Key Takeaways
- The median household income for adults under age 35 reached almost $61,000 in 2022, according to the Federal Reserve.
- That figure was around $45,000 in 2013, which means it grew by about one-third in just under a decade.
- Still, from 1989 to 2022 (the latest data available), younger households had lower median incomes than middle-age households, suggesting that the prime earning years tend to come after this stage of life.
Income for households between the ages of 18 and 34 rose by about a third from 2013 to 2022, according to Federal Reserve data.
Still, younger households continue to lag behind middle-aged households.
Here are the nationwide numbers so you can have a sense of where you stand.
How Much Do 18- to 34-Year-Olds Earn? Here’s the Median Income
According to the latest edition of the Federal Reserve’s Survey of Consumer Finances, the median household income for those ages 18-34 was about $61,000 as of 2022.
This figure was significantly higher than what it was in 2013 (over $45,000).
However, workers in this age bracket tend to have lower median household incomes than those ages 35-44 (almost $87,000 in 2022), 45-54 (nearly $92,000 in 2022), and 55-64 (over $82,000 in 2022). For 2022, those in the 45-54 age group appeared to achieve peak earnings.
In 2022, the median household income for those between the ages of 18 and 34 was the same as for those between the ages of 65 and 74 (about $61,000). The older group, of course, includes many people who are earning little work-related income as they near or enter retirement. (Their income is more likely to come from Social Security payments, pensions, and withdrawals from retirement accounts.)
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Average Income Is Higher Than the Median
The Federal Reserve also organizes data by mean (average) household income. In 2022, the mean household income for those in the 18-to-34 age bracket was significantly higher than the median: it was about $83,000.
Fast Fact
The average is likely skewed by a small number of respondents with exceptionally high incomes.
What 18- to 34-Year-Olds Earned Then vs. Now: A Look at Changing Incomes
In 1989, when members of Gen X and younger Baby Boomers were between the ages of 18 and 34, this cohort earned a median of roughly $48,000 and an average of over $64,000.
About a decade later, in 1998, not much changed (though there was a slight upward trend): the median income was almost $50,000 and the average income was nearly $66,000.
About a decade after that, in 2007, the median income for this 18-to-34 cohort was almost $53,000 and the average income was about $74,000.
There was a dip in earnings between 2007 and 2016, with a low in 2013 of about $45,000 (median) or roughly $62,000 (average).
That means this age cohort in 2013 earned less than this age cohort in 1989. Put another way, in 2013, Millennials earned less than Baby Boomers did when they were the same age.
By 2016, though, earnings had recovered: the 18-to-34 cohort earned a median income of nearly $50,000 and an average income of almost $70,000. Then incomes rose again until the most recent data points in 2022, with a median income of nearly $61,000 and an average income of almost $83,000.
Note: All figures are in 2022 dollars.
The Bottom Line
If you're between the ages of 18 and 34, you're in the early stages of your career. So you likely haven't achieved your earning potential yet.
Still, if you find that your household income compares unfavorably to these data, it may be worth reevaluating your job, career, or financial goals more broadly in order to bring your household income more in line with these trends.