Djordje Djurdjevic
Motion researchThe initial estimate of US median household income in July 2024 is $78,545That figure is $545 (0.7%) lower than its initial estimate of $79,090 for June 2024.
Motion Research's monthly estimates of median household income are compiled 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 periodic and recurring changes in the sample of Americans responding to the survey each month. The June 2024 data had been notable in showing a larger increase of $780 (+1.0%) from the firm’s initial estimate for May 2024.
These changes are consistent with common variation within the sample population surveyed. While their estimates vary from month to month, over time, Motio Research's estimates track the general trend in median household income and provide a reasonably accurate indication of your level.
The firm adjusts its monthly estimates to account for the effects of seasonality and inflation on its data, presenting its results in the form of an index with median household income for January 2010 assigned a value of 100. The following screenshot from Motio Research interactive chart shows how this index has changed from January 2010 to July 2024:
Analyst 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 is based on our 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 nominal (RED) and inflation-adjusted (BLUE) trends in median household income in the United States from January 2000 through July 2024. The inflation-adjusted figures are presented in constant July 2024 U.S. dollar terms and are not seasonally adjusted, unlike the data used to produce the Motio Research Household Income Index:
Political Calculations' median monthly household income estimates are derived from the Bureau of Economic Analysis' monthly estimates of aggregate wages and salaries for the U.S. population. For July 2024, these data include very small revisions to previously reported data for April 2024 (+0.004%), May 2024 (-0.050%), and June 2024 (-0.098%).
References
U.S. Bureau of Economic Analysis. Table 2.6. Personal income and its disposition, monthly, Personal income and expenditures, not seasonally adjusted, monthly, mid-month. Population. [Online Database (via Federal Reserve Economic Data)]Last updated: August 30, 2024. Accessed: August 30, 2024.
U.S. Bureau of Economic Analysis. Table 2.6. Personal income and dispositions, monthly, Personal income and expenditures, not seasonally adjusted, monthly, mid-month. Compensation of employees, received: disbursements of wages and salaries. [Online Database (via Federal Reserve Economic Data)]Last updated: August 30, 2024. Accessed: August 30, 2024.
U.S. Department of Labor. Bureau of Labor Statistics. Consumer Price Index, All Urban Consumers (CPI-U), average for U.S. cities, all items, 1982-84 = 100. Not seasonally adjusted. [Online Database (via Federal Reserve Economic Data)]Last updated: August 14, 2024. Accessed: August 14, 2024.
Editor's note: The summary points in this article were chosen by Seeking Alpha editors.