How Much Does the Average American Make?
Calculating the average national earning isn’t so straightforward, however, especially since averages vary from state to state, and other factors like income source, experience level, education, and more contribute to earning potential.
What is the average income in the US?
According to the latest report released by BLS, the median weekly earnings of full-time employees in the US are estimated at 800,003. This amounts to $4,012 in an average month or $52,156 annually. The numbers are based on the earnings of 115.3 million American full-time workers and indicate a 0.7% YoY increase.
That being said, some sources report a lower average annual salary for the US. The average individual income of Americans for 2020 was $35,805 per year, a slight decrease from the year before.
How much did the average American make in 2021 by the hour?
The latest estimates show that the seasonally adjusted hourly wage of all employees in the US is $11.19. The data highlights a decrease since February 2021, when it was estimated at $11.41. The summer months remained steady, with an hourly wage of about $11.23. In September, it peaked at $11.25 and reached its lowest point in October, at $11.19.
How much does the average American make a month?
The monthly salary in the US can significantly vary depending on employee educational level. For instance, the average monthly salary of employees with a doctorate degree is $7,532, while those with a professional degree make, on average, $7,444 per month. Those with a master’s degree earn $5,988 a month and Americans with a bachelor’s degree have a median monthly wage of $4,992. Finally, those with an associate’s degree bring in $3,548.
What’s the average salary by age?
The age group with the lowest salaries is teenagers (16-19 years old) who make $519 a week on average. Median earnings begin to increase with the early 20s age group, with full-time employees aged 20-24 earning around $650 per week.
Americans aged 25 to 34 bring in $935 a week, which amounts to $48,620 a year. Employees in the 35-44 age group earn 800,149 per week or $59,748 annually, and the average yearly income in the US for employees 45-54 years old is the highest among all age groups. This demographic earns 800,169 or $60,788 annually.
Millennials vs. Gen Z: Which generation has more substantial economic power?
Research reveals that Gen Z’s economic power is the fastest-growing across all generations. The generation’s income is expected to increase from $440 billion to $3.5 trillion by 2030, accounting for a quarter of the global income and surpassing millennials’ income by 2031.
The Gender Gap: How much does the average American make a year by gender?
Experts suggest that this slight improvement could be attributed to lower-paid women exiting the workforce due to family care or layoffs caused by economic turmoil from the pandemic. Women in the control group made .98 for every 800 a man earns, which means they still earn less than men doing the same job.
The average salary in America: How much do women make?
The median income of women in the US is estimated at $916 a week, which amounts to $3,664 a month, or $47,632 annually. Asian women in the workplace have the highest earning average, with 800,189 a week. Hispanic or Latino women make the least, earning $723 per week. White women earn $929 per week on average, while black women earn around $783 on a weekly basis.
Men’s salary: How much does the average American make?
With an average of 800,100 per week, men earn more than the national average. Asian men earn the most, with a median income of 800,414 a week, which amounts to $5,656 a month or $73,528 a year. Furthermore, white men weekly earn 800,134, whereas Hispanic or Latino men bring in just $826. Black men have the lowest weekly earnings, with a median of $816 per week.
What’s the US median household income by race or ethnic group?
The median household income in the US for all racial and ethnic groups is estimated at $67,521 per year. The median income is the largest for Asian households at $94,903. Caucasian households also had a high median income of $74,912. On the other hand, Black and Hispanic families fall below the median household income at $55,321 and $45,870 per year.
What are the average US salaries by profession?
Many of the highest-paid professions are in the healthcare industry. Anesthesiologists have a highly specialized career that tops the list of highest-earning professions, with a mean annual wage of $271,440.
Surgeons bring in $251,650, whereas obstetricians-gynecologists earn $239,120. Moreover, orthodontists make $237,990, oral and maxillofacial surgeons earn $234,990, and physicians in other specialties average around $218,850.
What’s the average income in the US by industry?
At $147,732, the average salary is the highest in the Information industry. Full-time employees managing companies and employees stand at $138,006, whereas those in finance and insurance make on average $124,106.
With the pandemic still going on, and its impact to be felt for years to come, the path of the average yearly income for Americans remains uncertain. Both the average and median household incomes fell in 2020, and recovered only slightly in 2021.
What is the average income of an American?
According to a recent report from the US Bureau of Labor Statistics, the average income in the US in 2021 was $58,260 per year or 800,120 per week. The most lucrative professions are all in the medical arena, with cardiologists being the top earners by a long shot, as their annual mean wage was $353,970 – over $20,000 above the next profession in line.
How much do Millennials make?
The average income of a Millennial in 2020 was $47,034 a year, or $905 a week. The average American income for the same period was $56,310 a year. These numbers show that there is still a lot of progress to be made regarding income equality, and there is still a significant difference in income among different age groups.
How much money does the average 25-year old make?
This is a difficult question, because there is no one “average” 25-year old. It depends on various factors, such as their education, career level, and occupation. However, according to The Bureau of Labor Statistics data, from Q4 2021, the median salary of 20 to 24-year-olds was $667 per week, or $34,684 a year.
Who is considered middle class?
The American middle class represents 60% of people on either side of the average income in the US. In other words, your median household income should have been between $50,641 and $135,042 for you to be in this group. Just for comparison, the average salary in the US in 2020 was $56,310, so you can see that the middle class falls in between the average and high earners.
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The truth is, anything from gender, race, age, occupation, or location can have a significant impact on your average salary. That said, the average personal income in the U.S. is $63,214, and the median income is $44,225.
After all, because the U.S. economy is heavily reliant on consumer spending (70%), the average income can tell us how much the average American is willing to spend. That’s why 54% of Americans living paycheck to paycheck is not only bad for individual people but also bad for the economy.
Either way, it seems the average income is starting to recover from its 2020 dip, which is a positive trend. However, it is important to keep in mind that growing inflation and wage stagnation will still be a considerable issue going forward as well.