What Is The Average Yearly Income In The United States? Discover the factors influencing US salaries and how they impact your financial decisions with insights from WHAT.EDU.VN. Find salary trends, benchmarks, and expert tips to achieve financial success. Learn about income variations.
1. Key Insights on US Income
In the third quarter of 2024, full-time workers in the US reported median weekly earnings of $1,165, a slight increase from $1,151 in the second quarter. Women earned a median of $1,054 per week, while men earned $1,264. The highest-earning age bracket for men was 55 to 64, with median weekly earnings of $1,490, while for women, it was 45 to 54, with $1,166 per week. Those in management, professional, and related occupations earned the most, with men at $1,884 and women at $1,392 per week. At WHAT.EDU.VN, we understand that knowing the average income helps you gauge where you stand and plan for the future.
2. Understanding the Average US Salary
The average yearly salary in the US is approximately $65,470, as reported by the Bureau of Labor Statistics. This number represents the average across all locations, occupations, and genders. The National Average Wage Index for 2023, used by the Social Security Administration, is $66,621, reflecting a steady increase of 4.43% from 2022. WHAT.EDU.VN believes that keeping track of these averages is crucial for businesses and individuals alike to stay competitive and informed.
3. State-by-State Salary Variations
Salaries in the US can differ significantly from state to state, with location playing a key role in hourly and weekly earnings.
3.1. Average Hourly Salary by State
The District of Columbia leads with the highest average hourly wage at $51.66, while Mississippi has the lowest at $27.12.
3.2. Cost of Living Adjusted Hourly Salary
Adjusting for the cost of living, the District of Columbia remains the highest at $45.02 per hour, while Mississippi stays the lowest at $30.56.
3.3. Average Weekly Salary by State
Weekly earnings vary significantly, from $1,890.76 in the District of Columbia to $941.06 in Mississippi, influenced by the number of hours worked per week. WHAT.EDU.VN highlights that these location-specific differences can help businesses and employees assess competitive wages and make informed decisions.
Here’s the full list of salary data (including cost of living adjustments) by state:
| State | Average Hourly Earnings 2024 | Average Weekly Hours 2024 | Hourly Wage Adjusted for Cost of Living |
|---|---|---|---|
| Alabama | $30.32 | 35.0 | $34.03 |
| Alaska | $37.17 | 34.7 | $36.43 |
| Arizona | $33.89 | 35.5 | $33.92 |
| Arkansas | $29.03 | 35.3 | $32.92 |
| California | $40.09 | 34.2 | $35.09 |
| Colorado | $38.64 | 33.8 | $37.75 |
| Connecticut | $38.21 | 34.0 | $35.76 |
| Delaware | $31.91 | 32.5 | $32.56 |
| District of Columbia | $51.66 | 36.6 | $45.02 |
| Florida | $32.95 | 34.3 | $32.24 |
| Georgia | $32.81 | 34.6 | $34.18 |
| Hawaii | $37.00 | 33.5 | $32.99 |
| Idaho | $31.90 | 34.8 | $34.51 |
| Illinois | $34.22 | 33.7 | $33.79 |
| Indiana | $31.00 | 34.1 | $33.54 |
| Iowa | $29.84 | 34.3 | $33.29 |
| Kansas | $31.12 | 33.9 | $34.24 |
| Kentucky | $29.15 | 35.2 | $32.25 |
| Louisiana | $29.24 | 35.9 | $32.00 |
| Maine | $31.97 | 33.7 | $31.70 |
| Maryland | $35.52 | 33.6 | $33.76 |
| Massachusetts | $41.92 | 33.8 | $37.98 |
| Michigan | $32.65 | 34.3 | $34.80 |
| Minnesota | $38.00 | 33.3 | $38.87 |
| Mississippi | $27.12 | 34.7 | $30.56 |
| Missouri | $32.10 | 34.0 | $34.95 |
| Montana | $32.14 | 33.1 | $35.27 |
| Nebraska | $31.61 | 33.8 | $34.83 |
| Nevada | $30.98 | 34.6 | $32.10 |
| New Hampshire | $35.53 | 33.5 | $32.81 |
| New Jersey | $37.14 | 33.8 | $33.89 |
| New Mexico | $28.49 | 33.8 | $31.06 |
| New York | $38.15 | 33.1 | $35.25 |
| North Carolina | $33.06 | 34.4 | $34.98 |
| North Dakota | $34.27 | 35.8 | $38.16 |
| Ohio | $32.47 | 34.5 | $35.25 |
| Oklahoma | $30.56 | 35.5 | $33.99 |
| Oregon | $36.34 | 35.1 | $33.95 |
| Pennsylvania | $32.07 | 34.3 | $33.28 |
| Rhode Island | $36.20 | 33.5 | $34.50 |
| South Carolina | $31.19 | 33.9 | $33.20 |
| South Dakota | $31.16 | 33.9 | $34.90 |
| Tennessee | $30.34 | 34.9 | $32.83 |
| Texas | $33.25 | 36.2 | $34.08 |
| Utah | $34.42 | 33.9 | $36.32 |
| Vermont | $34.11 | 34.0 | $33.74 |
| Virginia | $34.22 | 34.6 | $33.49 |
| Washington | $41.42 | 34.8 | $37.34 |
| West Virginia | $29.15 | 35.1 | $32.29 |
| Wisconsin | $33.77 | 33.2 | $36.37 |
| Wyoming | $31.60 | 35.6 | $34.16 |
4. Sector-Specific Weekly Salaries
Across industries, the average weekly salary in the US is $1,266. Management, business, and financial operations lead with $1,743, while farming, fishing, and forestry lag behind at $727.
WHAT.EDU.VN notes that understanding these sector differences can help job seekers target high-paying industries and businesses allocate resources effectively.
| Occupation | Median Weekly Earnings |
|---|---|
| Management, business, and financial operations occupations | $1,743 |
| Professional and related occupations | $1,503 |
| Service occupations | $772 |
| Sales and related occupations | $1,017 |
| Office and administrative support occupations | $925 |
| Farming, fishing, and forestry occupations | $727 |
| Construction and extraction occupations | $1,020 |
| Installation, maintenance, and repair occupations | $1,207 |
| Production occupations | $935 |
| Transportation and material moving occupations | $867 |
5. Diving into Professions and Earnings
Examining specific professions reveals more detailed insights into income distribution.
5.1. Highest Paid Professions
Physicians top the list with a median annual wage of $236,600, followed by nurse anesthetists and chief executives, each at $212,650.
| Profession | Median Hourly Wage | Median Annual Wage |
|---|---|---|
| Physicians | $113.46 | $236,600 |
| Nurse Anesthetists | $102.24 | $212,650 |
| Chief Executives | $102.24 | $212,650 |
| Aircraft Pilots and Flight Engineers | n/a | $171,210 |
| Dentists | $82.17 | $170,910 |
| Computer and Information Systems Managers | $81.50 | $169,510 |
| Architectural and Engineering Managers | $79.50 | $165,730 |
| Financial Managers | $75.05 | $156,100 |
| Lawyers | $68.48 | $142,440 |
| Marketing and Sales Managers | $68.17 | $141,780 |
5.2. Lowest Paid Professions
Hosts, hostesses, and baristas earn the least, with a median annual wage of $29,220. Service jobs like fast food workers and cashiers also rank low. WHAT.EDU.VN underscores the importance of these figures for understanding income inequality and career planning.
| Profession | Median Hourly Wage | Median Annual Wage |
|---|---|---|
| Hosts, Hostesses, and Baristas | $14.05 | $29,220 |
| Fast Food Workers | $14.20 | $29,540 |
| Cashiers | $14.30 | $29,740 |
| Ushers and Ticket Takers | $14.32 | $29,780 |
| Childcare Workers | $14.60 | $30,370 |
| Hotel Desk Clerks | $14.80 | $30,790 |
| Dishwashers | $15.00 | $31,200 |
| Animal Caretakers | $15.00 | $31,200 |
| Bartenders | $15.15 | $31,510 |
| Waiters and Waitresses | $15.36 | $31,940 |
5.3. Most Common Professions
Laborers and material movers are the most common, with 6,935,980 workers, followed by home health and personal care aides with 3,689,350. These numbers are essential for workforce analysis, as noted by WHAT.EDU.VN.
| Profession | Number of Workers | Median Hourly Wage | Median Annual Wage |
|---|---|---|---|
| Laborers and Material Movers | 6,935,980 | $17.65 | $36,720 |
| Home Health and Personal Care Aides | 3,689,350 | $16.12 | $33,530 |
| Retail Salespersons | 3,684,740 | $16.19 | $33,680 |
| Fast Food and Counter Workers | 3,676,580 | $14.20 | $29,540 |
| Drivers and Truck Drivers | 3,511,470 | $23.14 | $48,120 |
| General and Operations Managers | 3,507,810 | $48,69 | $101,280 |
| Cashiers | 3,319,210 | $14.30 | $29,740 |
| Registered Nurses | 3,175,390 | $41.38 | $86,070 |
| Secretaries and Administrative Assistants | 3,171,290 | $22.12 | $46,010 |
| Building Cleaning Workers | $16.63 | $34,600 |
6. Age and Earning Potential
Age significantly influences earning potential, with peak earnings occurring between 45 and 54.
6.1. Highest and Lowest Age Brackets
The 45-54 age bracket earns the most, with an average annual salary of $69,628, while the 16-19 and 20-24 brackets earn the least.
| Age | Median Weekly Earnings | Median Annual Earnings |
|---|---|---|
| 16-19 | $746 | $38,792 |
| 20-24 | $778 | $40,456 |
| 25-34 | $1,107 | $57,564 |
| 35-44 | $1,301 | $67,652 |
| 45-54 | $1,339 | $69,628 |
| 55-64 | $1,268 | $65,936 |
| 65 and over | $1,121 | $58,292 |
WHAT.EDU.VN highlights that these trends underscore the value of experience and career progression.
7. Gender-Based Salary Differences
Men typically earn more than women, with a median annual salary of $66,790 compared to $55,240 for women in 2023.
7.1. Understanding the Gender Pay Gap
The gender pay gap, where women earn less than men, is a persistent issue. In 2023, the female-to-male earnings ratio was 83%, showing gradual progress toward parity. As WHAT.EDU.VN emphasizes, understanding and addressing this gap is crucial for fair employment practices.
7.2. State-Specific Gender Pay Gap
The District of Columbia has the lowest gender pay gap at 13.6%, while Utah has the highest at 42.3%. These state-by-state differences reflect varying economic and social factors.
The states where there is a lower gender pay gap are:
- District of Columbia: 13.6%
- Vermont: 18.3%
- Nevada: 21.3%
- Maryland: 21.9%
- Hawaii: 22.5%
States with the highest difference between men and women are:
- Utah: 42.3%
- Wyoming: 40.5%
- Louisiana: 36.9%
- Idaho: 36.3%
- Alabama: 34.0%
Here’s the full list of state-by-state differences:
| State | Female Median Earnings – Annual | Male Median Earnings – Annual | Percent Difference |
|---|---|---|---|
| Alabama | $29,874 | $45,272 | 34.0 |
| Alaska | $40,165 | $53,311 | 24.6 |
| Arizona | $35,599 | $45,963 | 22.5 |
| Arkansas | $30,687 | $41,445 | 25.9 |
| California | $37,927 | $51,028 | 25.6 |
| Colorado | $39,279 | $54,888 | 28.4 |
| Connecticut | $41,426 | $57,388 | 27.8 |
| Delaware | $37,382 | $49,396 | 24.3 |
| District of Columbia | $70,095 | $81,197 | 13.6 |
| Florida | $33,256 | $42,944 | 22.5 |
| Georgia | $34,421 | $46,369 | 25.7 |
| Hawaii | $39,182 | $50,585 | 22.5 |
| Idaho | $27,822 | $43,706 | 36.3 |
| Illinois | $36,899 | $52,394 | 29.5 |
| Indiana | $32,688 | $47,316 | 30.9 |
| Iowa | $33,724 | $48,115 | 29.9 |
| Kansas | $32,564 | $46,797 | 30.4 |
| Kentucky | $31,440 | $43,912 | 28.4 |
| Louisiana | $29,657 | $47,051 | 36.9 |
| Maine | $34,624 | $46,196 | 25.0 |
| Maryland | $46,332 | $59,324 | 21.9 |
| Massachusetts | $44,721 | $61,060 | 26.7 |
| Michigan | $32,208 | $47,107 | 31.62 |
| Minnesota | $39,871 | $54,060 | 26.2 |
| Mississippi | $28,841 | $41,512 | 30.5 |
| Missouri | $33,619 | $46,102 | 27.0 |
| Montana | $30,643 | $43,187 | 29.0 |
| Nebraska | $33,786 | $47,603 | 29.0 |
| Nevada | $35,155 | $44,706 | 21.3 |
| New Hampshire | $39,729 | $56,601 | 29.8 |
| New Jersey | $42,399 | $60,103 | 29.4 |
| New Mexico | $29,731 | $40,012 | 25.6 |
| New York | $41,423 | $53,541 | 22.6 |
| North Carolina | $33,834 | $44,832 | 24.5 |
| North Dakota | $35,363 | $50,877 | 30.5 |
| Ohio | $33,651 | $47,317 | 28.9 |
| Oklahoma | $30,499 | $44,449 | 31.3 |
| Oregon | $34,964 | $47,618 | 26.5 |
| Pennsylvania | $35,252 | $50,951 | 30.8 |
| Rhode Island | $38,912 | $52,663 | 26.1 |
| South Carolina | $32,164 | $44,652 | 27.9 |
| South Dakota | $33,516 | $45,835 | 26.8 |
| Tennessee | $32,935 | $44,951 | 26.7 |
| Texas | $33,429 | $47,330 | 29.3 |
| Utah | $29,250 | $50,742 | 42.3 |
| Vermont | $36,824 | $45,098 | 18.3 |
| Virginia | $38,966 | $55,259 | 29.4 |
| Washington | $40,196 | $58,197 | 30.9 |
| West Virginia | $29,470 | $43,262 | 31.8 |
| Wisconsin | $35,339 | $50,064 | 29.4 |
| Wyoming | $30,693 | $51,640 | 40.5 |
7.3. Gender Pay Gap by Occupation
Wage disparity varies significantly across occupations. Women in community and social service earn 97.8% of men’s earnings, while in legal occupations, they earn only 53.5%. As WHAT.EDU.VN points out, these differences highlight specific areas needing attention to achieve pay equity.
| Occupational Category | Men’s Median Earnings | Women’s Median Earnings | Women’s % of Men’s |
|---|---|---|---|
| Architecture and Engineering Occupations | $96,938 | $85,163 | 87.9% |
| Arts, Design, Entertainment, Sports, and Media Occupations | $67,623 | $60,840 | 90.0% |
| Building and Grounds Cleaning and Maintenance Occupations | $37,239 | $29,141 | 78.3% |
| Business and Financial Operations Occupations | $90,069 | $71,856 | 79.8% |
| Community and Social Service Occupations | $54,946 | $53,745 | 97.8% |
| Computer and Mathematical Occupations | $103,298 | $87,509 | 84.7% |
| Construction and Extraction Occupations | $50,558 | $40,164 | 79.4% |
| Educational, Instruction, and Library Occupations | $66,043 | $53,519 | 81.0% |
| Farming, Fishing, and Forestry Occupations | $37,396 | $29,304 | 78.4% |
| Food Preparation and Serving Related Occupations | $32,097 | $27,393 | 85.3% |
| Healthcare Practitioners and Technical Occupations | $95,762 | $72,119 | 75.3% |
| Healthcare Support Occupations | $39,160 | $34,691 | 88.6% |
| Installation, Maintenance, and Repair Occupations | $54,928 | $46,973 | 85.5% |
| Legal Occupations | $150,658 | $80,673 | 53.5% |
| Life, Physical, and Social Science Occupations | $82,726 | $73,766 | 89.2% |
| Management Occupations | $99,144 | $76,066 | 76.7% |
| Material Moving Occupations | $37,573 | $32,174 | 85.6% |
| Office and Administrative Support Occupations | $50,124 | $42,303 | 84.4% |
| Personal Care and Service Occupations | $40,014 | $31,713 | 79.3% |
| Production Occupations | $49,667 | $36,546 | 73.6% |
| Protective Service Occupations | $64,749 | $50,411 | 77.9% |
| Sales and Related Occupations | $63,240 | $42,808 | 67.7% |
| Transportation Occupations | $53,242 | $38,252 | 71.8% |
8. Historical Trends in US Annual Salaries
From 2015 to 2024, median yearly earnings in the US increased from $42,692 to $60,580, a 41.9% rise. The most significant increase occurred from 2021 to 2022, with a 7.33% jump.
| Year | Median Weekly Earnings | Median Annual Earnings | Median Weekly Earnings (1982-1984 Dollars) | Median Annual Earnings (1982-1984 Dollars) |
|---|---|---|---|---|
| 2015 | $821 | $42,692 | $345 | $17,940 |
| 2016 | $845 | $43,940 | $349 | $18,148 |
| 2017 | $854 | $44,408 | $345 | $17,940 |
| 2018 | $897 | $46,644 | $355 | $18,460 |
| 2019 | $934 | $48,568 | $362 | $18,824 |
| 2020 | $983 | $51,116 | $376 | $19,552 |
| 2021 | $1,009 | $52,468 | $362 | $18,824 |
| 2022 | $1,083 | $56,316 | $363 | $18,876 |
| 2023 | $1,142 | $59,384 | $371 | $19,292 |
| 2024 | $1,165 | $371 | $19,292 |
WHAT.EDU.VN suggests that tracking these historical trends can help individuals and businesses anticipate future salary adjustments and plan accordingly.
9. Importance of Salary Data for Small Businesses
For small business owners, salary data is vital for financial planning, benchmarking, budget allocation, analyzing market trends, and growth and expansion.
9.1. Financial Planning
Knowing average salary data helps businesses make informed decisions about employee compensation, managing payroll expenses effectively.
9.2. Benchmarking Compensation
Reviewing average salary data allows businesses to benchmark their compensation packages within their industry, aiding in employee retention.
9.3. Strategic Budget Allocation
Understanding average salary ranges for key employees helps businesses allocate realistic amounts for each department or project.
9.4. Analyzing Market Trends
Analyzing average salary data provides insights into market trends and economic conditions, alerting businesses to necessary salary and budget adjustments.
9.5. Planning for Growth and Expansion
Checking salary data confirms whether a business can afford new talent at the right scale, ensuring sustainable growth. As WHAT.EDU.VN emphasizes, integrating these insights into business strategy is crucial for success.
10. FAQs About Average Salary in the US
10.1. What Constitutes a Good Salary in the US?
A good salary covers living expenses and allows for a comfortable lifestyle. The living wage for a family of four with two working adults is $25.02 per hour or $104,077.02 per year.
10.2. Percentage of Americans Earning $75,000 Annually
Approximately 68.37% of US households earn $75,000 or more per year. The median household income is $80,610. The most common income bracket is $100,000 to $149,000, encompassing 17% of households. WHAT.EDU.VN provides these figures to help individuals gauge their financial standing relative to the national average.
Navigating the complexities of income and salaries in the US can be challenging, but with the right information, you can make informed decisions.
Are you still curious about income levels or need personalized guidance? Visit WHAT.EDU.VN today to ask your questions and receive free, expert advice. Our community of professionals is ready to help you understand the numbers and plan your financial future.
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