Average American Income (2012 to 2021)
If you’re looking to set up an ecommerce business targeting the US market, it’s important to have a basic understanding of the average US income.
According to the latest data on average American income levels from the US Bureau of Labor Statistics (BLS), in 2020, the average US income came in at $84,352 per year (before taxes).
This represents a 1.81 percent year-over-year increase from 2019’s $82,852, which marked the first time that the average American income exceeded the $80,000 barrier.
Though there were slight dips of 2.76 percent in 2013 and 1.46 percent in 2017, the average American income has actually been increasing steadily in recent years.
As a matter of fact, the average American income has risen every year since 2018. In the period years from 2018 to 2020, it increased by $5,717. This marked a 4.68 percent average annual increase and a 7.27 percent overall increase.
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Average US Income in 2020 and 2021
The latest statistics from the BLS show that as of the second quarter of 2021, the median weekly income of all full-time wage and salary American workers was $1,003. This is a 0.7 percent year-over-year increase and a 0.8 percent increase from the previous quarter.
Assuming a 40-hour workweek, the average hourly income for American workers in Q3 2021 comes in at $25.08.
The average American income varies between genders, with men taking home an average of $1,105 per week, about 20.9 percent more than women’s median weekly income of $914.
The BLS has cautioned for the data to be interpreted with care. It’s important to consider the impact of the coronavirus pandemic on the economy and labor market and the resulting efforts and measures.
Average Income in the US Compared to the Rest of the World
According to data from the World Bank, US citizens are considered to have high levels of income. Along with Canada, Australia, Japan, South Korea, most European Union countries, and several others, the US is tagged as a “high income” country.
Given the relatively high average American salary, it should also come as no surprise that the purchasing power of Americans also ranks among the highest in the world, second to China.
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