Average American Income (2012–2023)
Suppose you’re looking to set up an ecommerce business targeting the US market. In that case, it’s essential to understand the average US income and how it’s evolved over the years.
Average American income in 2022
According to the latest data on average American income levels from the US Bureau of Labor Statistics (BLS), in 2022, the average US income came in at $94,003 (before taxes).
This represents a 7.5% year-over-year increase from 2021’s $$87,432, which is more than double the 3.7% annual increase registered the year before.
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Though there were slight dips of 2.8% in 2013 and 1.5% in 2017, the average American income has actually been increasing steadily in recent years.
As a matter of fact, the average American income has risen every year since 2018. In the period years from 2018 to 2022, it increased by $15,368. This marks a 5% average annual increase and a 19.5% overall increase in just three years.
Average US income (Q1 2022 to Q3 2023)
The most recent statistics from the BLS show that in the third quarter of 2023, the median weekly income of all full-time wage and salary American workers was $1,118. This was a 4.5% year-over-year increase and a 1% increase from the previous quarter. Assuming a 40-hour workweek, the average hourly income for American workers in Q3 2023 came in at $27.95.
The median weekly income has been rising steadily over the past few years. The last time it fell was in Q4 2020, when it declined from an average of $994 per week in Q3 2020, to $983. In fact, Q3 2023’s numbers are the highest ever recorded.
The average American income varies according to gender. In the most recent quarter, men took home an average of $1,209 per week, about 20.4% more than women’s median weekly income of $1,004.
Average income in the US compared to the rest of the world
According to data from the World Bank, US citizens are considered to have high levels of income. Along with Canada, Australia, Japan, South Korea, most European Union countries, and several others, the US is tagged as a “high-income” country.
Given the relatively high average American salary, it should also come as no surprise that the purchasing power parity of Americans also ranks among the highest in the world, second only to China.
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