Household Incomes Are Up For the First Time in 4 Years. Here's Which States Have the Highest Gains. Some states saw median incomes decrease.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- U.S. Census Bureau data found that incomes increased significantly in 2023 for the first time since 2019.
- From 2022 to 2023, median household incomes went from $77,540 to $80,610.
For the first time in four years, median household incomes have increased, hitting $80,610 in 2023 compared to $77,540 in 2022.
A report released earlier this month from the U.S. Census Bureau tracked household incomes across the country for 2023 and compared the numbers to incomes tracked for 2022. Census data found that incomes inched up significantly in 2023 for the first time since 2019.
From 2022 to 2023, the number of people in the workforce also increased, by 2.2 million employees.
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The income gains were not distributed evenly, with 11 states seeing median incomes decline. Maryland had the biggest fall, from $112,500 to $102,000. North Dakota, Louisiana, New Jersey, and Minnesota also recorded median income drops above 4%.
South Dakota was the standout state showing the biggest gains (median household income increased by 17% or over $11,000 to $81,740) from 2022 to 2023.
Other states also saw tremendous income growth. Here are the top five states with the biggest income gains from 2022 to 2023, according to Census data.
1. South Dakota
2023 Income: $81,740
2022 Income: $69,850
Percentage increase: 17%
2. Vermont
2023 Income: $85,190
2022 Income: $75,060
Percentage increase: 13.5%
3. Arkansas
2023 Income: $63,250
2022 Income: $56,120
Percentage increase: 12.7%
4. New Hampshire
2023 Income: $98,780
2022 Income: $88,350
Percentage increase: 11.8%
5. Kansas
2023 Income: $84,830
2022 Income: $75,950
Percentage increase: 11.7%
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