Americans saw their incomes rise in 2024, with the median household income hitting $83,730, according to U.S. Census Bureau estimates released on Sept. 9.
That’s a $1,040 increase from 2023′s median, but the Census Bureau doesn’t consider the 1.3% change “statistically different.” The median income rose by roughly 4% between 2022 and 2023, which was the first statistically significant increase since 2019.
But just because the data isn’t statistically significant “doesn’t mean that it’s not economically meaningful for many households that their incomes rose,” Elise Gould, a senior economist at the Economic Policy Institute, tells CNBC Make It.
Though the prior period saw a larger increase with faster economic growth and inflation falling quicker, “you’re still beating out inflation ... I think it’s still definitely a positive report,” she says.
Additionally, it’s important to remember that this income data is from 2024 and doesn’t reflect the current economic factors that could impact incomes in 2025, Gould wrote in a post on Bluesky.
