The Average Salary in the USA in 2024: Facts and Figures

As a consultant to small business owners across the country, I‘m often asked about how salaries in the United States compare. With pay typically calculated hourly or annually rather than monthly, it can be confusing to benchmark averages. In this article, I‘ll share key facts, figures and analysis to bring clarity.

At a Glance: Key Stats on U.S. Pay

Let‘s start with some top-line numbers from the Bureau of Labor Statistics:

  • Average Hourly Wage Across All Occupations: $27.33/hour
  • Average Monthly Salary for Full Time Work: $3,630/month
  • Federal Minimum Wage: $7.25/hour

However, those numbers only scratch the surface. There are also significant variations by state, age, gender and job type.

Average Monthly Salary by Age and Gender

Age Male Female
16-24 years $2,520 $2,256
25-34 years $4,140 $3,297
35-44 years $4,554 $3,539
45-54 years $4,700 $3,607
55-64 years $4,216 $3,349

Data Source: Bureau of Labor Statistics

We clearly see that older workers earn more, with men outpacing women across all age groups. Now let‘s look at differences across job types and states.

Highest and Lowest Earning Roles

Top Salaries by Occupation

Occupation Average Monthly Salary
Top Managers $6,240 (male) / $4,410 (female)
Physicians $6,000 (male) / $5,000 (female)
Lawyers $5,800 (male) / $4,200 (female)

Data Source: Bureau of Labor Statistics

As expected, high-skill specialized occupations like physicians have some of the highest salaries. More surprising is the large gap in male vs female pay across all these top jobs.

On the flip side, lower skill occupations average far less:

  • No Diploma: $1,860 (male) / $2,150 (female)
  • Farm Workers: $2,000 (male and female)
  • Fast Food Cooks: $1,500 (male and female)

State Minimum Wages

21 states increased their minimum wage in 2024, with amounts ranging from $0.24 per hour (MI) up to $1.55 per hour (VA). States with the highest minimum wages include:

  • California – $15.50/hour
  • New York – $13.20/hour
  • Washington – $14.49/hour

Changes Over Time

Nationwide, average hourly wages have risen 12% from 2010 ($24.47/hour) to 2022. Average monthly salaries increased 6.7% from 2018 ($3,400/month) to current $3,630/month.

However, higher wages have also driven up inflation and cost of living. So while numeric pay is rising, purchasing power has not kept pace – presenting challenges for small business owners and workers alike.

As a consultant, I guide business owners struggling to meet rising minimum wage requirements while also keeping prices affordable amidst inflation. There are no easy solutions, requiring compromise on both sides.

Overall we see that salaries and pay equity vary greatly depending on your job, experience level, gender, location and more. Understanding the numbers is the first step; adapting your business strategy with these trends in mind is key. Reach out if you need guidance interpreting what rising wages mean for your small business!