What percentage of American households make over $300k
This article will show you all of the statistics about people making $300k, including:
Let’s dig in.
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.
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.
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.
Let’s look at the household income distribution by household income percentiles.
|Income Brackets||% of Population|
|$15k - $25k||8.7%|
|$25k - $35k||8.1%|
|$35k - $50k||11.6%|
|$50k - $75k||16.5%|
|$75k - $100k||12.2%|
|$100k - $150k||15.3%|
|$150k - $200k||8.0%|
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.
The median household income for Americans is $70,784.
A household making $300,000 a year earns 424% more than the median household income.
The $300k-a-year income bracket is a good salary.
The average income distribution for full-time employees is:
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:
The average cost of living in the U.S. is:
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:
(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.
$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.
Yes, $300k is not a good salary for a family.
According to the national average living wage, if two adults have:
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.)
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.
This section answers more questions about what percentage of American households make over $300k.
$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 $25,000 per month.
There are 12 months in a year.
$300k / 12 months is $25,000 per month.
13.4M people make over $200k in America.
10.3% of the population makes over $200k.
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.
The annual household income data for American households making over $300k comes from: