$66,538
Sentier Research has suspended reporting its monthly Current Population Survey-based estimates of median household income. Political Calculations' estimate of median household income rose 0.3% February 2020, increasing from January 2020's initial estimate of $66,370 to $66,538. Apr 2, 2020
HOWEVER...
The national median family income for the United States for FY 2020 is $78,500, an increase of almost four percent over the national median family income in FY 2019. Twice this change is 7.9 percent which is greater than five percent, so this higher value is used as the cap on increases. Mar 31, 2020 Source: Novoco.com
WHO DO WE BELIEVE?
According to PEW RESEARCH CENTER: 2.6 people per household
What is the cost of living in the USA?
While the data varies widely from State-to-State and from source-to-source, what I am able to ascertain is that the median cost of living in the USA is $4,100 to $4,500/month.
$66,538 - from the first source
$78,500 - from the second source
$145,038/2 = $72,519
$72,519 @ a 2019 tax rate of 22% will leave this family with a net income of $63,816.72
$63817/12 months = $5,318
THEREFORE a typical average family in the USA will have enough money to pay their monthly bills with about $1,000 left over each month to pay State/County taxes, Property taxes, Holidays, Birthdays, and vacations...
States with an INCOME TAX is no less than 7%.
7% of $63, 816 is $4,467 or $372/month
NOW...
Let's take a look at our statistical data...
Three words MUST stand out
MEAN (Average)
MODE
MEDIAN
Note: Average and Median ARE NOT typically the same number
Example:
Let's work with the following numbers
01
01
02
02
05
06
07
08
09
41
The average of these numbers is 41/9 = 4.5
The median of these number is 5
The median is that number which is in the exact middle of the data set which in this case is 5 because there are 4 numbers behind it and 4 numbers in front of it...
Most people think AVERAGE and MEDIAN are the same numbers....
...and they say that IGNORANCE IS BLISS...
