What was the average middle class income in 1970?

The median money income of families in the United States was $9,870 in 1970, according to estimates recently released by the Bureau of the Census, Department of Commerce. This was about $440, or 4.6 percent higher than the 1969 figure of $9,430.

What was middle class income in 1960?

For the country as a whole, the average (median) income of families in 1960 was $5,600; but, for families headed by persons 65 years and over, the average was only $2,900, according to estimates released today by the Bureau of the Census, Department of Commerce.

What was an average salary in 1970?

The median money income of all families in 1970 was about $9,870. This was about $440 or 4.6 percent higher than the 1969 median of $9,430. However, prices rose approximately 5.9 percent in 1970 and in terms of constant dollars, median family income in 1970 was about the same as in 1969.


What was the median household income in 1970?

The median money income of households in the United States was $8,730 in 1970. This was about $340 or 4.1 percent higher than the 1969 figure of $8,390. However, consumer prices rose during the year, and in terms of constant dollars, median household income was about the same as in 1969.

What was a good wage in 1970?

In 1970, the federal minimum wage was $1.60 per hour, which brought in $3,328 per year before taxes. So, minimum wage brought in just under half of the income of the average salaryman of the same era. In 2015, the federal minimum wage was $7.25 per hour, or $15,080 per year before taxes.


How Class Works -- by Richard Wolff



How much was minimum wage in the 70's?

The minimum wage went to $1.00 an hour effective February 1967 for newly covered nonfarm workers, $1.15 in February 1968, $1.30 in February 1969, $1.45 in February 1970, and $1.60 in February 1971.

What was average income 1972?

Reflecting the resurgence of the economy, median family money income of the 54.4 million families in the United States climbed to $11,120 in 1972, an increase of 8.1 percent over the 1971 median family income of $10,290.

What was middle class income in 1975?

Highlights. As indicated in the advance report on income, the 1975 median family income of $13,720 represented an increase of 6 percent over the revised 1974 median.

What was a middle class income in 1950?

Average family income in 1950 was $3,300, or $200 higher than in 1949, according to estimates issued today by Roy V. Peel, Director, Bureau of the Census, Department of Commerce.


What was the median income in 1971?

The 1971 median family income of $10,290 was about 4 percent higher than the 1970 median of $9,870. However, because of price increases, the 1971 median income was about the same as the 1970 median income in terms of constant dollars.

What was a good salary in 1974?

The median money income of households in the United States rose to $11,100 in 1974, an increase of about 6 percent over the 1973 median of $10,500.

What was the median income in 1976?

As indicated in the advance report on income, the 1976 median family income of $14,960 represented an increase of 9 percent over the 1975 median. After adjusting for the 6-percent increase in prices between 1975 and 1976,1 the median family income in terms of constant dollars increased by $450 or about 3 percent.

What was considered a good salary in 1980?

The 1980 median family income of $21,020 was 7.3 percent higher than the 1979 median, however, a 13.5-percent increase in consumer prices between 1979 and 1980 caused a net decline of 5.5 percent in real median family income.


What income is considered middle class for a single person?

So who is in the middle class? Broadly, Pew Research Center defines middle-class households as making two-thirds to double America's median income. That adds up to an income range of about $30,000 to $90,000 for single Americans in 2020 dollars.

What was a good salary in 1962?

For the country as a whole, the average (median) income of families in 1962 was about $6,000, according to estimates released today by the Bureau of the Census, Department of Commerce. This average was about $220, or 4 percent, higher than in 1961, reflecting the improvement in the economy throughout 1962.

What was the average income in 1977?

The median money income of households in the United States rose to $13,570 in 1977, a 7-percent increase from the 1976 median of $12,690.

What was the average income in 1969?

The median income of all families in 1969 was about $9,400. This was about $800, or 9.3 percent, higher than the 1968 median income of about $8,600. However, the gain in real purchasing power between 1968 and 1969 amounted to 3.7 percent since consumer prices rose 5.4 percent over the same period.


What is the average income in US 2020?

Median household income was $67,521 in 2020, a decrease of 2.9 percent from the 2019 median of $69,560 (Figure 1 and Table A-1). This is the first statistically significant decline in median household income since 2011.

What was the average income in 1957?

Average (median) family income in the United States was estimated at $5,000 in 1957, or about 4 percent higher than in 1956, according to estimates, released today by the Bureau of the Census, Department of Commerce.

What was the average income in 1965?

the average (median) income of families in 1965 was $6,900, a gain of about $310, or 5 percent, over 1964.

What was a good salary in 1960?

of year-round full-time male workers in 1960 was $5,400, $200 above 1959, and $500 and $700 higher than in 1958 and 1957, respectively. Women's incomes, which averaged $1,300 in 1960, re- mained about the same as in the preceding three years.


What was the average income in 1968?

Median household income rose to approximately $7,700 in 1968 from the 1967 median of about $7,200.

What was the average salary in 1978?

The median money income of households in the United States rose to $15,060 in 1978, an increase of 11 percent over the 1977 median of $13,570.
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