Mar 23, 2022 - News
Ohio household incomes grow, but less than national average
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Ohioans grew marginally wealthier over the last five years, but income growth still lagged behind the national average.
- The state's median household income increased 4%, from $55,772 in 2015 to $58,116 in 2020, according to inflation-adjusted data from the U.S. Census Bureau.
The big picture: The second half of the last decade was the final stretch of the longest expansion in the history of U.S. business cycles.
- The boom ended in spring 2020 as COVID-19 spread, writes Axios' Mike Allen.
The intrigue: Ohio, along with its neighboring Midwest and Eastern states, didn't have a single county experience a decrease in median income.
Zoom in: Franklin County saw an above-average increase of 19%, from $52,000 to $62,000.
- Nearby Union County had the biggest leap of 31%, from $67,000 to $89,000.
Zoom out: The nation's median household income rose 7% from $60,904 in 2015 to $64,994 in 2020.
- The growth coincides with a rise in educational attainment levels and significant drop in poverty levels nationwide.