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Census Data Shows Decrease in Real Median Household Income, Workers’ Earnings
The U.S. Census Bureau today released its 2021 Current Population Survey Annual Social and Economic Supplement (CPS ASEC) report. The report indicated that, between 2019 and 2020, real median household income decreased 2.9% to $67,521 and the total number of people with earnings decreased by about 3 million. The number of those who worked full-time, year-round decreased by approximately 13.7 million. The real median earnings of all workers decreased 1.2%, while the real median earnings of those who worked full-time, year-round increased 6.9% between 2019 and 2020. The poverty rate increased for the first time after five consecutive annual declines, reaching 11.4% in 2020, up almost a full percentage point from 10.5% in 2019. In 2020, there were 37.2 million people in poverty, approximately 3.3 million more than in 2019. The data did not include stimulus payments and tax credits, basing results on the concept of pre-taxed money income. An appendix to the income and poverty report provides post-tax estimates of median household income and income inequality metrics that do reflect the stimulus payments.
Learn more about the factors influencing affordable housing at the Novogradac 2021 Affordable Housing Tax Credit and Bond Conference from Sept. 30-Oct. 1 at the Hutton Hotel in Nashville, Tennessee.