Political Calculations' initial estimate of median household income in December 2021 is $72,933, an increase of $580 (or 0.8%) from the initial estimate of $72,353 for November 2021.
Update 31 October 2023: We have revised our estimate of median household income for this month based on new information from the U.S. Census Bureau for 2022 and revisions to income data by the Bureau of Economic Analysis that were released in September 2023. Please follow this link to see how much. If you're interested, we've provided more information about what has changed and why we think its significant.
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 December 2021. The inflation-adjusted figures are presented in terms of constant December 2021 U.S. dollars.
December 2021's estimated median household income of $72,933 is $633 higher than the previous April 2020 inflation-adjusted peak of $72,300 in terms of constant December 2021 U.S. dollars. That compares with a non-inflation-adjusted increase of $6,445 from April 2020's nominal estimate of $66,488. Which is to say that inflation has eroded over 90% of the estimated nominal increase in median household income between these months.
Analyst's Notes
The BEA adjusted its estimates of aggregate wage and salary income for October 2021 and November 2021 upward by 0.22% and 0.36% respectively in its latest data release.
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: 28 January 2022. Accessed: 28 January 2022.
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: 28 January 2022. Accessed: 28 January 2022.
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. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 12 January 2022. Accessed: 12 January 2022.
Labels: median household income
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