Median Household Income in October 2024

Motio Research‘s initial estimate of U.S. median household income in October 2024 is $82,222. This figure is $85 (0.1%) less than the firm’s initial estimate of median household income in September 2024 of $82,307.

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 October 2024 is 117.1.

The following screenshot of Motio Research’s interactive chart shows how this index has changed from January 2010 through October 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 October 2024 based upon our alternate methodology is $82,249, which is $76 (0.1%) higher than our initial estimate of $82,173 for September 2024. Our median household income estimate is just $27 (0.03%) higher than Motio Research’s October 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 October 2024. The inflation-adjusted figures are presented in terms of constant October 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 October 2024, this data includes significant downward revisions to previously reported data for April (-0.47%), May (-0.79%), June (-0.96%), July (-0.98%), August (-1.00%) and September 2024 (-1.07%).

Other Monthly Median Household Income Estimates

The Atlanta Fed has released a major revision to its full set of monthly median household estimates, which now dates back to January 2005. It previously had only reported estimates from January 2006 onward. While most the changes are relatively small at less than one percent different than what was included in its April 2024 revision, all the Atlanta Fed’s new estimates from February 2020 onward have been revised upward, with greater than one percent adjustments made for all months after November 2021.

Starting from the Atlanta Fed’s median household estimate for December 2021, which was revised upward by 1.4% to $71,407, its estimates for subsequent months were adjusted upward by a progressively larger percentage. June 2024 saw the largest change from an initial estimate of $81,627 to $84,587, a +3.6% increase. The Atlanta Fed’s median household income estimates for July and August 2024 are new, at $84,921 and $85,255 respectively. The Atlanta Fed’s median household income estimates are now significantly higher than either Motio Research’s or Political Calculations’ monthly estimates for these months.

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: 27 November 2024. Accessed: 27 November 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: 27 November 2024. Accessed: 27 November 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: 13 November 2024. Accessed: 13 November 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.