New data released Thursday from the U.S. Census Bureau shows a decrease in U.S. income inequality between 2023 to 2024. The comprehensive survey of approximately 3.5 million U.S. households asked a range of questions covering over 40 different topics.
The data showed a 0.5% decrease in income inequality and a median annual income increase of $1,602.
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Inequality declined significantly in Iowa, Nebraska, Ohio, South Dakota and Wisconsin, according to an Associated Press review of the report, while North Carolina was the only state to see a statistically significant increase in inequality.
The report also found that the nation is becoming more demographically diverse, with a noted increase in Asian and Hispanic residents.
Monthly mortgage and rent prices also rose, but at a lower rate than the gain in annual income.
