Massachusetts is among three states with the highest median household income nationally, according to the U.S Census Bureau.
Massachusetts, New Jersey and Maryland lead the pack in states with the highest median income nationally, with median incomes of $99,858, $99,781 and $98,678, respectively.
In the same report, the U.S Census Bureau revealed Massachusetts also saw a decrease in income inequality between 2022 and 2023.
However, the data isn’t all positive.
In fact, the survey shows nearly half of renter households nationally are considered cost burdened, or pay 30% of their monthly income on housing costs.
According to the U.S Census Bureau’s American Community Survey, over 21 million renter households nationally spent more than 30% of their income on housing costs in 2023.
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“Housing costs rose between 2022 and 2023 for both homeowners and renters. The median cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation),” Molly Ross, a survey statistician with the U.S. Census Bureau said in a release.
“… New data from the 2023 [American Community Survey], 1-year estimates show that the share of a rented household’s income that goes towards these housing costs differs by householder race,” the agency said.
Black or African American alone renter households — or households where the householder identified as being only Black or African American — saw the largest percentage of alone renters with renters burden, with 56%, or 4.6 million, individuals paying more than 30% of their income on housing costs in 2023.
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Alone renter household renters identifying as Hispanic, two or more races, Native Hawaiian or Pacific Islander, and American Indian or Alaska Native, all saw a ratio of approximately 50% of individuals burdened by renters’s costs.
White alone renters, and Asian alone renters. saw a ratio of 43-46% of individuals paying 30% or more of their income for living costs.
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Publish date : 2024-09-13 08:51:00
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