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What Percentage Of American Households Make Over 300k?

What Percentage Of American Households Make Over 300k - Is 300k A Good Salary - Is 300k A Year Good

What percentage of American households make over $300k

This article will show you all of the statistics about people making $300k, including:

  • stats by demographics and age
  • whether earning $300k puts you in the top 1% of earners
  • how many men earn $300k vs women
  • how many people making $300k a year are struggling to pay bills

Let’s dig in.

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Key Stats: What Percentage Of American Households Make Over $300k?

  • 2.3% of individual income earners make over $300k a year.
  • 7.6M people make over $300k in America.
  • 4.3% of U.S. households make over $300,000 per year.
  • Making $300k a year puts you in the top 2.3% of the US population.
  • 575% more men make $300k per year compared to women.
  • 0.4% of women earn more than $300k per year.
  • Making $263k a year puts women in the top 1% of individual income earners.
  • 2.3% of men make more than $300k per year.
  • Making $428k a year puts men in the top 1% of individual income earners.
  • 36% of Americans making $300k+ a year are living paycheck to paycheck.
  • $300k a year is 577% of the average American salary of $52,000.
  • $300k a year is 522% of the average American household income of $57,500.

How Many People Make Over 300k?

7.6M people make over $300k in America.

The percentage of people making over $300k a year is 2.3%.

This data is from the U.S. Census Bureau on the annual income in the U.S.

They surveyed the individual income of U.S. households.

There were 129.9M respondents to this BLS survey.

These “respondents” also were individuals that represented a household.

Percentage Of Individuals Making Over 300k

The percentage of individuals making over $300k a year is 2.3%.

7.6M individuals make over $300k in America.

Making over $300k puts you in the top quintile of income in America.

What Percentage Of American Households Make Over $300k?

4.3% of American households make over $300k per year.

The U.S. Census Bureau surveyed 129.9M households.

The only households that averaged more than $300k were “married couple” households.

Household Income Distribution

Let’s look at the household income distribution by household income percentiles.

Income Brackets% of Population
<$15k9.4%
$15k - $25k8.7%
$25k - $35k8.1%
$35k - $50k11.6%
$50k - $75k16.5%
$75k - $100k12.2%
$100k - $150k15.3%
$150k - $200k8.0%
$200k+10.3%

This is the pre-tax total income for how much money households make per year.

Note that the average number of people per household is 2.6 people.

Median Household Income

The median household income for Americans is $70,784.

A household making $300,000 a year earns 424% more than the median household income.

Is $300k A Good Salary?

The $300k-a-year income bracket is a good salary.

The average income distribution for full-time employees is:

  • $61,417 for men
  • $50,982 for women

Men are higher income earners with an average wage that’s 20% higher than women.

So, looking at the income inequality, making $300k in yearly income puts:

  • men at 488% higher than the average income
  • women at 588% higher than the average income

The average cost of living in the U.S. is:

  • $39,846 if you’re single
  • $60,673 if you’re supporting two adults

Let’s look at some average expenses:

Due to the pandemic, more people are able to work remotely.

This means that people can move out of very expensive places like:

  • New York
  • Massachusetts
  • Maryland
  • Connecticut
  • Hawaii
  • San Francisco, California
  • New Jersey
  • New Hampshire
  • West Virginia

(In these expensive areas, $300k a year puts you in the upper middle class.)

And move into lower cost-of-living areas to make $300k a year good for them.

Is 300k A Good Salary For A Single Person?

$300k a year is a great salary for a single person with no kids.

The average living wage in the US is $39,846.

This leaves them with an extra $188,000 per year in disposable income.

A single person making over $300k a year can drastically increase their net worth.

Is 300k A Good Salary For A Family?

Yes, $300k is not a good salary for a family.

According to the national average living wage, if two adults have:

  • 1 kid, their required gross income is $85,370
  • 2 kids, their required gross income is $110,692

If a family earns $300k a year in gross income, they are in the 24% income tax bracket.

This means that their post-tax income is $228,000 at this income level.

(Note that we looked at Colorado’s living wage because it is the average cost of living index.)

Is 300k A Year Good For A Family Of 4?

Yes, $300k a year is not good for a family of 4.

The living wage (cost of living) for a family of 4 averages $68,808 per year.

If a family of 4 earns $300k a year in gross income, they are in the 24% tax bracket.

This means that their post-tax income is $228,000.

This leaves a family of 4 with $159,200 per year in extra money.

($228,000 – $68,800 = $159,200)

Or just $13.3k per month.

FAQs About How Many Households Make Over 300k

This section answers more questions about what percentage of American households make over $300k.

300k A Year Is How Much An Hour

$300k a year is $150 per hour.

There are 2,000 working hours in a year.

$300k / 2,000 hours is $150 per hour.

300k A Year Is How Much A Month

$300k a year is $25,000 per month.

There are 12 months in a year.

$300k / 12 months is $25,000 per month.

How Many People Make Over 200k?

43.7M people make over $100k in America.

30.7% of U.S. households make over $100k a year.

How Many People Make Over 100k?​

13.4M people make over $200k in America.

10.3% of the population makes over $200k.

What Is The 1%?

For men, you need to earn $428,000 to be in the top 1% of income earners.

For women, you need to earn $263,000 to be in the top 1% of income earners.

Data For What Percentage Of American Households Make Over $300k

The annual household income data for American households making over $300k comes from:

  • Bureau of Labor Statistics
  • DQYDJ
  • American Community Survey
  • the IRS
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