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: $50,860
> Population: 20,612,439 (3rd highest)
> 2016 Unemployment rate: 4.9% (20th highest)
> Poverty rate: 14.7% (16th highest)
The typical Florida household earns $50,860 annually, considerably less than the typical U.S. household income of $57,617. Relatively low incomes in Florida are reflected in property values across the state. The typical Florida home is worth $197,700, less than the $205,000 national median home value.
In keeping with the national trend, economic conditions improved in the Sunshine State in 2016. Florida’s poverty rate fell a full percentage point over the last year, from 15.7% in 2015 to 14.7% in 2016. Similarly, Florida’s annual unemployment rate fell from 5.4% to 4.9%.
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.