U.S. median household income rose slightly in 2024—the bump may still be ‘economically meaningful,’ economist says

Published Thu, Sep 11 20259:00 AM EDT

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Kamaron McNair @in/kamaronmcnair/@kamaronmcnair

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A family with a father and two children on the lawn near their house.

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Americans saw their incomes rise in 2024, with the median household income hitting $83,730, according to U.S. Census Bureau estimates released on Sept. 9.

That’s a $1,040 increase from 2023′s median, but the Census Bureau doesn’t consider the 1.3% change “statistically different.” The median income rose by roughly 4% between 2022 and 2023, which was the first statistically significant increase since 2019.

But just because the data isn’t statistically significant “doesn’t mean that it’s not economically meaningful for many households that their incomes rose,” Elise Gould, a senior economist at the Economic Policy Institute, tells CNBC Make It.

Though the prior period saw a larger increase with faster economic growth and inflation falling quicker, “you’re still beating out inflation … I think it’s still definitely a positive report,” she says.

Additionally, it’s important to remember that this income data is from 2024 and doesn’t reflect the current economic factors that could impact incomes in 2025, Gould wrote in a post on Bluesky.

“Trump policies—chaotic and high tariffs, mass deportations, attacks on the federal workforce—have already led to a softening labor market and more inflationary pressures,” she wrote.

Unequal wage growth adds to persistent wage gaps

Certain demographic groups saw their incomes rise faster than others between 2023 and 2024.

The median income among the top 10% of earners rose by 4.2%, for instance, while incomes for the bottom 10% grew by just 2.2%.

While median incomes rose 5% between 2023 and 2024 for Hispanic and Asian households, Black households saw their earnings decline by 3.3%. The median income among white households did not change significantly over this period.

The gender wage gap among full-time workers also worsened in 2024. Full-time male workers saw their wages grow 3.7% between 2023 and 2024 while female workers saw just a 1.5% increase. It’s the second year in a row the male-to-female earnings ratio has increased, according to the Census Bureau.

However, among all women with earnings — which includes part-time workers — median earnings grew about 5% between 2023 and 2024, while they grew about 4% among all male workers, per Census data. That could mean “there’s something happening with part-time workers,” Gould says.

It may also help explain why Americans without high school diplomas also saw higher earnings growth at 6.6%.

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U.S. median household income rose slightly in 2024—the bump may still be ‘economically meaningful,’ economist says

Unequal wage growth adds to persistent wage gaps

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