What Is The Average Yearly Salary In The Us? Explore compensation trends, influencing factors, and key insights into US wages with WHAT.EDU.VN. Discover valuable benchmarks for financial planning and employee compensation. Delve into salary statistics, income averages, and wage benchmarks to enhance your understanding.
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1. Key Insights into US Salaries
Understanding the landscape of salaries in the United States involves considering various factors. Let’s break down some key insights:
- Median Weekly Wages: In the third quarter of 2024, full-time workers in the US earned median weekly wages of $1,165. This figure shows a slight increase from the second quarter of 2024, when the median weekly wage was $1,151.
- Gender-Based Earnings: As of the same period, women earned a median of $1,054 per week, while men had a median weekly wage of $1,264.
- Age and Earning Potential: Men aged 55 to 64 generally earn the most, with median weekly earnings of $1,490. For women, the highest earning age bracket is 45 to 54, with median weekly wages of $1,166.
- Occupational Earnings: Individuals working in management, professional, and related occupations tend to earn the most overall. Men in these roles have median weekly wages of $1,884, and women earn $1,392 per week.
These insights are crucial for anyone seeking to understand the dynamics of income distribution and earning potential across different demographics and professions in the United States.
2. The Average Yearly Salary in the US Explained
According to data from the Bureau of Labor Statistics, the average yearly salary in the US is $65,470. This number represents the mean wage across all locations, occupations, genders, and other variables. The National Average Wage Index, used by the Social Security Administration to track wage growth, shows comparable results. The national average wage index for 2023 is $66,621. This statistic has steadily increased over time; 2023 data represents a 4.43% increase over 2022. Businesses, from lean startups to large corporations, must monitor average wage growth. To stay competitive, consider raising salaries at a rate that matches or exceeds average growth figures.
3. Average US Salary by State: A Detailed Breakdown
The average salary in the US varies greatly from state to state. Location significantly impacts hourly and weekly earnings.
3.1. Average Hourly Salary by State
Overall, the District of Columbia has the highest average hourly wage at $51.66, while Mississippi has the lowest at $27.12. Mississippi residents earn approximately 51.7% of what DC residents earn per hour.
States and districts with the highest average hourly wages include:
- District of Columbia: $51.66
- Massachusetts: $41.92
- Washington: $41.42
- California: $40.09
- Colorado: $38.64
States with the lowest average hourly wages include:
- Mississippi: $27.12
- New Mexico: $28.49
- Arkansas: $29.03
- West Virginia: $29.15
- Kentucky: $29.15
3.2. Average Hourly Salary Adjusted for Cost of Living
Raw hourly earnings don’t tell the whole story. In states with lower living costs, wages go much further. Conversely, in states with higher living costs, the same salary covers fewer expenses. When adjusted for cost of living, the District of Columbia still leads with the highest average hourly salary, but it drops to $45.02 per hour. Mississippi remains the lowest, but its average rises to $30.56 per hour after the adjustment.
States and districts with the highest average hourly wages adjusted for cost of living include:
- District of Columbia: $45.02
- Minnesota: $38.87
- North Dakota: $38.16
- Massachusetts: $37.98
- Colorado: $37.75
States with the lowest average hourly wages adjusted for cost of living include:
- Mississippi: $30.56
- New Mexico: $31.06
- Maine: $31.80
- Louisiana: $32.00
- Nevada: $32.10
3.3. Average Weekly Salary by State
The number of hours worked per week varies across states. DC has the highest average weekly hours at 36.6, while Delaware has the lowest at 32.2. This results in vastly different weekly wages, ranging from $1,890.76 in DC to $941.06 in Mississippi.
Location is a key factor affecting average salaries, especially for business owners with staff in multiple states. Consider this data when expanding your business. For example, if your headquarters are in a low-wage state and you plan to open a satellite office in a high-wage state, budget accordingly for payroll. If your business employs remote workers, consider their location and title to ensure appropriate compensation. Competitive salaries help retain employees, benefiting the business in the long run.
Here’s a comprehensive 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. Average Weekly Salary by Sector
Across all industries and occupations, the average weekly salary in the US is $1,266. However, wages vary significantly by sector.
The management, business, and financial operations sector has the highest median weekly earnings ($1,743), followed by the professional sector ($1,503). The farming, fishing, and forestry sectors have the lowest ($727), followed by the services sector ($772). The difference between the highest and lowest-earning sectors is striking. Management, business, and financial workers earn 139.75% more than those in farming, fishing, and forestry jobs. This data is essential for estimating wages when hiring or expanding your team.
| Occupation | Median Weekly Earnings |
|---|---|
| Management, business, and financial operations | $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. Highest Paid Professions in the US
Among all occupations in the US, physicians earn the highest median annual wage at $236,600. Other medical roles like nurse anesthetists ($212,650) and dentists ($170,910) also rank near the top. Executive and manager roles, such as chief executives ($212,650), computer and information systems managers ($169,510), and architectural and engineering managers ($165,730), also earn high wages. However, the difference between the first and tenth highest-paid professions is significant; physicians earn 66.88% more than marketing and sales managers on average.
| 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 |
6. Lowest Paid Professions in the US
Hosts, hostesses, and baristas have the lowest median annual wage at $29,220. Service workers like fast food workers ($29,540), cashiers ($29,740), and ushers and ticket takers ($29,780) also earn some of the lowest median incomes. Unlike the highest-paid professions, there isn’t a significant difference between earnings among the first and tenth lowest-paid professions; hosts, hostesses, and baristas earn 91.48% of what waiters and waitresses earn.
| 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 |
7. Most Common Professions in the US
In the US, the most common profession by far is laborers and material movers, with 6,935,980 workers. The next most common profession, home health and personal care aides, has 46.81% fewer workers (3,689,350).
| 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 |
8. Average Weekly Salary by Age: How Earnings Evolve
Age is a significant factor influencing earnings. Most professionals spend decades in the workforce before reaching their peak earning potential, which gradually declines before retirement.
8.1. Earning Potential Across Age Brackets
The peak earning age is 45-54, with an average annual salary of $69,628 and a median weekly wage of $1,339. This is due to accumulated experience and career advancement into higher-paying positions. The 35-44 and 55-64 age brackets are close behind, with median weekly salaries of $1,301 and $1,268, respectively.
Earnings remain relatively high into retirement, demonstrating that experience is rewarded and aging does not necessarily diminish earning potential. The age brackets with the lowest earning potential are 16-19 and 20-24, with median weekly wages of $746 and $778, respectively. Workers aged 16-19 earn 55.71% of what workers aged 45-54 earn.
| 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 |
9. Average Salary by Gender: Understanding the Pay Gap
In 2023, men in the US earned a median annual salary of $66,790, while women earned $55,240.
9.1. The Gender Pay Gap Explained
Median earnings for both men and women have increased over time, but not always at the same rate. Recently, men’s salaries have increased at twice the rate of women’s. From 2022 to 2023, men’s earnings increased by 3%, while women’s increased by only 1.5%. Historically, however, women’s earnings have increased faster. The female-to-male earnings ratio in 1960 was 60.7%. In 2023, it was 83%. While the gender pay gap has remained relatively stable for the past five years, it is gradually moving toward parity. As a business owner, it’s important to understand your obligations regarding pay equality. You may need to document fair pay practices or report payroll data. If fair pay is integral to your business values, audit your current situation and address any remaining pay gaps by evaluating your hiring practices, compensation structure, and the total business impact of salary adjustments.
9.2. Gender Pay Gap by State
Both men and women earn the highest median salaries in the District of Columbia, with men earning $81,197 and women earning $70,095. DoC also has the lowest pay gap across all states, likely due to government salaries helping to close the gap. The next lowest pay gap is 18.3% in Vermont, varying up to 42.3% in Utah, which has the highest pay gap.
The states with the lowest 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 gender pay gap are:
- Utah: 42.3%
- Wyoming: 40.5%
- Louisiana: 36.9%
- Idaho: 36.3%
- Alabama: 34.0%
Here’s a state-by-state breakdown of the 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 |
9.3. Gender and Occupation
Wage disparity varies significantly across occupations. The gender pay gap is small in community and social service occupations, where women earn 97.8% of men’s median earnings. However, in the legal field, women earn only 53.5% of men’s median earnings. The gender pay gap is also high in sales (women earn 67.7% of men’s earnings) and transportation (women earn 71.8% of men’s earnings).
| 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% |
