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: $60,960
> Population: 12,801,539 (5th highest)
> 2016 Unemployment rate: 5.9% (6th highest)
> Poverty rate: 13.0% (24th lowest)
In keeping with the broader nationwide trend, incomes climbed in Illinois in 2016, while poverty fell. The typical household in the state earns $60,960 annually — more than in most states and up from $60,094 in 2015. Similarly, only 13.0% of state residents live in poverty — roughly a half a percentage point improvement from the previous year and slightly below the 14.0% U.S. poverty rate.
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.