Money Average Income by Age
Your income can vary throughout your lifetime based on many factors including your skills, life circumstances, and even where you live. Age can have an impact on earnings as our skills and experience tend to grow as we age, giving us the opportunity to secure higher-paying jobs.
This analysis looks into the average income by age in the U.S. including how other factors like ethnicity, education level, and location can have an impact on our earnings as we age.
Key statistics
- Across all full-time workers, people aged 45-54 have the highest median earnings at $1,339 per week (or $69,628 annually).
- Men aged 55-64 have the highest median earnings of any gendered age group at $1,490 per week ($77,480 annually).
- People aged 16-19 have the lowest median earnings at $633 per week ($32,916 annually).
- By state, the highest earners are residents of Maryland aged 45-64 with median annual earnings of $119,307.
- The lowest earners by state are residents of West Virginia aged 15-24, with median annual earnings of $27,380.
- Millennials earn the most in Massachusetts ($108,536), but the least in Mississippi ($58,641).
- Gen Zers earn the most in Alaska with $60,279, and Baby Boomers earn the most in Hawaii ($77,957).
Median household income over time
The median annual household income in the U.S. has gradually increased over time from $22,420 in 1984 to $80,610 in 2023. Although the median income has consistently risen each year, certain periods saw minor drops in median household income. Following the 2008 financial crisis, the median household income dipped from $50,300 to $49,280 in 2010. Then in 2020, during the height of the COVID-19 pandemic, the median income dropped slightly to $68,010 from $68,700 in 2019.
| Year | Median Annual Household Income in the United States |
|---|---|
| 1984 | $22,420 |
| 1985 | $23,620 |
| 1986 | $24,900 |
| 1987 | $26,060 |
| 1988 | $27,230 |
| 1989 | $28,910 |
| 1990 | $29,940 |
| 1991 | $30,130 |
| 1992 | $30,640 |
| 1993 | $31,240 |
| 1994 | $32,260 |
| 1995 | $34,080 |
| 1996 | $35,490 |
| 1997 | $37,010 |
| 1998 | $38,890 |
| 1999 | $40,700 |
| 2000 | $41,990 |
| 2001 | $42,230 |
| 2002 | $42,410 |
| 2003 | $43,320 |
| 2004 | $44,330 |
| 2005 | $46,330 |
| 2006 | $48,200 |
| 2007 | $50,230 |
| 2008 | $50,300 |
| 2009 | $49,780 |
| 2010 | $49,280 |
| 2011 | $50,050 |
| 2012 | $51,020 |
| 2013 | $53,590 |
| 2014 | $53,660 |
| 2015 | $56,520 |
| 2016 | $59,040 |
| 2017 | $61,140 |
| 2018 | $63,180 |
| 2019 | $68,700 |
| 2020 | $68,010 |
| 2021 | $70,780 |
| 2022 | $74,580 |
| 2023 | $80,610 |
Source [1] Federal Reserve, “Median Household Income in the United States” https://fred.stlouisfed.org/series/MEHOINUSA646N
Median income by age range
The data below shows the median weekly income for full-time workers by age group.
| Age | Weekly earnings | Annual earnings |
|---|---|---|
| 16 to 19 years | $633 | $32,916 |
| 20 to 24 years | $778 | $40,456 |
| 25 to 34 years | $1,107 | $57,564 |
| 35 to 44 years | $1,301 | $67,652 |
| 45 to 54 years | $1,339 | $69,628 |
| 55 to 64 years | $1,268 | $65,936 |
| 65 years and over | $1,121 | $58,292 |
Across all workers, people aged 45-54 have the highest median weekly earnings at $1,339, amounting to an annual salary of $69,628. As of December 2024, 79.6% of people in this age group were employed, making them the third most employed age group behind 35-44s (81.7%) and 25-34s (80.1%). This, combined with people aged 45-54 being at the later stages of their career in terms of experience, likely contributes to them being the highest earners. [2] BLS, “Employed Persons and Employment Population Ratios by Age and Sex” https://www.bls.gov/web/empsit/cpseea08a.htm
However, when breaking the data down by gender, men aged 55-64 are the highest earners overall with median weekly earnings of $1,490 ($77,480) annually. This is only slightly higher than men in the 45-54 age range ($1,484 per week).
People aged 16-19 have the lowest median earnings at $633, with many people in this group just starting out in their careers if they are not still in education at school or college. Women in this age group have the lowest earnings overall at $607 per week.
| Age | Total | Men | Women |
|---|---|---|---|
| 16 to 19 years | $633 | $655 | $607 |
| 20 to 24 years | $778 | $812 | $741 |
| 25 to 34 years | $1,107 | $1,156 | $1,033 |
| 35 to 44 years | $1,301 | $1,422 | $1,160 |
| 45 to 54 years | $1,339 | $1,484 | $1,166 |
| 55 to 64 years | $1,268 | $1,490 | $1,122 |
| 65 years and over | $1,121 | $1,267 | $989 |
Data is based on the usual median weekly earnings of full-time wage and salary workers as of Q3 2024.
Source [3] BLS, “Median Usual Weekly Earnings of Full-Time Wage and Salary Workers” https://www.bls.gov/charts/usual-weekly-earnings/usual-weekly-earnings-current-quarter-by-age.htm
Median income by individual age
By looking at the median salary for individual ages rather than age ranges, we can get an idea of how the average salary changes over a lifetime. The median salary starts off at its lowest point at age 16 with $8,000 and gradually increases throughout the decades of 20s and 30s as people gain experience and work their way up the employment ladder.
Median salaries peak at $70,000 at age 50 and begin a gradual decline as people enter retirement age, with a median salary of $44,000 at age 70.
| Age | Median income |
|---|---|
| 16 | $8,000 |
| 17 | $8,500 |
| 18 | $13,000 |
| 19 | $20,000 |
| 20 | $25,000 |
| 21 | $26,400 |
| 22 | $30,000 |
| 23 | $33,000 |
| 24 | $37,000 |
| 25 | $45,000 |
| 26 | $46,800 |
| 27 | $47,000 |
| 28 | $50,000 |
| 29 | $55,000 |
| 30 | $55,000 |
| 31 | $55,000 |
| 32 | $58,000 |
| 33 | $60,000 |
| 34 | $60,000 |
| 35 | $61,500 |
| 36 | $60,000 |
| 37 | $60,000 |
| 38 | $60,000 |
| 39 | $62,500 |
| 40 | $60,000 |
| 41 | $60,000 |
| 42 | $62,400 |
| 43 | $65,000 |
| 44 | $61,250 |
| 45 | $60,000 |
| 46 | $65,000 |
| 47 | $60,000 |
| 48 | $65,000 |
| 49 | $65,000 |
| 50 | $70,000 |
| 51 | $65,000 |
| 52 | $65,000 |
| 53 | $64,000 |
| 54 | $65,000 |
| 55 | $65,000 |
| 56 | $60,000 |
| 57 | $65,000 |
| 58 | $60,000 |
| 59 | $60,000 |
| 60 | $60,000 |
| 61 | $60,000 |
| 62 | $65,000 |
| 63 | $58,000 |
| 64 | $60,000 |
| 65 | $55,000 |
| 66 | $55,735 |
| 67 | $50,000 |
| 68 | $50,000 |
| 69 | $43,664 |
| 70 | $44,000 |
Sources [4] DQYJD, “Average Salary by Age, Median, Top and Percentiles” https://dqydj.com/average-median-top-salary-by-age-percentiles/ [5] Census, “American Community Survey Data Releases” https://www.census.gov/programs-surveys/acs/news/data-releases.html
Median income by age and state
Data from Scholaroo as of 2023 shows how the median average household income by age also varies by state. See the figures in the table and read the full breakdown below for an in-depth analysis.
Source [6] Schoolaroo, “Median Income by Generation” https://scholaroo.com/report/median-income-by-generation/
Data correct as of December 2023, based on Scholaroo’s analysis of official public data.
Highest earners by age and state
By state and age, the highest earners overall are people aged between 45 and 64 and living in Maryland with annual household earnings of $119,307. Maryland’s high earnings could be due to its close proximity to Washington DC, potentially giving residents job opportunities in various government departments. Innovations in technology through a number of research parks facilitating joint research among universities, government institutions, and private industry could also possibly impact more high-wage earners. [7] Maryland.gov, “Maryland Economy” https://msa.maryland.gov/msa/mdmanual/01glance/economy/html/economy.html
Coming in second are residents of New Jersey, also aged 45-64 ($117,412). The only state in the top 10 whose highest earners are not aged 45-64 is Massachusetts, with people aged 24-44 making the most ($108,536) in this state. One of the reasons for this could be that Massachusetts has a well-educated population and is home to many high-paying industries like technical services and bioscience. [8] NEBHE, “What’s the Value of Higher Education in Massachusetts?” https://nebhe.org/wp-content/uploads/2019/05/MA-Value-of-Higher-Ed_May-2019.pdf
| Rank | State | Age | Annual income |
|---|---|---|---|
| 1 | Maryland | 45-64 | $119,307 |
| 2 | New Jersey | 45-64 | $117,412 |
| 3 | Massachusetts | 45-64 | $115,864 |
| 4 | New Hampshire | 45-64 | $114,313 |
| 5 | Utah | 45-64 | $111,825 |
| 6 | Washington | 45-64 | $110,130 |
| 7 | Hawaii | 45-64 | $108,693 |
| 8 | Massachusetts | 25-44 | $108,536 |
| 9 | Connecticut | 45-64 | $107,844 |
| 10 | Virginia | 45-64 | $107,552 |
Source [6] Schoolaroo, “Median Income by Generation” https://scholaroo.com/report/median-income-by-generation/
Lowest earners by age and state
The lowest earners by state and age are all in the lowest age range of 15-24. Overall, residents of West Virginia in this age range earn the least with a median annual household income of $27,380. West Virginia has the lowest workforce participation in the country with only 54.5% of the adult working population either employed or actively looking for work as of January 2025. Data from the same period shows that the state’s growing sectors for jobs include education and health services, and information. [9] Joint Economic Committee, “West Virginia Employment Update” https://www.jec.senate.gov/public/index.cfm/republicans/wv/
The second lowest earners are residents of Alabama aged 15-24 with an annual income of $29,426.
| Rank | State | Age | Annual income |
|---|---|---|---|
| 1 | West Virginia | 15-24 | $27,380 |
| 2 | Alabama | 15-24 | $29,426 |
| 3 | New Mexico | 15-24 | $30,195 |
| 4 | Louisiana | 15-24 | $34,407 |
| 5 | Oklahoma | 15-24 | $35,945 |
| 6 | Mississippi | 15-24 | $36,457 |
| 7 | Kansas | 15-24 | $36,935 |
| 8 | Indiana | 15-24 | $37,133 |
| 9 | Kentucky | 15-24 | $37,769 |
| 10 | Nebraska | 15-24 | $37,867 |
Source [6] Schoolaroo, “Median Income by Generation” https://scholaroo.com/report/median-income-by-generation/
More statistics on income by age and state
- The highest-earning Millennials are in Massachusetts with a median income of $108,536.
- Millennials ($58,641), Gen Xers ($60,998), and Baby Boomers ($41,013) all earn the least in Mississippi, but Gen Zers earn the least in West Virginia ($27,380).
- Gen Zers earn the most in Alaska with a median income of $60,279.
- Gen Xers earn the most in Maryland with $119,307, followed by New Jersey with $117,412.
- Baby Boomers earn the most in Hawaii with a median income of $77,957, followed by Maryland with $69,070.
Source [6] Schoolaroo, “Median Income by Generation” https://scholaroo.com/report/median-income-by-generation/
Sources
- [1] Federal Reserve, “Median Household Income in the United States” https://fred.stlouisfed.org/series/MEHOINUSA646N
- [2] BLS, “Employed Persons and Employment Population Ratios by Age and Sex” https://www.bls.gov/web/empsit/cpseea08a.htm
- [3] BLS, “Median Usual Weekly Earnings of Full-Time Wage and Salary Workers” https://www.bls.gov/charts/usual-weekly-earnings/usual-weekly-earnings-current-quarter-by-age.htm
- [4] DQYJD, “Average Salary by Age, Median, Top and Percentiles” https://dqydj.com/average-median-top-salary-by-age-percentiles/
- [5] Census, “American Community Survey Data Releases” https://www.census.gov/programs-surveys/acs/news/data-releases.html
- [6] Schoolaroo, “Median Income by Generation” https://scholaroo.com/report/median-income-by-generation/
- [7] Maryland.gov, “Maryland Economy” https://msa.maryland.gov/msa/mdmanual/01glance/economy/html/economy.html
- [8] NEBHE, “What’s the Value of Higher Education in Massachusetts?” https://nebhe.org/wp-content/uploads/2019/05/MA-Value-of-Higher-Ed_May-2019.pdf
- [9] Joint Economic Committee, “West Virginia Employment Update” https://www.jec.senate.gov/public/index.cfm/republicans/wv/
