US Median Household Income Rises 4% to $80,610 in 2023

Sep 10, 2024, 02:26 PM

US median household income rose by 4% in 2023 to $80,610, marking the first increase since the onset of the Covid-19 pandemic, according to Census data. This rise in inflation-adjusted income brings household earnings back to 2019 levels, reflecting a recovery from pandemic disruptions and surging inflation. The official poverty rate declined to 11.1%, while the supplemental poverty rate increased to 12.9%. The data also revealed disparities among different demographic groups, with Black households reaching a record high median income of $56,490, while Hispanic and Asian households' incomes remain slightly below their 2019 levels. Income for White non-Hispanic households approached 2019 record highs.