The U.S. Census Bureau has released new data showing that the real median household income in 2024 was $83,730, a figure not statistically different from the previous year’s estimate of $82,690. The official poverty rate declined by 0.4 percentage points to 10.6% in 2024, while the Supplemental Poverty Measure (SPM) rate stood at 12.9%, unchanged from last year. Health insurance coverage remained high, with 92% of the population insured for all or part of the year and an estimated 27.1 million people uninsured at any point during 2024.
These results are drawn from three reports: “Income in the United States: 2024,” “Poverty in the United States: 2024,” and “Health Insurance Coverage in the United States: 2024.” The Census Bureau noted that “while the official poverty measure is based on the concept of money income, which is pretax and does not include tax credits, the SPM is a post-tax and transfer poverty measure.” The SPM provides an alternative way to assess economic well-being and includes government assistance programs.
The Current Population Survey Annual Social and Economic Supplement (CPS ASEC), conducted jointly by the Census Bureau and U.S. Bureau of Labor Statistics (BLS), served as the primary data source for these findings. This survey collects information on job status, income, and health insurance coverage for the prior calendar year.
In terms of demographic changes between 2023 and 2024:
– Median income rose by over five percent for Asian and Hispanic households but declined by more than three percent for Black households.
– Income inequality as measured by the Gini index did not change significantly.
– Household income at the top tenth percentile increased by just over four percent; incomes at lower percentiles showed no significant change.
– Among full-time workers, men saw their median earnings rise nearly four percent while women’s earnings did not show significant change.
– The female-to-male earnings ratio fell to just under eighty-one percent, marking a second consecutive annual decrease.
Post-tax household income also saw a modest increase of nearly two percent compared to last year’s figures.
For poverty measures:
– The weighted average poverty threshold for a family of four was $32,130 in 2024 (https://www.census.gov/data/tables/time-series/demo/income-poverty/historical-poverty-thresholds.html).
– There were about thirty-six million people living in poverty last year.
– The official poverty rate decreased among White, Asian, and Hispanic individuals but remained steady among other groups.
– Social Security continued to play a major role as an antipoverty program.
Regarding health insurance:
– Private health insurance covered about two-thirds of Americans; public coverage accounted for just over one-third.
– Employment-based insurance was most common at nearly fifty-four percent coverage.
– Private coverage rates increased slightly due to more direct-purchase plans; public coverage rates dropped mainly because Medicaid enrollment declined.
Regional estimates are available within each report along with state-level data using multi-year averages.
Survey response rates remain below pre-pandemic levels but have slightly improved since last year. Adjustments are made to account for nonresponse bias so that results remain representative.
According to Ron S. Jarmin, Acting Director at U.S. Census Bureau Mountain-Plains Regional Office: “All comparisons made here and in each respective report have been tested and found to be statistically significant at the 90% confidence level unless otherwise noted.”
Further details about methodology can be found in technical documentation provided by the Census Bureau (https://www2.census.gov/programs-surveys/cps/techdocs/cpsmar25.pdf).
