The US Census Bureau released a fresh set of numbers on median income last week.
You may have seen headlines about median household income growing by 5.2% from 2014 to 2015.
In 2014 the middle number was $53,718…In 2015 it is $56,516…which is a 5.2% increase:
The way finding a median works is really simple. For 2015, there were 125,819,000 households. The middle (median) number is the 62,909,500th household…This single household earned $56,516. It is the number right in the middle.
Moving on, I’d like to take a look at the “age of householder” stats, as the Census Bureau breaks it down by age bracket.
For example, they take all under 65 year old households (there are 94,820,000 of them), rank them from high to low, and taking the middle number…It happens to be $63,344….
My age group (25-34 years) contains 20,047,000 households (highlighted in yellow)…The median income here is $57,366/year…That comes out to around $1100 per week (before taxes/expenses). If you fall into this bracket you can see how you stack up against your peers.
What is exciting, looking forward, is that median income jumps +$14,000 in the 35-44 age group…To $71,417! It then ticks up slightly and peaks in the 45-54 age group ($73,857) before tanking down to $62,800 for 55-64 year olds – and finally nose-diving down to $38,500 for senior citizens! If you are over 65 and make more than $38,500 you are doing better than 50% of your peers.
Like I said in the headline, this is a brief analysis. Take a look at the table and think about the numbers. Goodnight.