U.S. Household Incomes Stall in 21 States-5 Key Takeaways

"The U.S. Census Bureau's latest data reveals a modest increase in national median household income in 2024, reaching $81,604. While some states experienced notable income growth, 21 states saw no significant change in real income, hindering purchasing power and homeownership affordability. Rising mortgage costs and insurance premiums were key drivers behind the 3.8% increase in monthly costs for homeowners with a mortgage nationwide. Among the states, Massachusetts, New Jersey, and Maryland boasted the highest median household incomes, with the District of Columbia leading if considered a state. Notably, all state median incomes fell short of the minimum required to buy a typical home."

"Boomers, particularly the 65 and older age group, saw the most substantial income increase, while Gen Z households under 25 had the lowest median income. Asian households reported the highest median income, followed by white, Hispanic, and black households, all showing income growth from 2023 to 2024."

National median household income rose to $81,604 in 2024, marking a modest increase. Twenty-one states recorded no significant change in real income, constraining purchasing power and homeownership affordability. Mortgage cost increases and higher insurance premiums contributed to a 3.8% rise in monthly costs for homeowners with a mortgage. Massachusetts, New Jersey, and Maryland posted the highest state median household incomes, with the District of Columbia highest if counted. All state median incomes fell short of levels needed to buy a typical home. Households aged 65 and older saw the largest income gains. Asian households reported the highest median incomes, followed by white, Hispanic, and black households, all rising from 2023.

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