Understanding Average, Median, and Top 1% Income by Race and Ethnicity in the United States (2024)
Welcome to our comprehensive overview of income statistics in the United States, focusing on individuals’ earnings categorized by race and ethnicity. In this guide, we explore the average individual income, median income, and the earnings of the top 1% for various racial and ethnic groups. This information is pertinent as it reflects the economic landscape of the nation and helps highlight income disparities that exist among different communities.
In 2024, the average individual income across the United States was recorded at $73,471.51, with a median income of $50,200.00. The earnings for the top 1% of income earners stood at an impressive $430,000. Such figures provide a snapshot of the financial realities faced by individuals from different backgrounds. Now, let’s delve into the specific income data categorized by race and ethnicity.
Income Breakdown by Race and Ethnicity
Below is a detailed table showcasing the average income, median income, and top 1% income for various racial and ethnic groups:
| Average Income | Median Income | Top 1% Income | |
| White Non-Hispanic | $82,308 | $58,802 | $489,209 |
| Black | $57,836 | $43,690 | $283,953 |
| American Indian | $53,718 | $40,002 | $253,107 |
| Asian | $95,408 | $65,000 | $530,106 |
| Pacific Islander | $54,582 | $40,050 | $259,100 |
| Two or More Races | $60,768 | $42,000 | $369,302 |
| Hispanic or Latino of Any Race | $50,547 | $37,000 | $265,002 |
As you can see, there are notable differences in income levels across these groups. For instance, the average income for Asian individuals is the highest among the listed groups, while Hispanic or Latino individuals have the lowest average income. Understanding these disparities is crucial for addressing economic inequalities and fostering discussions around solutions that may help bridge the gaps.
Visualizing Income Inequality
To further explore these income disparities, we have developed a user-friendly income percentile calculator. This tool allows individuals to enter their race or ethnicity along with their income earned in 2023. The calculator then plots this information against other earners within the same group, providing a visual representation of where one stands in relation to others.
This visualization tool is not just about numbers; it’s about understanding the broader implications of income inequality—how it affects communities, opportunities, and social mobility. By adjusting the comparison fields, users can also visualize income inequality by race, enhancing awareness and understanding of the economic disparities that persist in our society.
Methodology Behind the Data
The income data presented here is derived from the 2024 IPUMS-CPS dataset. This dataset employs rigorous methodologies to ensure accurate representations of individual incomes. The HISPAN variable is used to identify those classified as Hispanic or Latino of Any Race, while the RACE variable is utilized for the majority of other entries. For the Two or More Races classification, data is gathered from individuals who fall under RACE > 700.
This meticulous approach assures that the data is not only reliable but also reflective of the current economic landscape. Contributors to this research include esteemed scholars and statisticians who have dedicated their efforts to analyzing and presenting this crucial information: Sarah Flood, Miriam King, Renae Rodgers, and others.
Workforce Size by Race
Understanding income is also about recognizing the size of the workforce across different racial and ethnic groups. The following table outlines the estimated workforce size based on the samples used for calculations:
| Samples | Estimated Workforce | |
| White Non-Hispanic | 44,081 | 106,823,947 |
| Black | 7,647 | 21,782,913 |
| American Indian | 777 | 1,260,444 |
| Asian | 5,574 | 12,121,286 |
| Pacific Islander | 355 | 589,581 |
| Two or More Races | 1,537 | 3,277,254 |
| Hispanic or Latino of Any Race | 16,331 | 34,532,596 |
This data highlights not only the income disparities but also the relative sizes of the workforce in each category. It’s essential to consider both income and workforce size when discussing economic equality, as they are interconnected aspects of the broader economic context.
Explore Historical Data
If you’re interested in how income by race has evolved over the years, we invite you to explore our previous editions. Understanding historical data can provide valuable insights into trends and shifts in the economic landscape:
- 2023 income by race
- 2022 income by race
- 2021 income by race
- 2020 income by race
- 2018 income by race
By examining this historical data, we can better appreciate the progress made and the challenges that remain in achieving economic equality across different racial and ethnic groups.