Family Income
Between 1977 and 2007, average family income rose 3% ($463 in constant 2007 dollars) for the poorest 20% of families, 22% ($11,275) for the middle 20%, and 86% ($146,650) for the wealthiest 5% of families.
Key Takeaways
- Median family income varies considerably among different groups in the United States. In 2007, the median income for families in the Northeast was $66,687 compared to $56,538 in the South. The median income for Asian families was $77,133 compared to $40,143 for black families.
- Families with children in college are most likely to be in the 45 to 54 age range. The median income for these families was $77,440 in 2007, compared to $61,355 for all families (not shown).
- Family income rises with the educational attainment of the householder. For those with a bachelor’s degree or more in 2007, the median income was $100,000, compared to $49,739 for those with a high school diploma and no college education.
ALSO IMPORTANT
- The share of all income going to families in the bottom fifth of the income distribution fell from 5.5% to 4.1% between 1977 and 2007. The share going to the top 5% of families rose from 14.9% to 20.1%.
- Average tuition and fees at public four-year colleges rose by slightly over $4,000 in constant dollars over this 30-year time period.
- In 2008-09, for families of four with one child in college and no assets, only those with incomes of about $90,000 or higher would be expected to pay the published price of tuition, fees, room, and board at the average public four-year college without financial aid. About 30% of families have incomes this high.
Figure 12a: Percentage Growth in Mean Family Income by Quintile (in Constant 2007 Dollars), 1977-1987, 1987-1997, and 1997-2007
| Lowest 20% | Second 20% | Third 20% | Fourth 20% | Highest 20% | Top 5% |
|
| $ change 1977–2007 | $463 | $4,946 | $11,275 | $22,675 | $69,940 | $146,650 |
| % change 1977–2007 | 3% | 15% | 22% | 33% | 60% | 86% |
| 2007 income bracket | $27,864 or less |
$24,865 to $49,510 |
$49,511 to $75,000 |
$75,001 to $112,638 |
$112,639 or higher |
$197,216 or higher |
Lowest 20%
Second 20%
Third 20%
Fourth 20%
Highest 20%
Top 5%
Source: U.S. Census Bureau, Current Population Survey, Table F-1, Table F-3, and FINC-01; calculations by authors. 
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This graph was prepared in October 2008.
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Source: U.S. Census Bureau, Current Population Survey, Table F-1, Table F-3, and FINC-01; calculations by authors. Download Excel for this figure.
Download Excel for all figures.
This graph was prepared in October 2008.
Download Excel for this figure.
Download Excel for all figures.This graph was prepared in October 2008.