Age is an essential variable while considering the average income in any country. As experience is a crucial determinant of average salary, we decided to present numbers on that front. Based on the data from the US Bureau of Labor Statistics, 2nd Quarter , years is the highest income age group. Here the numbers are adjusted for monthly wages to give you a complete picture of the impacts of age on average monthly wages in the US. There has been an increase in real median household income of 6.
Additionally, median income increased for all US regions:. Source : US Census Bureau. There is a big difference between the average and median wage data. The average numbers are higher because the distribution of workers by wage is highly skewed. In , there were 34 million people below the poverty line in the US. The poverty rate in the US decreased from Since , the poverty rate in America has declined every year.
It decreased from When you look at the percentage points, it might not seem that big, but take a look at real numbers: in , America had 4. As you can see, this is the main reason why fast food and restaurant workers are always at the center of higher living wage debates.
Source: Go Banking Rates. According to the Bureau of Labor Statistics, jobs in the medical field have the highest hourly wage rates. The hourly wage is higher for some specialties and lower for others. Source: Prospective Doctor. Anesthesiologists play a crucial role during surgical procedures and their medical training takes 12 to 13 years. Source: SeniorLiving. Source: Highland Solutions.
According to Statista, about 9. A-list celebrities make tens of millions of dollars every year. Typical careers that make the most are, not surprisingly, from the medical field. Other highest paying jobs also belong to the medical fields.
Source: Credit Suisse. Income inequality is closely linked to the racial divide in the United States, according to national average pay stats. Poverty is most acute among black Americans and the Hispanic communities. In , about According to the Urban Institute projections as of June 30, , the COVID pandemic response policies may reduce the poverty rates amongst all ethnic groups.
Black Americans may have a poverty rate of Hispanics may show a Among white people, the estimated poverty rate may be 6. Source: Urban. It also has the highest concentration of millionaires anywhere in the country. This is because of the Los Alamos National Laboratory, a high-profile lab best known for being the birthplace of the atomic bomb.
Many chemists, physicists, doctors, and other highly educated scientists work at LANL, and the average salary reflects that. Of course, it's easy to be tempted to move to one of these metros in the hopes of snagging a massive pay boost.
But remember, some of these cities are among the most expensive in the country to live in, so what you might gain in earnings, you'll likely end up spending on rent and other expenses. Now that you have a better sense of how much Americans earn on a national level and how those earnings break down by factors such as gender, race, age, occupation, and location, you can take a closer look at your circumstances and see if any changes are in order. Of course, you can't change your race or age, but a couple of things you can change are the industry you choose to work in and the state or metro area you choose to call home.
That said, you don't need to make such drastic changes to boost your earnings. If you're happy with your line of work and enjoy the area you live in, try learning new job skills to make yourself a more valuable employee. Doing so could result in a nice raise. Similarly, research salary data for your industry and present it to your employer if you see that you're statistically underpaid given your position and line of work.
And finally, don't hesitate to dust off your resume and see what opportunities are out there. You may find that there's a nearby company that will pay you what you're worth if your current employer won't.
And, of course, don't forget that it's not always how much money you make -- it's how you use it. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
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We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Personal Finance Family Finances. What Is Household Income? Key Takeaways Household income, as defined by the U. Census Bureau, refers to the combined gross cash income of all members of a household, defined as a group of people living together, who are 15 years or older. It is used to evaluate the economic health of an area or to compare living conditions between geographic regions.
The definition of household income depends on context: Who belongs to a household and which items are included in income may vary in different studies and for different government programs.
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