The median household income in the US has seen its first significant annual increase since 2019, rising by over 7% according to the Census Bureau. While many states saw modest growth, South Dakota experienced the largest increase both in dollars and percentage, while Maryland saw the largest decline, attributed to high earners leaving the state.
That may not seem like much, but it's the first significant annual increase Americans have seen since 2019, the Bureau reports. From 2018 to 2019, the median household income nationally grew about 7%. But then it stayed around the same or dropped slightly — until 2023.At the state level, income changes were even more drastic. South Dakota saw the largest increase both in dollars and percentage growth.
The median household income there was $81,740 in 2023, up from $69,850 in 2022, according to Census Bureau data. That's $11,890 more, orof Census Bureau data. Many of the people moving into the state appear to bring bigger salaries with them. South Dakota lands at No. 21 in aall increased by over 10%. Two of the states with the largest annual increases — Arkansas and West Virginia — were, and continue to be, some of the lowest-earning states.
High-earners appear to be leaving the state in droves: Maryland lost over 2,000 households that earn at least $200,000 between 2021 and 2022, according to SmartAsset. The state's economy has been fairly stalled since 2017, according to a. We'll teach you practical strategies to hack your budget, reduce your debt, and grow your wealth. Start today to feel more confident and successful.
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