How does the American income lifestyle compare across different regions and demographics?
The cost of living in urban areas is 34% higher than in rural areas, mostly due to differences in housing, transportation, and food costs (Source: Council for Community and Economic Research).
Regions with the highest cost of living, such as Washington D.C., San Francisco, and New York City, also have some of the highest average incomes, but not always (Source: PayScale).
The median household income in the Northeast is $72,123, while in the South, it's $57,673, with the Midwest and West falling somewhere in between (Source: U.S.
Census Bureau, 2020 American Community Survey).
Cities with the highest average salaries are typically those with a strong presence of industries like finance, technology, and healthcare, such as San Jose, CA, and Boston, MA (Source: Glassdoor).
The top 10% of earners in the United States make $246,000 or more, with the top 1% making $744,000 or more (Source: IRS, 2020 Tax Returns).
The poverty rate varies significantly across regions, with the South having the highest rate (14.5%) and the Northeast having the lowest (8.1%) (Source: U.S.
Census Bureau, 2020 American Community Survey).
Household income varies significantly within metropolitan areas, with some neighborhoods having a median income of over $200,000, while others fall below $20,000 (Source: U.S.
Census Bureau, 2020 American Community Survey).
The gender pay gap is widest among women ages 25-34, with women in this age group earning 79 cents for every dollar earned by men (Source: U.S.
Bureau of Labor Statistics, 2020).
Education level is a strong predictor of income, with those holding a bachelor's degree or higher earning, on average, $24,000 more than those with some college education or less (Source: U.S.
Census Bureau, 2020 American Community Survey).
The racial wealth gap persists, with the median wealth of White households being $171,000, compared to $17,600 for Black households and $20,700 for Hispanic households (Source: Federal Reserve, 2019 Survey of Consumer Finances).
The age of retirement and the definition of full retirement vary significantly across industries, with some workers in physically demanding jobs retiring earlier, while those in white-collar jobs may continue working longer (Source: Employee Benefit Research Institute).
The regional unemployment rate varies significantly, with some areas, such as Las Vegas, having an unemployment rate of around 3%, while others, such as Detroit, having a rate of around 6% (Source: Bureau of Labor Statistics, May 2024).