If you’re interested in the present situation of personal finance, our most recent article presents perceptive data and statistics. How can these patterns affect your future planning and financial choices?
Often claimed is that “numbers don’t lie.” If so, what does that expose about American personal finance? To respond to that query, we have compiled this study of personal financial data and statistics to assist you in roughly determining your relative position to other Americans.
The material our study reveals is not meant to cause you any kind of insecurity. Rather, it’s meant to assist in establishing guidelines that will let you monitor your progress and make changes where you feel they are required.
Since numbers abound, we hope you enjoy them! In personal finance, they are absolutely essential. We will show statistics on several subjects including income, debt, savings, budgeting, and financial planning.
Statistics on Income
The median household income is
Nationwide median household income is $79,900. Still, the differences among the particular states are somewhat great. As of April 18, 2022 the U.S. Department of Housing and Urban Development offers the following median household income figures:
| State | Median Household Income |
|---|---|
| Alabama | $73,600 |
| Alaska | $102,200 |
| Arizona | $82,800 |
| Arkansas | $69,400 |
| California | $101,600 |
| Colorado | $105,800 |
| Connecticut | $112,600 |
| Delaware | $96,900 |
| District of Columbia | $144,800 |
| Florida | $79,300 |
| Georgia | $83,200 |
| Hawaii | $107,200 |
| Idaho | $80,400 |
| Illinois | $97,600 |
| Indiana | $82,100 |
| Iowa | $86,900 |
| Kansas | $87,800 |
| Kentucky | $73,600 |
| Louisiana | $72,400 |
| Maine | $84,800 |
| Maryland | $117,500 |
| Massachusetts | $120,400 |
| Michigan | $84,200 |
| Minnesota | $104,000 |
| Mississippi | $65,000 |
| Missouri | $81,700 |
| Montana | $81,200 |
| Nebraska | $89,000 |
| Nevada | $84,600 |
| New Hampshire | $108,000 |
| New Jersey | $117,500 |
| New Mexico | $68,700 |
| New York | $99,500 |
| North Carolina | $80,100 |
| North Dakota | $96,800 |
| Ohio | $83,300 |
| Oklahoma | $76,000 |
| Oregon | $91,800 |
| Pennsylvania | $90,100 |
| Rhode Island | $99,300 |
| South Carolina | $78,400 |
| South Dakota | $85,400 |
| Tennessee | $77,800 |
| Texas | $85,300 |
| Utah | $95,800 |
| Vermont | $92,800 |
| Virginia | $103,900 |
| Washington | $105,300 |
| West Virginia | $67,700 |
| Wisconsin | $91,000 |
| Wyoming | $88,900 |
| U.S. Median | $90,000 |
Income Distribution in the U.S.
- If your household income is over $200,000 per year, you’re among the 11.9% wealthiest households in the country.
- 11.5% of the U.S. population (37.9 million people) were below the poverty line in 2022.
Poverty Line (2023, ASPE)
| Household Size | Annual Income Poverty Line |
| 1 person | $14,580 |
| 2 people | $19,720 |
| 3 people | $24,860 |
| 4 people | $30,000 |
| 5 people | $35,140 |
| 6 people | $40,280 |
| 7 people | $45,420 |
| 8 people | $50,560 |
Top 5 Richest States
- District of Columbia – $144,800
- Massachusetts – $120,400
- Maryland – $117,500
- New Jersey – $117,500
- Connecticut – $112,600
Top 5 Poorest States
- Mississippi – $65,000
- West Virginia – $67,700
- New Mexico – $68,700
- Arkansas – $69,400
- Louisiana – $72,400
Impact of Education on Earnings
| Education Level | Mean Usual Weekly Earnings |
| Professional Degree | $2,083 |
| Master’s Degree | $1,661 |
| Bachelor’s Degree | $1,005 |
| Some College, No Degree | $935 |
| High School Diploma | $853 |
| Less Than a High School Diploma | $682 |
| All Education Levels | $1,341 |
Expenses and Debt: The American Financial Burden
Consumer Spending Patterns
- Housing: $24,298
- Transportation: $12,295
- Food: $9,343
- Personal Insurance & Pensions: $8,742
- Healthcare: $5,850
Consumer Debt (Q3 2023, Federal Reserve Bank of NY)
- Total Consumer Debt: $17.29 trillion
- Credit Card Debt: $1.079 trillion
- Average Family Credit Card Debt: $6,120
- Student Loan Debt: $1.77 trillion (45.3 million borrowers)
- Annual Bankruptcy Filings: 418,724 (403,000 personal bankruptcies)
Savings and Financial Planning: Are Americans Prepared?
Savings and Emergency Funds
- 12% of Americans have no savings
- 62% of Americans live paycheck-to-paycheck
- 74% of Americans maintain a budget
- Less than 50% have sufficient savings for a $1,000 emergency
Retirement Preparedness
- Median Retirement Savings per Household: $87,000
- Median Savings for Under-35: $18,800
- Savings Recommendations:
- Age 40: 1.5 to 2.5 times annual salary
- Age 50: 3 to 6 times annual salary
- Age 60: 6 to 10 times annual salary
The Bottom Line – Personal Finance in the U.S.
The landscape of personal finance in the United States is as diverse as its population. While education correlates with higher income, many Americans still struggle with debt and savings. The statistics highlight the need for financial education and planning to ensure long-term stability and security.
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