The median household income last year was $74,755, adjusted for inflation. The median household income last year was $74,755, adjusted for inflation.
Despite the median household income being adjusted for inflation, the dip is an indication of why Americans are concerned about the current state of the economy. Five states, Alabama, Alaska Delaware Florida and Utah, saw their median household incomes rise in 2022 while 17 saw them decrease. The survey showed that 28 states, including the District of Columbia, Puerto Rico, and the District of Columbia, did not see any significant changes. New Jersey had the highest household median income of all states at $96,346, and the District of Columbia was the highest overall in the United States with $101,027. Mississippi had the lowest median household income of all states at $52,719, while Puerto Rico had the lowest at $24,112. The Bureau of Labor Statistics reports that consumer prices in June 2022 reached 9.1 percent – a 40-year high – compared to last year. The biggest price increases were in gasoline, food and housing. Inflation rates have risen again this August, due to sharp increases in gasoline prices.
According to Census income distribution measurement the Gini Index, income inequality in the U.S. increased between 2021 and 2022. The survey collected information from households on their social, economic and housing characteristics. The Census said it plans to release additional ACS statistics in the coming months, including a 5-year estimate encompassing data from 2018 to 2022.
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