 estimate of $82,690. This analysis makes it easy to compare financial statements over time and across different industries or companies because it highlights relative proportions. The ratio of Hispanic to non-Hispanic White household income decreased from 0.77 in 2022 to 0.74 in 2023, widening the median income gap between the two groups. This ratio was down from 1.34 in 2022, narrowing the median income gap between Asian and non-Hispanic White households. The median incomes of different groups can be compared by calculating the ratio of the median income of a specific group to the median income of non-Hispanic White households.

Public assistance refers to assistance programs that provide either cash contribution margin ratio: formula definition and examples or in-kind benefits to individuals and families from any governmental entity. An interactive application for exploring data from the Small Area Income and Poverty Estimates (SAIPE) program. This section provides information on a range of educational topics, from educational attainment and school enrollment to school districts, costs and financing.

All comparative statements have undergone statistical testing and are statistically significant at the 90% confidence level unless otherwise noted. Published measures of sampling uncertainty for 2004 estimates (not adjusted for inflation) can be found here. The same holds true of the earnings of those who worked full-time, year-round. To recording and tracking capital and operating leases show the relationship between education and employment outcomes, we also looked at individual earnings of those working full-time (35 hours or more a week), year-round (50 weeks or more). In recent decades, growth in the population with a bachelor’s degree or higher has been concentrated among racial and ethnic groups with historically low attainment. The makeup of educational attainment groups also changed over time.

• However, the income gap between those with college degrees and those with high school degrees but no college widened over the last two decades.
• All estimates here are presented in 2024 inflation-adjusted dollars.
• The median incomes of different groups can be compared by calculating the ratio of the median income of a specific group to the median income of non-Hispanic White households.
• The only group with higher income in 2023 was non-Hispanic White households, with an increase of 5.7% to $89,050.
• Income statements are meant to provide users with insights into the financial performance of an organization.

Health Insurance

It provides a detailed breakdown of a company’s income and expenses during a specific time frame. Accountants, investors, and business owners often examine income price vs. cost – what’s the difference statements to gauge a business’s performance compared to expectations. Between 2004 and 2024, earnings of those with a high school degree but no college rose 3.2%, while earnings of those with a bachelor’s degree or more went up 6.3%. Gini index estimates of income inequality are also presented at national and state-levels. Survey and census questions cover poverty, income, and wealth.

• Regional estimates are available for income, poverty and health insurance coverage in each respective report.
• Real median household income rose to $80,610 in 2023, the first annual increase since 2019 before the COVID-19 pandemic, according to a U.S.
• Median household income in the United States for householders age 25 and over was $85,580 in 2024 — marking an 18% increase from 2004.
• An income statement reveals the financial details of a business.
• Median income of Asian households did not change either but it remained the highest ($112,800)  among all race and Hispanic origin groups.

The report contains more info on how median household income changed according to other characteristics like age, nativity and educational attainment. For example, the median income of Asian households was 1.27 times greater than that of non-Hispanic White households in 2023. Real median household income rose to $80,610 in 2023, the first annual increase since 2019 before the COVID-19 pandemic, according to a U.S. However, the gaps between those with a bachelor’s degree or higher and those with a high school degree but no college were larger for household income than for individual earnings. In 2004, households headed by those with at least a bachelor’s degree had about twice as much income as those headed by someone with a high school degree but no college.