Median Household Income on the Rise - Personal Finance | Financial Buzz

Median Household Income on the Rise

Arrow, Household income, EconomySentier Research has reported that the median household income has risen 3.8 percent to $53,891 in June. This is the third year in a row that the economy has been strong and gradually raising the median household income towards what it was back in 2009.

The Great Recession that ended nearly five years ago had a median household income still more than three percent greater at $55,589 than the current median.

Although the economy has been improving more rapidly as of late, it was not always the case. Even when the economic recovery began in mid-2009, it moved at an indistinguishable pace; the unemployment rate was too high.

The largest contributors to this increase in household income are black households, where the median income has steadily risen 3.5 percent over the past few years.

In addition to race, household location has also been a differentiating factor for household income. Americans residing in the Northeast and West have had about a four percent decrease in their median income since 2009, and households in the South have had it even worse at more than six percent below the mark at the end of the recession.

The only region that has experienced a full recovery is the Midwesterners who are back to their pre-recovery levels after having been performing well since 2011.