Black, white wealth, pandemic, average salaries

Get Yo’ Money! Average Salaries Rise Across The Nation In 2024

Average salaries in the U.S. have been experiencing a steady increase each year, creating a diverse landscape influenced by various factors.

Average salaries and wages in the United States have been experiencing a steady increase year after year, creating a diverse landscape influenced by various factors such as geographical location, age, race, gender, occupation, and educational background, according to USA Today.

According to a recent analysis by housing platform Zillow, utilizing data from the U.S. Census Bureau’s 2022 American Community Survey (ACS), Texas has emerged as a significant hub for Gen Z individuals. The Lone Star State experienced a notable increase in Gen Z residents, with a net gain of over 76,000, surpassing California and Florida.

Edward Berchick, Zillow’s principal population scientist, shed light on the appeal of Texas, stating, “Texas offers job opportunities and relative affordability. Many parts of Texas have been successful [in] building a lot of new housing to better accommodate its new residents.”

Breaking down the statistics from the U.S. Bureau Of Labor provides a comprehensive view of the American workforce in 2024.

Key Findings:

  • National Average Income: The national average salary in Q4 of 2023 was $59,384.
  • Average Salary by Age: Individuals aged between 35 and 44 were the highest earners, surpassing the national average salary by 13.8%.
  • Average Income by State: Texas had the highest net gain of Gen Z residents, with Mississippi having the lowest average income at $48,048, while Massachusetts led with $86,840.
  • Average Salary by Occupation: Cardiologists topped the earnings chart with $421,330, while shampooers had the lowest average income at $27,870.
  • Average Income by Race: Asians had the highest average income at $90,012, while Hispanics and Latinos earned the least with $45,968.
  • Average Family Income: The average household income in 2022 was $74,755.
  • Average Income by Gender: Although the gender pay gap decreased by 0.7%, men still earned over $10,000 more on average than women.
  • Average Salary by Education: Full-time workers over 25 without a high school diploma earned $47,580, while those with advanced degrees earned $144,300.
  • Wage Growth vs. Inflation: The average salary grew by 5.4%, outpacing the 3.2% gain in the Consumer Price Index for All Urban Consumers.

These statistics provide a nuanced view of the economic landscape, revealing disparities influenced by age, occupation, and demographic factors. Despite an overall increase in average salaries, challenges such as the gender pay gap persist, prompting continued conversations about equality and opportunities in the workforce.

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