Household incomes fell in a third of all states nationwide last year, while just five saw median income levels improve, according US Census Bureau data.
Household incomes fell in 17 states, mostly in the upper Midwest, one-year estimates from the American Community Survey found. Michigan, Pennsylvania, and Ohio — widely considered to be swing states in the 2024 US presidential election — are among those with falling household incomes.
Florida, Alabama and Utah were among states that saw incomes rise. The majority of states were relatively unchanged last year, according to the survey.
In the US overall, median income last year was $74,755 — a decline of 0.8% from 2021 after adjusting for inflation. Incomes by state ranged from a high in New Jersey of $96,346 to a low of $52,719 in Mississippi.
The Census Bureau’s American Community Survey is an annual survey that covers a broad range of topics about social, economic, demographic, and housing characteristics of the US population.
The share of older Americans living in poverty grew in 19 states, while the poverty rate for those age 65 and over was unchanged in 31 states. No states saw a decline. In states such as Louisiana and Mississippi, almost 15% of older people lived in poverty last year, according to the survey. Even in wealthy states like New York, close to one in eight older people were considered poor.
With a fifth of RIA firms using AI to create marketing content, one leading voice argues a clear identity and focusing on clients will be crucial to success.
LPL Financial is a bellwether for the broader financial advice marketplace.
The San Francisco-based startup's Series A funding, with support from Schwab and Edward Jones Ventures, will reinforce its role in the coming $124 trillion wealth transfer.
The quartet of deals across New York, Florida, Ohio, and New Mexico reinforces the fast-growing integrator's leading position in the independent space.
UBS and Wells Fargo have made their own additions in the Northeast, including a Massachusetts duo defecting from Commonwealth.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
