In 2020, the most common concentation for Bachelors Degree recipients in Kentucky was Registered Nursing with 2,363 degrees awarded. For further detail, please reference the The highest median income per . You can view the calculator here. Available: https://www.statista.com/statistics/205942/median-household-income-in-kentucky/, Median household income in Kentucky from 1990 to 2021, Immediate access to statistics, forecasts & reports, U.S. What was the average household income? The chart shows the total annual payroll and the average annual payroll by industry. The ACS survey shows the median per capita income for Kentucky was $30,728 in 2021. The largest demographic living in poverty are Females 25 - 34, followed by Females 18 - 24 and then Females 55 - 64. In 2022, median household income in the United States was $70,181. U.S. household income by age, gender, education and more How to Budget for a Family of Six | Pocketsense The largest share of households have an income in the $75k - $100k range. That would reflect your overall assessment of how satisfied you are with your circumstances. With lower rates of college education and lower earnings, these households should not expect to share wealth among generations. Jebb's team's findings are based on a Gallup World Poll of more than 1.7 million individuals from 164 countries. Heres what the inheritance landscape looks like, according to the Federal Reserves most recent Survey of Consumer Finances from 2016 to 2019. Hospitalization data for some states may be delayed or not reported. In 2021, the percentage of the adult population (age 18 and older) that reports a body mass index (BMI) greater than or equal to 30 kg/m2 (age-adjusted) was 34.6% in Kentucky. The assumption is the sole provider is working Although home prices are finally declining, buying a home still remains unaffordable for many Americans. This percentage grew from the previous year's rate of 67.2%. Kentucky Household Income. support his or herself and their family. These 67,230 degrees mean that there were 12.1 times more degrees awarded to White students then the next closest race/ethnicity group, Black or African American, with 5,543 degrees awarded. In 2020, 43,329 men were awarded degrees from institutions in Kentucky, which is 0.948 times less than the 45,719 female students who received degrees in the same year. From 2014 to 2021, the indicator declined 5.6%. Data are updated annually, in the first quarter of the new year. The income inequality in Kentucky (measured using the Gini index) is 0.454, which is lower than than the national average. The economy of Kentucky employs 1.91M people. wage estimate. To sign up for updates please enter your email address. Kentucky State Household Income | Department of Numbers In 2020, 67.6% of the housing units in Kentucky were occupied by their owner. New York has the second highest (5,087), followed by Florida (4,915). New Hampshire has the highest economic security of any state and boasts the lowest poverty rate in the country at 5.3%. 34.62 %. Access demographic, economic and population data from the U.S. Census Bureau. Use the dropdown to filter by race/ethnicity. If you have kids at or near driving age, talk about the importance of safe driving and how it results in lower fuel consumption and insurance costs. The visualization shows the distribution of the residents by gender and age in the United States. New Hampshire. But very few households have that level of wealth and most people inherit nothing at all. The map shows the distribution of the indicator in the counties of Kentucky and the graphic underneath the paragraph shows the trend of the indicator in Kentucky. Income and Poverty in the United States: 2020 - Census.gov We encourage our state leaders to recognize reality and pass a statewide minimum wage increase in the next legislative session, which will make a big difference in families ability to afford transportation, childcare or other essentials to a productive life.. Kentucky is currently represented by 6 members in the U.S. house. Domestic production and consumption consists of products and services shipped from Kentucky to other states, or from other states to Kentucky. In 2020 there were 1,907,687 people working in Kentucky. Between 2019 and 2020 the population of Kentucky grew from 4.45M to 4.46M, a 0.29% increase and its median household income grew from $50,589 to $52,238, a 3.26% increase. In many cities, the median household income has not kept up pace with the rise of home prices, making it extremely difficult to save up for a down payment and fit a monthly mortgage payment into a budget. @media(min-width:0px){#div-gpt-ad-deptofnumbers_com-medrectangle-3-0-asloaded{max-width:300px!important;max-height:250px!important}}if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'deptofnumbers_com-medrectangle-3','ezslot_0',117,'0','0'])};__ez_fad_position('div-gpt-ad-deptofnumbers_com-medrectangle-3-0'); Note: 2020 data is interpolated as the ACS release for the year was incomplete due to data gathering Survey and census questions cover poverty, income, and wealth. Copy and paste multiple symbols separated by spaces. $104,400 classes as a 'low' income for a single-person household in San PDF Attachment 1 State Median Income (SMI) by Household Size for Optional 2023 Student Loan Debt Statistics: Average Student Loan Debt In 2021, 20.9% of the children was living in poverty in Kentucky. Average Monthly Expenses: From a Single Person to a Family of 5 It was $96,955.04 in 2021 (not adjusted for inflation). Percentage of households with incomes above $100k. $1.75 trillion in total student loan debt (including federal and private loans) $28,950 owed per borrower on average. @media(min-width:0px){#div-gpt-ad-deptofnumbers_com-banner-1-0-asloaded{max-width:300px!important;max-height:600px!important}}if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,600],'deptofnumbers_com-banner-1','ezslot_6',109,'0','0'])};__ez_fad_position('div-gpt-ad-deptofnumbers_com-banner-1-0'); At $30,728, the per capita income for Kentucky was at a new nominal high in 2021. 5.7% of the households in Kentucky reported speaking a non-English language at home as their primary shared language, which is lower than the national average of 21.5%. "We found that the ideal income point is $95,000 for life evaluation and $60,000 to $75,000 for emotional well-being" for an individual, Jebb told Purdue, and more for a family. GOBankingRates.com: Person 60 Percent SMI for 2-Person 60 Percent SMI for 3-Person 60 Percent SMI for 4-Person 60 Percent SMI for 5-Person 60 Percent SMI for 6-Person The estimated U.S. median income for 4-person families is $90,657 for the period of October 1, 2020 through September 30, 2021. The following chart shows how the percent of uninsured individuals in Kentucky changed over time compared with the percent of individuals enrolled in various types of health insurance. Money Home Where Do I Fall in the American Economic Class System? Lexington: $5,074 ($60,883). This article originally appeared on To use individual functions (e.g., mark statistics as favourites, set Allocate 25 to 35 percent of your income for rent or housing expenses. In 2020, insured persons according to age ranges were distributed in 24.3% under 18 years, 20.8% between 18 and 34 years, 38.7% between 35 and 64 years, and 16.1% over 64 years. In 2020, the income inequality in Kentucky was 0.454 according to the GINI calculation of the wage distribution. The estimated U.S. median income for 4-person families is $94,738 for the period of October 1, 2021 through September 30, 2022. . Please note that the buckets used in this visualization were not evenly distributed by ACS when publishing the data. The general trend was that, in wealthier places, people tended to say they needed more money to be happy. The largest universities in Kentucky by number of degrees awarded are University of Kentucky (8,401 and 9.43%), University of Louisville (5,324 and 5.98%), and Western Kentucky University (4,803 and 5.39%). Median Household Income [6.9 MB] Median Household Income [<1.0 MB] Sources and Reference Source: Current Population Survey, 2021 and 2022 Annual Social and Economic Supplements (CPS ASEC), < www.census.gov/programs-surveys/cps.html > Page Last Revised - September 12, 2022 Is this page helpful? Household income in the United States - Wikipedia A lock ( This is the first statistically significant decline in median household income since 2011. Budget 5 to 10 percent of your income for medical expenses including health insurance, prescriptions and co-pays for office visits. A lock ( This is not an offer to buy or sell any security or interest. Employment change between May 2020 and May 2021, The industries with the most establishments, Educational Services, Health Care & Social Assistance, Finance & Insurance, and Real Estate, Rental & Leasing, The industries with the highest total annual payroll. Secure .gov websites use HTTPS In other words, wages are distributed more evenly in Kentucky in comparison to the national average. Statista. The industries with the best median earnings for men in 2020 are Finance & Insurance, & Real Estate & Rental & Leasing ($58,455), Public Administration ($50,068), and Manufacturing ($49,428). If a family's total income is less than the family's threshold than that family and every individual in it is considered to be living in poverty. two working adults, all values are per working adult, single or in a family unless otherwise noted. This is the fifth consecutive annual . Primary care physicians in Kentucky see 1543 patients per year on average, which represents a 1.31% increase from the previous year (1523 patients). In 2020, 0.764% of men over 25 years of age had not completed any academic degree (no schooling), while 0.662% of women were in the same situation. Average Student Loan Debt in the United States. Photo credit: iStock.com/Georgijevic, iStock.com/stocknshares, iStock.com/eyetoeyePIX. The kids need school supplies, the car needs a tune-up, Mom and Dad need a night away. In 2019, the percentage of US citizens in Kentucky was 97.7%, meaning that the rate of citizenship has been decreasing. Most students graduating from Universities in Kentucky are White (67,230 and 81.1%), followed by Black or African American (5,543 and 6.69%), Unknown (3,065 and 3.7%), and Hispanic or Latino (3,045 and 3.67%). The ACS 1-year survey shows that the median family income for Kentucky was $70,060 in 2021. Real median household income peaked in 2020 at $56,453 and is now $880 (1.56%) lower. In some cities, it would now take the average household more than 15 years to save up for a down payment. The following chart shows the 7 races represented in Kentucky as a share of the total population. Owensboro: $4,898 ($58,780) As of 2020, 3.95% of Kentucky residents were born outside of the country (176k people). That. While less than a third of all households inherit any money, between 70% and 80% of households receive no inheritance at all. The tax is only applied to property that exceeds the $12.92 million threshold. Household Income Percentile Calculator, US - DQYDJ 2018 Median Household Income in the United States September 26, 2019 Explore data related to income using the 2018 ACS 1-year estimates through an interactive state map. The homeownership rate in Kentucky is 67.6%, which is approximately the same as the national average of 64.4%. An 'average' American income may no longer cut it | The Hill In 2020, 81.2% of workers in Kentucky drove alone to work, followed by those who carpooled to work (9.16%) and those who worked at home (5.31%). Average, Median, Top 1% Household Income Percentiles - DQYDJ Median Household Income by State 2023 - World Population Review Lower-income families, earning less than $40,000 per year, told Gallup pollsters a household needs $66,310 a year to get by, on average. As of May 2021, there are 145M people employed in Kentucky. Browse our collection of stories and more. Average inheritance: $9,700Expected inheritance: $29,400. In 2020, the institution with the largest number of graduating students was University of Kentucky with 8,401 degrees awarded. Chart. This swath of the population overestimates its inheritances by a relatively modest amount. Dont Hold Our Best Tool for Fighting Hunger as a Political Hostage, New Census Data Suggests Power of Federal Pandemic Aid for Kentuckians, How Inflation Is Impacting Common Grocery Prices in Kentucky, We Keep Getting Hit: Flooded Kentucky Grows Weary After Another Natural Disaster. Survey of Income and Program Participation (SIPP). Additionally, 2.13% of the workforce in Kentucky have "super commutes" in excess of 90 minutes. sake of comparison. WHAT IS THE LIVING WAGE CALCULATOR? The following map shows the amount of trade that Kentucky shares with each state (excluding itself). This is a slight decrease from the previous year, when the median household income the state was 56,755 U.S. dollars. In 2020, the most common birthplace for the foreign-born residents of Kentucky was Mexico, the natal country of 29,760 Kentucky residents, followed by India with 12,679 and Cuba with 12,635. Secure .gov websites use HTTPS Average price data for select utility, automotive fuel, and food items are also available. The top 1% and 10% of households by wealth receive so much that their estates pull the average up. Persons per household, 2017-2021. Private for-profit, 2-year ($2,412) is the sector with the highest average net price of books and supplies. Official websites use .gov The resident population of United States in 2020 was 4,461,952 inhabitants, with 49.2% men, and 50.8% women. 3,397,156. Massachusetts Institute of Technology, Arts, Design, Entertainment, Sports, & Media, Building & Grounds Cleaning & Maintenance. The following chart shows how the domestic outbound Kentucky trade is projected to change in comparison to its neighboring states. Someone always needs something. The most common educational levels obtained by the working population of Kentucky in 2020 were High School or Equivalent (1.15M), Some college (792k), and Secondary Education (572k). This category encompasses insurance, property taxes and repair costs as well as your rent or mortgage payment each month. The GINI for Kentucky was lower than than the national average of 0.478. Private not-for-profit, 4-year or above ($25,170) is the sector with the highest median state tuition in 2020. Chances are that you wont have to pay any taxes on money or property you inherit.In 2023, the federal estate tax only applies to estates that transfer more than $12.92 million to beneficiaries. This brief uses the 2019 and 2021 American Community Surveys (ACS) 1-year estimates to report changes in median household income and the Gini index. The following chart shows the share of these products in relation to all outbound Kentucky products. U.S. Trustee Program/Dept. of Justice The savings category of your budget includes money market accounts, mutual funds and retirement accounts. Written by the current location. In 2020, the top outbound Kentucky product (by dollars) was Motorized vehicles with $57B, followed by Electronics ($34.7B) and Machinery ($31.1B). With six people using the utilities, discussing the importance of turning off lights and water when not in use can lead to dramatic savings. Dr. Amy K. Glasmeier and over 1Mio. The average two-year fixed residential mortgage rate is 6.51%, up from 6.47%, according to Moneyfacts. How Much Do I Need to Save for Retirement? The Department of Numbers contextualizes public data so that individuals can form independent opinions on everyday social and economic matters. You have two options: you can either spend less or make more. statistic alerts) please log in with your personal account. Put between 5 and 10 percent of your household income into savings each month. Cost of living - latest updates: ASOS launches 5 sample sale website Three major changes were included in this family budget update. Accessed June 6, 2020. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Income inequality had a 0.305% decline from 2019 to 2020, which means that wage distribution grew somewhat more even. Take care not to underestimate food costs; four growing kids need adequate nutrition. The average U.S. household income is $87,864. Average monthly expenses for a family of 3: $6,597, or $79,163 annually. Use Ask Statista Research Service, Average size of a family in the US 1960-2022, Number of births in the United States 1990-2021, Number of Black single mothers U.S. 1990-2021, Number of U.S. children living in a single parent family 1970-2022. Here's the 'ideal income' for the typical American family - CNBC Measured by wealth, the top 1% of households receive overwhelmingly more than any other group measured. Also, with four kids potentially needing further education in the future, you'll want to start funding their college accounts as as soon as possible. 2019 Median Household Income in the United States, Survey of Income and Program Participation (SIPP). Average total monthly cost for housing, including property taxes (if applicable) $ 295,300. Car ownership in Kentucky is approximately the same as the national average, with an average of 2 cars per household. avoid these five common estate planning mistakes, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. Learn more about how Statista can support your business. A zero-based budget requires every dollar to have a name. What Is the Average Inheritance? - SmartAsset For households that do receive inheritances, the size of those windfalls can vary greatly for those in the top 1% of households compared to those in the bottom half. But this figure is inflated by top-tier wealth and belies the fact that many households inherit no money at all. So the ideal income for an American family of four, for instance, would be $210,000. In 2020 the most common race/ethnicity group awarded degrees at institutions was White students. 94.4% of the population of Kentucky has health coverage, with 45.6% on employee plans, 22.6% on Medicaid, 12.9% on Medicare, 11.4% on non-group plans, and 1.92% on military or VA plans. This data is critical for government programs, policies, and decision-making. US Census Bureau. Our surveys provide periodic and comprehensive statistics about the nation. Where Do I Fall in the American Economic Class System? Notices Beginning with June 2023 data published in July 2023, the CPI program will begin publishing data for 6 grocery food group indexes for several additional metropolitan areas each month. The median household incomethe number more frequently citedwas $67,521. We have converted it to an hourly wage for the People in Kentucky have an average commute time of 23.7 minutes, and they drove alone to work. Households with a computer, percent, 2017-2021. These symbols will be available throughout the site during your session. minimum wages are determined based on the posted value of the minimum wage as of January You only have access to basic statistics. Compared to the US per capita income, Kentucky per capita income is $7,604 lower. Get quick analyses with our professional research service. Median and real income values more accurately represent how much U.S. residents earn. With the upper buttons you can see the distribution of the average salary and add a filter by race. Real median household income was $70,784 in 2021, not statistically different from the 2020 estimate of $71,186 (Figure 1 and Table A-1). On average, American households inherit $46,200, according to the Federal Reserve data. GOBankingRates is a publication for all things personal finance, that reaches billions of readers. Language other than English spoken at home, percent of persons age 5 years+, 2017-2021. EPIs Family Budget Calculator improves on traditional poverty thresholds by taking into account geographic differences in cost of living and factoring in a broader range of expenses. Create a column of expense categories along the left side of the page. Account for 10 to 15 percent of your spending to go to charitable giving including donations to your church, non-profit organizations and educational foundations. Living in same house 1 year ago, percent of persons age 1 year+, 2017-2021. In, US Census Bureau. Show publisher information Set aside 5 to 10 percent of your income for recreation and entertainment expenses. Average American Income | 25 U.S. Salary Statistics [2023] All Rights Reserved. All other cohorts expect vastly larger inheritances than they will receive. U.S. Census Bureau QuickFacts: New Jersey In 2022, 35.7% of households or around 46,934,416 households made a six-figure income.
