Household Income Growth in the United States from 2019 to 2024

Manoj Prasad

The median household income in the United States has experienced significant growth between 2019 and 2024.

Motio Research estimates the U.S. median household income for April 2024 to be $78,238, a $67 (+0.1%) increase from its initial estimate of $78,171 for March 2024.

Political Calculations’ initial estimate for median household income in April 2024, based on their alternate methodology, is $77,760, which is $478 below Motio Research’s initial survey-based estimate for the month.

This growth is consistent across various regions, with some cities experiencing higher income increases than others.

National Trends

  • Median Household Income Growth: The median household income in the U.S. grew by $10,278 between 2019 and 2023, an increase of 11.3%. This growth is a significant improvement from the 2019-2020 period, which saw a decline in median household income due to the COVID-19 pandemic.
  • Inflation-Adjusted Growth: 41% of households saw their incomes grow beyond the rate of inflation during this period, indicating that many households have experienced real income growth.
  • OECD Comparison: Across the Organisation for Economic Co-operation and Development (OECD), real household income per capita grew by 1.2% in 2023, rebounding from a record fall in 2022 as COVID-19 assistance programs ended.
  • U.S. Quarterly Growth: In the U.S. specifically, real household income per capita grew by 0.4% in Q4 2023 after a decline in the previous quarter.

Regional Variations

  • Highest Growth Cities: Cities like San Bernardino, CA, and Huntsville, AL, saw median household incomes grow by over 30% between 2019 and 2021, significantly outpacing the national average.
  • Wealthy Ski Towns: Wealthy ski towns like Teton County, Wyoming, experienced the highest income growth, with a $34,330 increase between 2019 and 2021.

The Bottom Line

In summary, household incomes in the United States and OECD countries have seen strong growth since 2019, with some regions and demographics experiencing faster increases than others.

The national median household income has grown by 11.3% since 2019, with many households experiencing real income growth beyond the rate of inflation.

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