Motio Research's estimate of median household income in the United States for April 2024 is $78,238. At this writing, the independent data science and economic consulting firm has not yet published an estimate for May 2024 for its Household Income index. When that new estimate becomes available, we will append it to this post.
In the meantime, Political Calculations' estimate of median household income in May 2024 is available. That's possible because we developed an alternate method to estimate median household income, which complements the survey-based method utilized by Motio Research.
Our initial estimate of median household income in May 2024 based upon that methodology is $77,949, which is $189 (+0.24%) higher than our initial estimate of $77,760 for April 2024.
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 May 2024. The inflation-adjusted figures are presented in terms of constant May 2024 U.S. dollars and are not seasonally adjusted, unlike the data used to produce Motio Research's Household Income index:
At its initial estimate of $77,949 in May 2024, median household income remains 4.4% below its April 2024 inflation adjusted peak in terms of constant May 2024 U.S. dollars. It likewise remains about 3.5% below its December 2020 level. It has however risen nearly one percent above its June 2022 low according to these non-seasonally adjusted figures, which we track because the vast majority of household expenses are not adjusted for seasonality by the households that have to pay them.
Analyst's Notes
The U.S. Bureau of Economic Analysis made minor downward adjustments to the aggregate income estimates we use to produce our estimates for the months of January through April 2024. Here's how that income data changed from what the BEA reported a month earlier:
- January 2024: -0.006%
- February 2024: -0.015%
- March 2024: -0.048%
- April 2024: -0.061%
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: 28 June 2024. Accessed: 28 June 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: 28 June 2024. Accessed: 28 June 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: 12 June 2024. Accessed: 12 June 2024.
Image Credit: Photo by Clay Banks on Unsplash.
Appendix
We'll append Motio Research's estimate of median household income for May 2024 here after it becomes available.
Update 14 July 2024: Here's the snapshot of Motio Research's estimate of May 2024's median household income:
At $78,310, Motio Research's survey based estimate for May 2024 is $361 or about half a percent higher than our estimate.
And because we're a bit late in capturing Motio's estimate for May 2024, we can also preview their estimate for June 2024. They are estimating a jump in median household income to $79,090, which is a large jump of about one percent. We won't have the data to determine our alternate estimate for comparison until later this month, so we'll pick the story up again in a new article after we have it.
Labels: median household income
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