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State of the Middle Class

Household Finances

The middle class is hurting. Badly.

In the past 50 years, expenses have risen, housing costs have increased, college tuition rates have shot up, and health care costs have skyrocketed. But middle-class incomes haven’t kept pace at all.

For middle-class people, the American dream of owning a home, sending kids to college, and providing basic health care for the family is no longer within reach – even after adjusting for inflation.
People without a college degree used to be able to find positions with good wages in manufacturing. Those jobs have disappeared.

Now people with this level of education must turn to the low-paying services sectors, where the best they can do is earn wages that are near or below poverty level. Read on to understand the fallout.

Change in Household Income & Major Expenses, 1970 - 2023

Household Income BracketsHousehold Expenses
YearTop 5%Next 15%Middle 60%Bottom 20%Average Household Health CareAverage Tuition and FeesMedian Housing Value
197033,28017,8138,7781,9921,16864523,475
2023526,200221,00085,90717,65037,12014,688426,525
% Change1,481%1,141%879%786%3,078%2,177%1,717%
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  • Previous: September 2024
  • Next: September 2025

Average U.S. Income by Education Attainment

YearHigh School DegreeAssociate's DegreeBachelor's Degree
202347,33059,59087,710
202045,77058,20085,750
201030,99939,46857,619
200026,05933,54149,674
199413,30220,72843,443

U.S. Average Compensations by Industry - June 2025

IndustryAverage Annual PayEstimated Annual Fringe BenefitsTotal Annual Compensation
Transport Manufacturers$79,692$21,644$101,336
Chemical Manufacturing$68,447$21,388$89,835
Primary Metal Manufacturing$67,068$22,258$89,326
Machinery Manufacturing$63,589$20,774$84,364
Accommodation$33,070$2,672$35,742
Gas Station Employees$29,822$2,712$32,534
Food & Drink Cashiers$27,032$4,208$31,240
Food Services$24,275$2,127$26,401

Average Annual Wage Increases from 2010 to 2024

CountryAvg % Change
China9.52%
U.S.3.32%

BLS Estimated Fringe Benefits ($ per Hour Worked)

Industry Total Hourly Benefits 
Manufacturing Industry 15.25
Construction Industry 14.79
Leisure and Hospitality 3.65
Accommodation and Food Services 3.44
Obtained from the Employer Cost for Employee Compensation report. Included in the cost for benefits are insurance, retirement and savings, paid leave, supplemental pay, and other legally required benefits (social security, disability insurance, Medicare, etc.)

Unemployment Rate over time in U.S.

MonthUnemployment Rate (%)
September 20244.1
October 20244.1
November 20244.2
December 20244.1
January 20254.0
February 20254.1
March 20254.2
April 20254.2
May 20254.2
June 20254.1
July 20254.2

Average Federal Debt per Person in the US Population

Year Federal Debt Per Capita
1952 $1,638
1960 $1,571
1980 $3,966
2000 $19,955
2020 $83,549
July 2025$108,040
- The Average Federal Debt per Person takes the total federal debt in a year as reported by the U.S. Treasury Department. To convert to per capita, the debt is divided by the population estimate for each year provided by the Federal Reserve.
  • Source: U.S. Treasury Dept.
  • Previous: September 2025
  • Next: October 2025
Average Annual Wage Increases