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Household Income &
Home Value

Tuesday, January 8, 2019

From Cheryl Russell, New Strategist Press

Median Household Income Up 5.2%

After seven long years of decline and stagnation, median household income finally registered a statistically significant gain in 2015 – and it was a big one, according to the Census Bureau. The $56,516 median household income of 2015 was a substantial 5.2 percent higher than the 2014 median, after adjusting for inflation. The gains were enjoyed by both young and old...

Median household income in 2015
(and % change 2014-15; in 2015 dollars)

Under age 25: $36,108 (4.2%)
Aged 25 to 34: $57,366 (5.6%)
Aged 35 to 44: $71,417 (7.0%)
Aged 45 to 54: $73,857 (4.2%)
Aged 55 to 64: $62,802 (3.5%)
Aged 65-plus: $38,515 (4.3%)

Women's Median Earnings at Record High

The median earnings of women who work full-time reached an all-time high of $40,742 in 2015, according to the Census Bureau. In contrast, men's earnings peaked in 1973. Among full-time workers, women earned 80 percent as much as men in 2015, up from 57 percent in 1973.

Men: median earnings of full-time workers (in 2015$)

2015: $51,212
2014: $50,441
2007: $51,570
2000: $51,269
1973: $53,356 (peak year)

Women: median earnings of full-time workers (in 2015$)

2015: $40,742 (peak year)
2014: $39,667
2007: $40,126
2000: $37,796
1973: $30,217

Median Household Income by State, 2015

Median household income varies greatly by state. Maryland has the highest median household income – 36 percent above the national median of $55,775, according to the 2015 American Community Survey. Mississippi has the lowest – 27 percent below the national median.

Hghest median household income

$75,847 in Maryland
$75,628 in Washington, DC
$73,486 in Hawaii
$73,355 in Alaska
$72,222 in New Jersey

Lowest median household income

$45,215 in Kentucky
$44,765 in Alabama
$42,019 in West Virginia
$41,995 in Arkansas
$40,593 in Mississippi

Median Home Value Rises in 2015

Home values are rising, according to America's homeowners. The median value of owned homes climbed by a substantial 7.2 percent between 2014 and 2015, after adjusting for inflation. The nation's homeowners estimated their home's value to be a median of $194,500 in 2015, according to the American Community Survey. This is 10 percent more than the post-Great Recession low of 2013, but still 12 percent below the all-time high of 2007.

Median housing value, 2007 to 2015 (in 2015 dollars)

2015: $194,500
2014: $181,415
2013: $176,931 (post-Great Recession low)
2007: $222,108 (all-time high)

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