1. Household income isn't keeping with inflation.

    In Minnesota, median household income has fallen relative to inflation over the past five years, from $91,500 in 2019 to $87,100 by 2024. The story is different at a national level, where median household income largely held steady between 2019 and 2023, before increasing in the past year.

  2. Minnesota in one of six states with real declines in household income and ours is the largest.

    After adjusting for inflation, the average household in Minnesota has $4,400 less in annual income today than they did five years ago. That places Minnesota among six states with real declines in median household income since 2019. The other states include Maryland, New York, Illinois, Louisiana, and Virginia. Our decline has been the largest.

  3. Millennial-headed households have borne the brunt of declines in real income.

    Median household income held steady across many age groups over the past five years, but declined among Millennial-headed households. Today, the average Millennial-headed household has $2,600 less in annual income than they did in 2019.

    Note: Since about 2019, the pink line (age 25-44) in the chart below has encompassed the Millennial generation, a group born between 1981 and 1996. In any given year since 2019, this trend line also included a small portion of younger members of Generation X and/or older members of Gen Z.

Dig into the data for more on household income.