All articles tagged with #median income
The 2026 Social Security COLA is forecasted to increase benefits by 2.7%, with retirees in states with higher median incomes, such as New Jersey and Connecticut, receiving the largest dollar increases, although state residence does not directly affect benefit amounts. The benefits are indirectly influenced by lifetime earnings, which tend to be higher in wealthier states.
The Bureau of Labor Statistics reported that the median annual wage for all U.S. workers in 2023 was $48,060, with Massachusetts having the highest median wage at $60,690 and Mississippi the lowest at $37,500. Local wages generally align with the cost of living, with higher-earning states often being more expensive to live in. However, some states, like Wyoming and Florida, are outliers in terms of wage and cost of living rankings.
Eight counties in New Jersey have median household incomes surpassing $100,000, with Hunterdon County having the highest median income at $142,518, according to the 2022 American Community Survey data. Nationwide, the median income for households was $74,755 in 2022, according to the U.S. Census.
To afford a $500,000 home, a person would typically need to make about $140,000 a year, according to Realtor.com's economic data analyst. This means that homeownership is increasingly out of reach for individuals earning the median income.