US Median Income Rates Reach An All-Time High

Census Bureau data reveals that median American household incomes have jumped to more than $59,000 in 2016. Up more than3 percent from the previous year, this is the highest US Census Bureau figure ever measured. Officials now caution that improvements and updates might be the reason for the uptick, not necessarily that incomes are higher. Still, it is higher than the previously recorded measure, after adjustment for inflation, from 1999.

The Census Bureau said that all things considered American households are up considerably in the years following the recession.

Looking more closely at the data, Asian-American households led the growth with a median income of &81,400 per year, which is the highest of any racial group. This was followed by non-Hispanic white households (with a median income of $65,000) and African-American households (whose median incomes improved 5.7 percent to $39,500). Hispanic households posted a median income of $47,7000 per year.

In addition, the data shows that about seven percent of American households earned in excess of $200,000 last year. That is the highest measure ever recorded by the Census Bureau, when adjusted for inflation. Furthermore, the number of American households earning less than $15,000 per year fell below 11.2 percent; this is the lowest measure of this metric since 2007.

The data also showed that the income gap between men and women has fallen to an all-time low. Women now earn 80.5 percent of what men earn, jumping nearly 10 percent in as many years.

Among the most important metrics, perhaps, the Census Bureau lists that the number of Americans living in poverty fell to 40.8 million, which is down a whopping 12.7 percent. This decline demonstrates that, for the very first time since the worst recession in modern American history, the poverty rate is not higher, statistically, than it was in 2007, before the recession set in.

Finally, the data also showed that the number of Americans covered by some form of health insurance skyrocketed to an all-time high of 91.2 percent last year. Half of US states, and the District of Columbia, now have uninsured rates under 8 percent while Texas and Alaska still have uninsured rates higher than 14 percent.

Leave a Reply

Your email address will not be published. Required fields are marked *