Median Household Income in November 2024

Motio Research‘s initial estimate of U.S. median household income in November 2024 is $82,586. This figure is $364 (0.4%) higher than the firm’s initial estimate of median household income of $82,222 in October 2024.

Motio Research’s estimates are based on income data collected by the U.S. Census Bureau as part of its monthly Current Population Survey, which are collected in the month following the month in question. 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 November 2024 is 117.3.

The following screenshot of Motio Research’s interactive chart shows how this index has changed from January 2010 through November 2024:

In addition to this 50th percentile household income data, Motio Research also reports household income estimates for the 25th and 75th percentiles. Here is their summary of those income levels from their press release:

The 25th percentile household income index declined by 0.5% in November to 117 (or $41,463), continuing its sideways movement below the pre-Covid peak—a trend that began in September 2023. Despite a 0.3% increase over the last three months, the index remains 0.1% below its level from a year ago.

The 75th percentile household income index showed no change in November, holding steady at 120.7 (or $146,862). This series has been stagnant over the past four months, with a modest 0.1% increase in the last three months and a 0.5% rise compared to a year ago, while remaining well above its pre-Covid peak.

This data is consistent with households at the upper end of the income distribution experiencing gains while households at the lower end have fallen behind during the past year. Following the high inflation of the early years of the Biden-Harris administration, this pattern contributed to sealing the administration’s fate in the November 2024 elections.

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 $82,571, which is $322 (0.4%) higher than our initial estimate of $82,249 for October 2024. Our median household income estimate is within $15 (0.02%) of Motio Research’s November 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 November 2024. The inflation-adjusted figures are presented in terms of constant November 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 November 2024, this data includes nearly trivial revisions to previously reported data for July, August, and October 2024, with a more notable but still small downward revision for September 2024 (-0.26%).

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: 20 December 2024. Accessed: 20 December 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: 20 December 2024. Accessed: 20 December 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: 11 December 2024. Accessed: 11 December 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.