Average Salary by Age, Median, Top & Percentiles - DQYDJ (2024)

FAQs

What is the average salary in DC by age? ›

Residents aged 25 to 44 earn $109,135, while those between 45 and 64 years old have a median wage of $97,226. In contrast, people younger than 25 and those older than 65 earn less, at $46,853 and $64,232, respectively.

The median salary in Washington, DC is $76,908, with 80% of salaries falling between $34,800 and $167,040.

🧠 Be smart: The median household income in D.C. is $90,000, per census data. In the city, 16.5% of people live below the poverty line.

The amount of money you need to make each month to be rich depends on which metric you're using. If you're going by the IRS standard, then you'd need to make approximately $45,000 a month to be rich. On the other hand, if you're aiming for the top 1% as measured by the EPI, you'd need a monthly income of $68,277.

What does this all mean? By the Census data, it means that if you earn between $50,000 and $150,000 a year, you are considered middle class. It's a pretty straightforward answer, but it isn't particularly helpful if you're trying to climb up out of a lower income bracket into the middle class.

As a rule of thumb, a good salary in Los Angeles is between $100k and $200k gross per year. Based on the cost of living in Los Angeles, this should come down to a minimum of $76,710 yearly after taxes.

For example, individuals with $1 million in liquid assets are generally classified as having a high net worth. To be considered very high net worth, one might need assets ranging from $5 million to $10 million, while an ultra-high net worth status could require $30 million or more.

What is considered wealthy in the US? ›

According to Schwab's 2023 Modern Wealth Survey, Americans perceive an average net worth of $2.2 million as wealthy​​​​. Knight Frank's research indicates that a net worth of $4.4 million is required to be in the top 1% in America, a figure much higher than in countries like Japan, the U.K. and Australia​​.

Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range. "The upper middle class has grown...and its composition has changed.

According to the U.S. Census, only 15.3% of American households make more than $100,000 annually. A $100,000 salary can yield a monthly income of $8,333.33, a biweekly paycheck of $3,846.15, a weekly income of $1,923.08, and a daily income of $384.62 based on 260 working days per year.

According to the US Census Bureau, the majority of Americans (54.98%) make $50,000 per year or less, while only 18% of individual Americans make $100,000 per year or more. This means that over 80% of Americans make less than $100,000 per year.

In 2020, according to Pew Research Center analysis, the median for upper income households was around $220,000 and the median for middle income households was slightly above $90,000.

D.C.'s median household income is only slightly lower at $90,088, making the range to be considered middle class between $60,359 and $180,176.

The median salary of 20- to 24-year-olds is $706 per week, which translates to $36,712 per year. Many Americans start out their careers in their 20s and don't earn as much as they will once they reach their 30s. For Americans ages 25 to 34, the median salary is $1,003 per week or $52,156 per year.