Summary
New Census data shows that although the U.S. median household income has increased, inequality remains a problem. The income growth has mainly benefited people in cities with higher education. Older adults, renters, and rural people see less economic progress.
Key Facts
- The U.S. median household income rose to $80,734, marking a 4.4% increase from previous years after inflation.
- Seniors experienced a rise in poverty across more than 800 counties.
- About 38% of adults in metro areas have a bachelor's degree or higher, up from 34.2% five years ago.
- The national poverty rate decreased to 12.5% from 13.4%.
- Median income growth is mainly seen in urban areas, while many counties show little change.
- Housing trends indicate rising rents in over four out of five counties, but mortgage payments stayed flat due to low refinancing rates.
- Income inequality by race remains, with White and Asian households earning more than Black and Hispanic households.
- Rural and older Americans are facing slower economic growth and more financial challenges.
