The U.S. median household income increased to $80,610, marking a first significant rise since 2019, but not all households are benefiting equally.

Americans got a raise in 2023.

The median household income in the U.S. increased by 4% to $80,610 in 2023, according to U.S. Census Bureau estimates. This is the first statistically significant increase since 2019, the Bureau reports.

While all racial and Hispanic-origin groups experienced some gains, only white and non-Hispanic white households saw significant increases in income, with growth rates of 5.4% and 5.7%, respectively.

Although Black and Hispanic household incomes increased, their growth rates were only 2.8% and 0.4% respectively from 2022 to 2023. The median income among Black households increased from $54,960 to $56,490, while Hispanic households saw their median income rise from $65,300 to $65,540.

Despite a slight decrease (0.2%) in median income, Asian households remained the highest-earning group in 2023, with a median income of $112,800.

Racial and gender pay gaps persist

The Bureau reports that the gap between Asian and white non-Hispanic household earnings decreased slightly between 2022 and 2023, while the gap between white non-Hispanic and Hispanic household incomes increased. However, the Black-white earnings gap remained relatively stable during this period.

The wealth disparities between Black and Hispanic families and white families have persisted, with the gap between Black and white households increasing by 26% and the Hispanic-to-white wealth gap growing by 27% between 2019 and 2022, according to the latest Federal Reserve data.

In 2022, the median net worth of white households was approximately $285,000, while that of Hispanic households was around $62,000 and $45,000 for Black households, according to the Fed.

In 2023, the gender pay gap widened after a 20-year trend of slow decline and stagnation, according to the Census. Among full-time year-round workers, men's earnings grew by 3% from 2022 to 2023, while women's earnings rose by only 1.5%. Male full-time workers earned a median of $66,790 in 2023, compared with $55,240 for female workers.

The wage gap persists because women dominate low-wage occupations, such as those in service and hospitality, and make up two-thirds of the lowest-paid U.S. workforce, according to the National Women's Law Center.

The Census Bureau reports that households in the 90th percentile by income experienced a 4.6% increase in earnings from 2022 to 2023, while the highest-earning 10th percentile saw their wages grow by 6.7%.

Wages heat up while inflation cools

The Bureau of Labor Statistics reports that year-over-year inflation cooled to its lowest point since 2021, with prices for consumer goods rising only 2.5% in August 2024 from the previous year.

Despite a 21% increase in prices since the start of the pandemic, wages have grown by 23% over the same period, according to a ZipRecruiter analysis.

"The sustained strength of U.S. consumer spending has fueled overall economic growth and boosted the labor market, according to Julia Pollak, chief economist at ZipRecruiter."

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