The median income increased in the U.S. from 2015 to 2016 to the highest point ever, according to the latest Income, Poverty and Health Insurance Coverage in the United States: 2016 report from the U.S. Census Bureau.
Real median household income increased 3.2% to $59,039 from 2015 to 2016, according to the newly released report. This represents a second annual increase and is also the highest level ever recorded.
The U.S. Census Bureau announced today that real median household income increased by 3.2% between 2015 and 2016. During the same period, the official poverty rate decreased 0.8%.
Income Stats
■ Real median incomes in 2016 for family households ($75,062) and nonfamily households ($35,761) increased 2.7% and 4.5%, respectively, from their 2015 medians. This is the second consecutive annual increase in median household income for both types of households. The differences between the 2015 to 2016 percentage changes in median income for family and nonfamily households was not statistically significant.
■ Among the race groups, Asian households had the highest median income in 2016 ($81,431). The 2015 to 2016 percentage change in their real median income was not statistically significant.
■ Households with the highest median household incomes were in the Northeast ($64,390) and the West ($64,275).
■ Households in the South and West experienced an increase in real median income of 3.9% and 3.3%, respectively.
■ The poverty rate for families in 2016 was 9.8%, representing 8.1 million families, a decline from 10.4% and 8.6 million families in 2015.
■ The official poverty rate in 2016 was 12.7%, with 40.6 million people in poverty, 2.5 million fewer than in 2015.