Median Household Income in September 2024
Motio Research‘s initial estimate of U.S. median household income in September 2024 is $82,173. This figure is $745 (0.9%) higher than the firm’s initial estimate of median household income in August 2024 of $81,562.
Motio Research’s estimates are based on income data collected by the U.S. Census Bureau as part of its monthly Current Population Survey. The firm adjusts its monthly estimates to account for the effects of seasonality and inflation in its data, presenting its results in the form of an index with the median household income of January 2010 assigned a value of 100. The initial value of the firm’s U.S. Real Median Household Income Index for March 2024 is 117.4.
The following screenshot of Motio Research’s interactive chart shows how this index has changed from January 2010 through September 2024:
Analyst’s Notes
Political Calculations produces estimates of median household income that complement the monthly survey-based estimates produced by Motio Research. Our initial estimate of median household income in September 2024 based upon our alternate methodology is $82,173, which is $356 (0.4%) higher than our initial estimate of $81,817 for August 2024. Our median household income estimate is $134 (0.2%) less than Motio Research’s September 2024 estimate.
The latest update to Political Calculations’ chart tracking Median Household Income in the 21st Century shows the nominal (red) and inflation-adjusted (blue) trends for median household income in the United States from January 2000 through August 2024. The inflation-adjusted figures are presented in terms of constant September 2024 U.S. dollars and are not seasonally adjusted, unlike the data used to produce Motio Research’s Household Income index:
Political Calculations’ monthly median household income estimates are derived from the Bureau of Economic Analysis’ monthly aggregate wage and salary estimates for the U.S. population. For September 2024, this data includes small revisions to previously reported data for July 2024 (+0.057%) and August 2024 (+0.124%).
For the latest in our coverage of median household income in the United States, follow this link!
References
U.S. Bureau of Economic Analysis. Table 2.6. Personal Income and Its Disposition, Monthly, Personal Income and Outlays, Not Seasonally Adjusted, Monthly, Middle of Month. Population. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 31 October 2024. Accessed: 31 October 2024.
U.S. Bureau of Economic Analysis. Table 2.6. Personal Income and Its Disposition, Monthly, Personal Income and Outlays, Not Seasonally Adjusted, Monthly, Middle of Month. Compensation of Employees, Received: Wage and Salary Disbursements. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 31 October 2024. Accessed: 31 October 2024.
U.S. Department of Labor Bureau of Labor Statistics. Consumer Price Index, All Urban Consumers – (CPI-U), U.S. City Average, All Items, 1982-84=100. Not seasonally adjusted. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 10 October 2024. Accessed: 10 October 2024.
Image credit: U.S. Census Bureau. We modified the public domain image to make it more generally applicable beyond reporting the median household income from 2022.
Source: https://politicalcalculations.blogspot.com/2024/11/median-household-income-in-september.html
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