Average Salary in the U.S. by Age | Capital One (2024)

September 5, 2023 |6 min read

    You may or may not realize that the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) keeps track of employment information—including salaries—at the national level.

    Keep reading to learn more about the BLS’ salary statistics and how your salary stacks up.

    Key takeaways

    • Median salary statistics in the U.S. are reported by the BLS.
    • Age is one helpful way to compare median salaries in the U.S. But other factors—like industry, location and education level—can impact salaries too.
    • Pay gaps exist between the sexes and between ethnicities and races.
    • Taking a look at the BLS median salary data can help you compare your salary to that of your peers—and even help you negotiate your salary.

    Average salary vs. median salary

    Whenever the BLS reports salary statistics, it typically shows the median—the salary right in the middle. In other words, half of workers earned less than the median, and half earned more than the median.

    But why report the median instead of the average? The highest salaries are so atypical that they can skew the data. By relying on the median instead of the average, you can get a more accurate picture of typical income levels.

    Median salary in the U.S. by age bracket

    One helpful way of looking at median salaries is by age group since it allows you to compare your salary to that of others who are around the same age.

    Here are the second quarter 2023 earnings of full-time wage and salary workers, ages 16 and older, according to the BLS:

    Age range Median weekly earnings Median annual earnings
    16-19 $603 $31,356
    20-24 $712 $37,024
    25-34 $1,042 $54,184
    35-44 $1,229 $63,908
    45-54 $1,233 $64,116
    55-64 $1,186 $61,672
    65 and older $1,101 $57,252

    Median salary in the U.S. by education level

    While age is one helpful way to consider median salary data, other factors appear to influence salaries too. One major factor that can impact salary is education level.

    Here’s how education levels compare among the second quarter 2023 full-time wage and salary workers, ages 25 and older, according to the BLS:

    Education level Median weekly earnings Median annual earnings
    No high school diploma $713 $37,076
    High school diploma, no college $889 $46,228
    Some college or associate degree $1,010 $52,520
    Bachelor’s degree and higher $1,588 $82,576

    Median salary in the U.S. for women and men

    As the BLS points out, pay gaps—other than those related to factors like age, education, industry and location—exist between the sexes.

    For example, women only earned about 84.1% of what men earned in the second quarter of 2023.

    Here’s the breakdown of the earnings of full-time wage and salary workers, ages 16 and older, according to the BLS:

    Sex Median weekly earnings Median annual earnings
    Women $1,001 $52,052
    Men $1,185 $61,620

    Median salary in the U.S. based on ethnicity and race

    Pay gaps also exist between ethnicities and races.

    Here’s how they compare among the second quarter 2023 earnings of full-time wage and salary workers, ages 16 and older, according to the BLS:

    Ethnicity/race Median weekly earnings Median annual earnings
    Hispanic or Latino $851 $44,252
    Black $913 $47,476
    White $1,126 $58,552
    Asian $1,449 $75,348

    Average weekly wages by state

    Earnings can also vary depending on the state and size of the organization.

    For example, these are the average weekly wages by state for private companies with 100-249 employees as of March 2022, the most recent data from the BLS:

    States Average weekly wages
    California, Colorado, Connecticut, District of Columbia, Illinois, Maryland, Massachusetts, New Jersey, New York, Texas, Virginia and Washington $1,434 and above
    Georgia, Michigan, Minnesota, New Hampshire, North Carolina, Oregon, Pennsylvania, Wyoming and Vermont $1,259 to $1,433
    Alaska, Arizona, Delaware, Florida, Hawaii, Missouri, Nebraska, North Dakota, Ohio, Rhode Island, South Dakota, Tennessee, Utah and Wisconsin $1,160 to $1,258
    Alabama, Arkansas, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Montana, Nevada, Oklahoma and West Virginia $1,050 to $1,159
    Idaho, Mississippi, New Mexico and South Carolina $1,049 and below

    Average salary in the U.S. by industry

    Salaries can depend on the industry an employee works in. The BLS last compiled and shared data in May 2022 from all industries in both metropolitan and nonmetropolitan areas from every state and Washington, D.C.

    The following are the average annual salaries for some major industries:

    Occupations Average annual salary
    Business and financial operations $86,080
    Computer and mathematical $108,130
    Legal $124,540
    Educational instruction and library $63,240
    Arts, design, entertainment, sports and media $76,500
    Health care practitioners and technical $96,770
    Health care support $35,560
    Food preparation and service $32,130
    Sales and sales-related $50,370
    Construction and extraction $58,400

    Average salary in the U.S. FAQs

    Still curious about average salaries in the U.S.? Here are some other common questions:

    According to the IRS, household income refers to your adjusted gross income (AGI), including excludible foreign-earned income and tax-exempt interest received throughout the year. Household income also includes a spouse’s and any dependent’s AGI.

    But if the dependent’s AGI falls below the filing threshold or if they file a return for another reason, their income isn’t included in the household’s income.

    The BLS groups median salaries by age brackets. The median salary for ages 25-34 in the second quarter of 2023 is $54,184 per year. And the median salary for individuals ages 20-24 is $37,024 per year.

    You may notice that the BLS data shows a bigger jump in salary between these two age brackets than the other age ranges. This might be because individuals gain more experience in an industry and develop more hard skills and soft skills.

    Your salary can vary depending on the industry you work in. According to the BLS, there are some occupations that are projected to experience more growth than others over the next decade. This could be helpful to know if you’re starting a new job or switching fields.

    Here are some of the occupations with the highest projected growth rate from 2021 to 2031, according to the BLS:

    • Nurse practitioners: 46%
    • Cooks, restaurant: 37%
    • Information security analysts: 35%
    • Statisticians: 33%
    • Web developers: 30%
    • Physician assistants: 28%

    Average salary in the U.S. in a nutshell

    With information from the BLS, it’s easy to compare salaries in the U.S. based on a variety of factors. And by taking a look at the data, you can see how your salary compares to that of your peers. It could even help you negotiate your salary when the time comes.

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    Average Salary in the U.S. by Age | Capital One (2024)

    FAQs

    Average Salary in the U.S. by Age | Capital One? ›

    The median salary for ages 25-34 in the second quarter of 2023 is $54,184 per year. And the median salary for individuals ages 20-24 is $37,024 per year. You may notice that the BLS data shows a bigger jump in salary between these two age brackets than the other age ranges.

    How much should I be making at 25? ›

    For Americans ages 25 to 34, the median salary is $1,040 per week or $54,080 per year. That's a big jump from the median salary for 20- to 24-year-olds. As a general rule, earnings tend to rise in your 20s and 30s as you start to climb up the ladder.

    What percentage of Americans make $75,000 a year? ›

    Income Brackets in the United States
    Income Bracket*Percentage of Americans
    $75,000-$99,99912.3%
    $100,000-$149,99916.4%
    $150,000-$199,9999.2%
    Over $200,00011.9%
    5 more rows
    Apr 12, 2024

    Is $150,000 a good salary? ›

    In some high-cost cities, a $150,000 annual salary is stretched financially thin and qualifies as a "lower middle class" income, according to a recent analysis from GOBankingRates.

    What is a good salary for my age? ›

    Median salary in the U.S. by age & gender

    25 to 34: $955 ($49,660 annually) 35 to 44: $1,099 ($57,148 annually) 45 to 54: $1,042 ($54,184 annually) 55 to 64: $1,017 ($52,884 annually)

    How many 25 year olds make $100,000 a year? ›

    Only 2% of 25-year-olds make over $100k per year, but this jumps to a considerable 12% by 35. That's a whopping 500% increase in the share of people making $100k or more. 21% of 66-year-olds make $100k per year or more.

    Is $100,000 a year a good salary? ›

    For most individuals and small families, the answer to “Is $100,000 a good salary?” is a resounding “yes.” Cost of living and family size can affect how far $100,000 will go, but generally speaking, you can live comfortably on $100,000 a year. Are you hoping to make the most of your salary?

    Is 35k a year poverty? ›

    The U.S. Department of Health and Human Services uses the Census Bureau threshold to determine who is eligible for certain government assistance programs, like SNAP (food stamps). Under their guidelines, a family of four is considered impoverished if they earn $30,000 or less per year.

    What is considered a good salary in 2024? ›

    Decent Salary
    Annual SalaryMonthly Pay
    Top Earners$86,000$7,166
    75th Percentile$68,500$5,708
    Average$44,910$3,742
    25th Percentile$24,500$2,041

    Is 75k a year rich? ›

    A $75k salary is more than what half of U.S. workers earn, and depending on where you live and your expenses, may be more than enough to live comfortably.

    What salary is upper class? ›

    Upper middle class: Anyone with earnings in the 60th to 80th percentile would be considered upper middle class. Those in the upper middle class have incomes between $89,745 and $149,131. Upper class: Finally, the upper class is the top 20% of earners and they have incomes of $149,132 or higher.

    Is 120k middle class? ›

    The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau. 21 Using Pew's yardstick, middle income is made up of people who make between $43,350 and $130,000.

    Is 200k a year middle class? ›

    In 2020, according to Pew Research Center analysis, the median for upper income households was around $220,000 and the median for middle income households was slightly above $90,000.

    What salary should I be making at 30? ›

    For Americans ages 25 to 34, the median salary is $1,003 per week or $52,156 per year.

    What age gets paid the most? ›

    Median salary for ages 45–54

    Between ages 45 and 54, people tend to reach their earning peak. While some begin entering retirement, others continue to advance into top-level positions with years of experience to support them.

    What is upper class income in 2024? ›

    How much does an Upper Class make? As of May 21, 2024, the average annual pay for the Upper Class jobs category in the United States is $59,699 a year. Just in case you need a simple salary calculator, that works out to be approximately $28.70 an hour.

    How much money is good for a 25 year old? ›

    20k is the ideal savings amount for a 25 year old

    “So if you manage to save 15% to 20% of your income, you've made a good start to reach this amount by the time you're 25.”

    What is a good net worth at 25? ›

    The Average Net Worth At Age 25

    $9,000 for ages 25-34. $52,000 for ages 35-44, $100,000 for ages 45-54. $180,000 for ages 55-64. $232,000+ for 65+

    How much do you make a year making 25? ›

    Frequently Asked Questions. $25 an hour is how much a year? If you make $25 an hour, your yearly salary would be $52,000.

    How much should a 25 year old contribute to retirement? ›

    However, regardless of your age and expectations, most financial advisors agree that 10% to 20% of your salary is a good amount to contribute toward your retirement fund.

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