Income

February 1, 2024High-income households may have an outsized impact on local economies, which can put increased pressure on housing markets, shift demand for services and businesses, and tax base contributions. The IRS defines high income as taxpayers making $200,000 or more. Examining the rate of growth of this cohort allows us to identify potential up-and-coming alternatives to… read more…

July 17, 2023American wealth is becoming increasingly concentrated at the very top of the economic ladder. The top 1% of families hold over a third of the total wealth in the U.S. – up from 27% in 1989 – according to a Congressional Budget Office report from 2022. The bottom half of all households, meanwhile, control just… read more…

June 16, 2023Remote work has allowed skilled workers to mobilize and capitalize on the benefits of different areas of the U.S. After all, a $100,000 salary is worth far more in a place like Memphis than high-cost cities like New York and… read more…

May 23, 2023While there is a lot of debate on whether the U.S. will enter a recession – or if it’s already in one – some models have projected a likelihood as high as 99.3%1. While no one can predict the future,… read more…

December 12, 2025The middle class has long been considered the backbone of the American economy. But the American middle class is shrinking. The percentage of adults living in middle-income households in the United States fell by more than 10 percentage points over… read more…

March 30, 2023Seen as a sign of success and financial comfort, a six-figure salary has long been an important milestone for American workers. But the times have changed and $100,000 isn’t quite what it used to be, especially as rampant inflation continues… read more…

March 9, 2023It’s hard to feel financially stable when the cost of living continues to take a bigger bite out of your budget. While salaries increased 5.1% between December 2021 and December 2022, wage growth couldn’t keep up with inflation, which averaged 8% in 2022. Ultimately, inflation has affected everything from the cost of housing to the… read more…

March 8, 2023When it comes to the gender wage gap, statistics paint a disappointing picture. Women made 83 cents for every dollar earned by a man in 2021, according to the Bureau of Labor Statistics. In addition, that figure hasn’t changed much… read more…

July 11, 2023Science, technology, engineering and math (STEM) jobs are projected to grow 15% between 2021 and 2031. But this year is a mixed bag for many workers in these occupations. In recent months, tens of thousands of tech workers have been laid off at big firms such as Meta, Amazon and Google. Keeping this in mind, SmartAsset… read more…

April 11, 2023Going to a traditional four-year college isn’t the only path to a successful career. In fact, there are many well-paying jobs available for those without a bachelor’s degree, and average earnings for this demographic hover around $49,206. With that said,… read more…

October 7, 2024The gap between the top 1% of earners and average Americans is stark. In fact, the average American household earns a median income of under $70,000, but in some places, the top 1% can earn as much as $955,000. Those… read more…

January 18, 2023Despite persistent inflation, the federal minimum wage remains $7.25 per hour. More than 13 years have passed since Congress last raised the federal minimum wage in 2009, the longest such stretch in American history. While many cities, counties and states… read more…

January 5, 2023Social Security plays a critical role in the retirement plans of millions of Americans each year. Average annual Social Security benefits reached $21,152 in 2021, according to the Census Bureau. While higher Social Security is good news for retirees on the surface, median housing costs also continued to climb, jumping 7.6%. Keeping these figures in… read more…

January 7, 2023The U.S. labor market remained strong in 2022, adding another 223,000 jobs in December. But the Bureau of Labor Statistics predicts that the job market may cool off in years to come, projecting that total employment will grow only 0.5%… read more…

November 11, 2022Local manufacturing can provide high wage jobs, be essential for innovation, help reduce the national trade deficit and contribute to environmental sustainability, according to The Brookings Institute. However, it’s no secret that U.S. manufacturing jobs have been shrinking over the… read more…

November 8, 2022Many people looking for a new job are rethinking their priorities. In fact, from April 2020 to June 2021, the demand for flexible work arrangements grew at a faster pace than any other work priority, according to LinkedIn’s Talent Drivers… read more…

November 8, 2022Demand for nurses surged during the COVID-19 pandemic, and for those willing to travel, the field became more lucrative: traveling nurses earn roughly two to three times more per hour than those in traditional hospital-staffing positions. Yet as healthcare across… read more…

November 8, 2022Will I outlive my retirement savings? This question dogs many retirement savers who view their accounts, often far shy of $1 million, with dread and fear. After all, aspiring retirees have to plan for longer lifespans, potentially steep medical costs… read more…

November 16, 2022Teachers play an important role in enriching the minds of the next generation. And though the work itself may be rewarding, the pay often isn’t. Education jobs consistently fail to keep pace with inflation and are among the least financially-rewarding… read more…

July 27, 2022Despite rising inflation and recent stock market instability, it’s still a job seeker’s market. There are roughly 11 million job openings available nationwide as of May 2022, according to the Bureau of Labor Statistics (BLS). For the same month, there were 6.5 million hires. Data from June 2022 shows a 4% increase in the percentage… read more…

July 20, 2022The median household income is about $65,000, according to the most recent Census Bureau data. And while this can give a sense for what a typical American family is earning, income quintiles can shed light on the disparity between the top and bottom earners. In fact, the minimum threshold to be among the top 20%… read more…

July 12, 2022Housing costs for new homeowners are at an all-time high with double digit home price increases over a one-year period since 2021. However, median household income has not kept pace, decreasing by 2.9% over a similar one-year period. Affording monthly home payments is challenging in today’s economy, especially when considering the non-mortgage debt that many… read more…

June 15, 2022As of April 2022, the 12-month inflation rate is 8.3% and the highest it has been in over 20 years. Among other things, this has translated to a higher cost of living for many Americans. According to a report from the Capital One Insights Center, only 18% of consumers said their wages kept up with the… read more…

June 8, 2022Many Americans agree that amid rising prices and economic uncertainty today, it takes a six-figure salary to get by. However, women continue to be underrepresented in higher-paying jobs. According to 2020 Census data, women make up less than 30% of six-figure earners in the U.S. And while this figure marks progress from a decade prior… read more…

April 21, 2022Retirement can often be daunting because it means a shift from traditional income to a reliance on savings, investments and government programs such as Social Security. However, for most Americans, the government safety net is not enough to live on. While the Social Security program in 2022 has seen the largest cost-of-living adjustment (COLA) increase… read more…