Motio Research's initial estimate of U.S. median household income in July 2024 is $78,545. That figure is $545 (0.7%) below its initial estimate of $79,090 for June 2024.
Motio Research's monthly estimates of median household income are produced using income data collected by the U.S. Census Bureau as part of its monthly Current Population Survey. As such, this data is subject to variation resulting from regular recurring changes in the sample of Americans responding to the survey each month. The data for June 2024 had been remarkable in showing a larger $780 (+1.0%) increase from the firm's initial May 2024 estimate.
These changes are consistent with common variation within the surveyed sample of the population. While its estimates vary from month-to-month, over time, Motio Research's estimates track the overall trend for median household income and give a reasonably accurate indication of its level.
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 following screenshot of Motio Research's interactive chart shows how this index has changed from January 2010 through July 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 July 2024 based upon our alternate methodology is $78,280, which is $161 (0.2%) higher than our $78,119 for May 2024. Our initial estimate of median household income in July 2024 is $265 (0.3%) less than Motio Research's July 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 July 2024. The inflation-adjusted figures are presented in terms of constant July 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 July 2024, this data includes very small revisions to previously reported data for April 2024 (+0.004%), May 2024 (-0.050%) and June 2024 (-0.098%).
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: 30 August 2024. Accessed: 30 August 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: 30 August 2024. Accessed: 30 August 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: 14 August 2024. Accessed: 14 August 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.
Labels: median household income
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