The vast majority of Americans know exactly how much money they make every year, almost down to the dollar. However, there are very few people that they share that number with. Because “talking about money” is so taboo, it’s hard to know what coworkers or even friends make every year.
Therefore, most people have no idea what the average US salary actually is. Every year, the US Department of Labor’s Bureau of Labor Statistics notes the annual income of each and every American; however, because there are thousands of Americans making millions or even billions of dollars every year, the “average” number is often quite misleading.
Luckily Capital One has collected the necessary data and organized it to find the true median salary in each age group. And they are definitely not what you think! Here are the median annual salaries for full-time workers and salary workers in the United States:
- 16-19: $31,356
- 20-24: $37,024
- 25-34: $54,184
- 35-44: $63,908
- 45-54: $64,116
- 55-64: $61,672
- 65 and older: $57,252
Although these figures are certainly helpful when attempting to understand where your salary sits as compared to the majority of the population, there are other factors to consider. Gender, ethnicity, industry, and location all affect the “average” American salary.
The first is gender: American women make 16% less than men, so while the median American male makes $61,620 per year, the average woman only makes $52.052. Next, the average salary changes quite drastically depending on one’s ethnicity or race. While the median salary for an Asian-American is $75,348 per year, for White Americans, that number drops to $58,552, for Black Americans, $47,476, and within the Hispanic or Latino population, the average is only $4,252.
Additionally, the industry in which a person is employed greatly affects the average salary. Lawyers and other members of the legal profession made the most on average at $124,540; jobs within the tech, software, or coding industries were second with an average of $108,130; healthcare professionals came in third at $96,770. On the other hand, jobs in food service and preparation came in last with an average salary of only $32,130.
The average salary was also extremely affected by the state in which people live. States like California, Colorado, Illinois, Massachusetts, New York, and Washington had much higher average annual salaries than states like Mississippi, New Mexico, and South Carolina, where Americans made the least.
It’s important to understand that knowing the average American salary and its deciding factors can help in several ways. For some, it may help them decide where to live and what industry they’d like to work in. While for others, this data could be extremely helpful when negotiating salary or a raise.
So while you may never be able to ask your coworker or friend what they make every year, at least now you know what the true median salary is for Americans. Who knows, it may change your life.
