Your Money. Personal Finance. Your Practice. Popular Courses. Key Takeaways The median income for U. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
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How Income Inequality Works Income inequality is how unevenly income is distributed throughout a population. The less equal the distribution, the higher income inequality is. Doing so could result in a nice raise. Similarly, research salary data for your industry and present it to your employer if you see that you're statistically underpaid given your position and line of work.
And finally, don't hesitate to dust off your resume and see what opportunities are out there. You may find that there's a nearby company that will pay you what you're worth if your current employer won't. And, of course, don't forget that it's not always how much money you make -- it's how you use it. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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Here's a breakdown of median U. Highest- and lowest-paid occupations The industry you work in largely influences your earnings potential. Median income by state Geography and earnings often go hand in hand, and in many cases, you'll earn a lot more in the same industry by moving from one state to another.
Here's how median earnings look when they're plotted on a map:. How does your income stack up? Sources Chetty, et. Bureau of Labor Statistics Census Bureau Facebook Icon This icon shares the page you are on via Facebook. The average numbers are higher because the distribution of workers by wage is highly skewed. In , there were 34 million people below the poverty line in the US. The poverty rate in the US decreased from Since , the poverty rate in America has declined every year.
It decreased from When you look at the percentage points, it might not seem that big, but take a look at real numbers: in , America had 4. As you can see, this is the main reason why fast food and restaurant workers are always at the center of higher living wage debates. Source: Go Banking Rates. According to the Bureau of Labor Statistics, jobs in the medical field have the highest hourly wage rates.
The hourly wage is higher for some specialties and lower for others. Source: Prospective Doctor. Anesthesiologists play a crucial role during surgical procedures and their medical training takes 12 to 13 years.
Source: SeniorLiving. Source: Highland Solutions. According to Statista, about 9. A-list celebrities make tens of millions of dollars every year. Typical careers that make the most are, not surprisingly, from the medical field. Other highest paying jobs also belong to the medical fields. Source: Credit Suisse.
Income inequality is closely linked to the racial divide in the United States, according to national average pay stats. Poverty is most acute among black Americans and the Hispanic communities. In , about According to the Urban Institute projections as of June 30, , the COVID pandemic response policies may reduce the poverty rates amongst all ethnic groups. Black Americans may have a poverty rate of Hispanics may show a Among white people, the estimated poverty rate may be 6. Source: Urban.
Let me add some more numbers to emphasize income inequality in the US. Source: EPI. This fact further emphasizes the scenario of income inequality in the US.
Below, you will see more about the median household income for each US state, for , based on data compiled by the US Census Bureau:. The following chart, based on the data provided by Statista, helps paint a better picture of how income is distributed in the United States according to the percentage of households holding specific income brackets:.
The US has been dealing with an income inequality problem for years, given that the highest earners tend to have a considerably larger income when compared to most individuals.
Therefore, in practice, you can expect significant differences for all income categories, including the average retirement income, average white-collar income, and average blue-collar income. Before anything else, it is important to point out the fact that the numbers that we are about to mention refer strictly to the income of one individual, thus completely disregarding the income of their family or the income of the household.
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