The Historical Perspective: How Much Does the Average American Make
The average American income has shown remarkable resilience and growth, despite major economic ups and downs. In 1929, the average income was $699, but the Great Depression brought it down to $375 by 1933. As the country recovered and entered World War II, incomes started to rise again, reaching $1,218 by 1944.
After the war, America saw a period of prosperity that led to a steady increase in earnings. By 1970, the average income had risen to $3,328. Although there were some dips during economic recessions, the following decades continued to show growth. By the year 2000, the average income had more than doubled, indicating a strong economic expansion.
Recent Trends: Average Income 2023
The 'average U.S. income per person has continued to rise in the 21st century, despite facing challenges. Both the Great Recession of 2008 and the COVID-19 pandemic in 2020 led to noticeable drops. However, the American economy has shown its resilience, with the average income in 2023 reaching about $68,531. This increase reflects both inflation and real wage growth, helping many Americans maintain their standard of living.