The U.S. Census Bureau released on Wednesday new data from its 2016 annual population survey — with largely positive findings. Most notable among the survey’s findings is the significant increase in U.S. median household income between 2014 and 2016 — more than in any two-year period on record.
Not only did incomes go up nationwide, but the share of uninsured Americans and the share of Americans facing serious financial hardship declined. This year’s data release marks the first time in nearly three decades that income, health insurance coverage, and poverty all improved for two consecutive years.
> Median household income: $65,685
> Population: 5,540,545 (21st highest)
> 2016 Unemployment rate: 3.3% (7th lowest)
> Poverty rate: 11.0% (12th lowest)
The typical Colorado household earns $65,685 a year, far more than the typical American household income of $57,617. A higher educational attainment rate often leads to higher paying job opportunities, and 39.9% of adults in Colorado have a bachelor’s degree or higher — the highest such share after only Massachusetts and well above the 31.3% share of adults nationwide.
With higher incomes, state residents can afford more expensive homes. The typical home in Colorado is worth $314,200, about $109,200 more than the median home value nationwide.
Despite such improvements on the national scale, income inequality in the U.S. remains high and incomes vary dramatically from state to state. 24/7 Wall St. ranked all 50 states according to the newly released median household income figures. Many of the poorest states in the country are concentrated in the South, while many of the wealthiest are coastal states in the West, mid-Atlantic, and Northeast regions. The typical household in the wealthiest state earns over $37,000 more a year than the typical household in the poorest state.