U.S. Income Down In 35 States
So much for the stimulus package(s) working. Median income is down in 35 states.
The U.S. Census Bureau’s American Community Survey indicates people might be buying less because they have fewer dollars coming in.
The survey, using data collected from Jan. 1, 2010, to Dec. 31, 2010, found median annual household income fell in 35 of the 50 states and the District of Columbia from 2009 to 2010, with the remaining 15 states showing no change in median household income.
The U.S. Census Bureau lists $50, 046 as the median household income.
Twenty states have a median annual household income above the national figure of $50,046, with Maryland and New Jersey having the highest median household incomes, both $67,000 and above. Mississippi, West Virginia, and Arkansas have the lowest median incomes, all $40,000 and below.
Poverty rates are also on the rise.
The national poverty rate was at 15.1 percent last year, but it runs as high as 20.4 percent in New Mexico and 22.4 percent in Mississippi.