Census Bureau data recently released indicates that Vermont was the nation’s leader in income growth from 2022 to 2023. Vermont median income grew 5.4% year-over-year, while the national median stayed roughly flat with a 0.15% decrease. Vermont’s median income increase represents a jump from below to above the national median. Vermont ranks 17th in household income. Vermont’s median income in 2023 was $81,200.
Washington, D.C., had the highest median at $108.2K, but among the states, Massachusetts was highest at $99.9K, closely followed by New Jersey ($99.8K) and Hawaii ($95.3K). The lowest were Mississippi ($54.2K) and West Virginia ($55.9K).
Household income is the total money received in a year — wages, pensions, investments, public assistance, and more — by everyone in a household over 15.
Median incomes change over time due to a range of factors: inflation, economic growth or recessions, shifts in industries and technology, changes in workforce education and demographics, and policy adjustments like minimum wage laws or tax reforms.
After adjusting for inflation, the U.S. median household income increased from $77,000 in 2022 to $81,200 in 2023. Median household income was highest in 2021 among the years for which data is available. Vermont’s median household income was 4.5% higher than the U.S. median.
2020 data is excluded due to problems in data collection caused by the Covid-19 pandemic.
Median household income in Vermont, adjusted for inflation (2023 dollars)
Lastly, household income also varies by geography due to differences in cost of living, local job markets, and economic opportunities (e.g. the presence of high-paying industries or declining sectors). Regional policies (like minimum wage), access to education, and other economic factors can also play a role in shaping local income levels.
When ranked highest to lowest, Vermont was ranked 17th in median household income among states in 2023. States with a similar median income include Delaware (16th) and Illinois (18th).
In 2023, half of households in Vermont made over $81.2K and the other half made less.
Household income can differ depending on the makeup of the household. Married couple households (with and without kids) had a higher median income than other types of familial households in 2023. Among nonfamily households, single male householders had a higher median income than single female householders.
In 2023, Vermont ranked 17th in median household income amoung states. Map shows the median houshold income by state.
Compared to the US as a whole, Vermont had more households in the $100,000 to $149,999 income range and fewer in the $200,000 or more range.
