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Income Percentile by Age Calculator for the United States in 2019

Economics October 20, 2019 by PK

Villa with a pool and hot tub and poolside furniture

On this page is an individual income percentile by age calculator in the United States for 2019. Enter an age and pre-tax income earned in full-year 2018 to compare to the income distribution by age. Also, you can plot income distribution for other ages using the pull-down menu.

Need a different tool? See our individual income calculator and household income calculator.

(Find the math and methodology in the median, top 1%, and average income by age research post.)

What was the average and median income by age in 2019?

In this chart I’ve listed the median and average income by age, plus the top 1% and the 25%, 75%, and 90% income by age breakpoints.

Age	Average	25%	Median	75%	90%	Top 1% (99%)
18	$8,419.92	$1,600.00	$5,000.00	$10,500.00	$20,501.00	$53,006.00
19	$13,484.63	$3,013.00	$10,000.00	$18,584.00	$29,000.00	$68,000.00
20	$17,456.99	$6,005.00	$14,438.00	$24,005.00	$35,000.00	$75,001.00
21	$21,927.80	$9,000.00	$18,000.00	$29,000.00	$40,505.00	$100,000.00
22	$23,680.10	$8,200.00	$18,501.00	$30,000.00	$45,005.00	$110,000.00
23	$28,823.74	$12,000.00	$23,000.00	$35,001.00	$51,010.00	$112,512.00
24	$32,411.95	$15,205.00	$27,000.00	$40,170.00	$60,000.00	$133,081.00
25	$38,777.43	$19,500.00	$31,026.00	$50,000.00	$70,110.00	$151,101.00
26	$43,940.47	$20,100.00	$34,000.00	$53,000.00	$76,801.00	$210,005.00
27	$41,844.25	$21,000.00	$33,003.00	$52,000.00	$74,800.00	$172,000.00
28	$43,839.07	$22,001.00	$36,000.00	$56,345.00	$80,190.00	$175,007.00
29	$49,648.75	$25,000.00	$40,000.00	$61,000.00	$93,367.00	$200,000.00
30	$48,241.83	$24,000.00	$40,000.00	$60,101.00	$90,030.00	$210,005.00
31	$52,198.99	$25,000.00	$42,000.00	$65,125.00	$98,150.00	$210,241.00
32	$55,369.57	$25,331.00	$42,000.00	$67,502.00	$106,750.00	$256,200.00
33	$56,303.55	$25,000.00	$41,800.00	$68,000.00	$105,000.00	$278,604.00
34	$55,846.51	$25,000.00	$42,202.00	$69,000.00	$102,523.00	$250,125.00
35	$63,208.57	$27,002.00	$46,000.00	$79,000.00	$120,000.00	$314,140.00
36	$62,349.18	$26,010.00	$46,805.00	$77,001.00	$120,040.00	$328,985.00
37	$62,651.61	$28,000.00	$47,581.00	$76,001.00	$112,115.00	$330,451.00
38	$65,927.26	$28,000.00	$49,502.00	$80,055.00	$127,565.00	$344,055.00
39	$65,655.99	$27,005.00	$50,000.00	$78,111.00	$122,773.00	$300,401.00
40	$67,409.78	$27,509.00	$47,529.00	$80,400.00	$126,384.00	$409,164.00
41	$64,725.98	$27,002.00	$50,000.00	$78,101.00	$126,635.00	$330,132.00
42	$69,979.17	$28,000.00	$50,000.00	$81,015.00	$140,000.00	$409,164.00
43	$66,558.13	$29,255.00	$50,000.00	$83,025.00	$130,000.00	$345,081.00
44	$68,586.57	$28,000.00	$50,012.00	$82,000.00	$132,002.00	$320,002.00
45	$74,123.42	$30,000.00	$50,100.00	$88,450.00	$140,722.00	$463,560.00
46	$68,458.79	$28,809.00	$50,001.00	$81,026.00	$132,999.00	$340,127.00
47	$69,976.13	$30,000.00	$50,000.00	$80,302.00	$138,456.00	$360,305.00
48	$68,355.00	$30,000.00	$50,262.00	$81,101.00	$130,001.00	$343,299.00
49	$68,722.18	$29,200.00	$50,031.00	$80,334.00	$130,006.00	$384,700.00
50	$76,824.21	$30,000.00	$50,210.00	$88,000.00	$142,500.00	$650,001.00
51	$71,747.16	$28,000.00	$50,005.00	$85,308.00	$141,755.00	$361,850.00
52	$69,358.36	$27,220.00	$50,780.00	$84,000.00	$132,922.00	$386,969.00
53	$76,667.95	$29,922.00	$50,300.00	$86,550.00	$150,200.00	$490,330.00
54	$74,347.09	$30,000.00	$51,571.00	$85,000.00	$140,700.00	$473,100.00
55	$69,780.96	$29,003.00	$50,000.00	$82,004.00	$145,050.00	$353,004.00
56	$70,762.18	$30,000.00	$50,325.00	$84,001.00	$135,200.00	$425,171.00
57	$77,965.45	$28,800.00	$50,050.00	$85,002.00	$150,090.00	$571,010.00
58	$72,677.86	$28,001.00	$50,010.00	$83,803.00	$136,750.00	$374,619.00
59	$70,758.67	$30,000.00	$50,001.00	$86,207.00	$147,001.00	$335,226.00
60	$74,781.76	$30,000.00	$50,000.00	$83,000.00	$140,000.00	$480,600.00
61	$68,990.69	$29,000.00	$48,025.00	$81,200.00	$137,225.00	$316,852.00
62	$70,455.68	$27,001.00	$50,000.00	$86,000.00	$140,003.00	$405,137.00
63	$67,963.07	$28,000.00	$49,002.00	$80,951.00	$142,229.00	$340,411.00
64	$70,202.60	$28,004.00	$50,282.00	$85,767.00	$139,400.00	$353,485.00
65	$67,327.07	$28,684.00	$49,009.00	$80,019.00	$126,898.00	$391,000.00
66	$70,053.91	$28,287.00	$50,000.00	$89,092.00	$143,475.00	$339,280.00
67	$72,848.08	$30,000.00	$50,201.00	$89,502.00	$147,019.00	$377,281.00
68	$78,342.62	$31,000.00	$50,000.00	$86,480.00	$150,652.00	$717,400.00
69	$72,454.02	$29,396.00	$48,100.00	$82,196.00	$154,881.00	$371,250.00
70	$83,501.94	$30,149.00	$53,260.00	$89,104.00	$167,570.00	$729,000.00
71	$72,900.43	$27,976.00	$50,962.00	$83,890.00	$156,608.00	$413,489.00
72	$80,289.49	$29,440.00	$50,312.00	$91,940.00	$182,182.00	$595,091.00
73	$78,893.76	$30,171.00	$49,711.00	$92,111.00	$171,895.00	$423,119.00
74	$73,914.76	$30,690.00	$46,709.00	$79,231.00	$135,060.00	$450,435.00
75	$83,296.55	$28,527.00	$47,726.00	$101,337.00	$170,469.00	$535,083.00
76	$68,950.29	$25,352.00	$49,147.00	$81,300.00	$157,300.00	$394,147.00
77	$57,016.60	$23,478.00	$40,800.00	$66,371.00	$115,359.00	$320,000.00
78	$69,880.52	$22,724.00	$38,460.00	$74,491.00	$139,608.00	$411,400.00
79	$56,169.67	$24,880.00	$39,914.00	$74,320.00	$122,800.00	$221,335.00
80	$62,235.20	$27,002.00	$47,170.00	$79,041.00	$129,139.00	$242,390.00

Yes, the data is a bit noisy. There is some explanation in the average income by age research post, but in short when you divide by age you are reducing the number of samples.

In your head, don’t take the age income breakpoints as the final answer but instead as a reasonable approximation. Here’s how it looks visually, lumps and all:

Average and median income by age in 2019 in the United States

How many workers make $100,000 by age? How many workers make $250,000?

Commonly, we use $100,000 and $250,000 as the cutoffs for “high” income. And yes, of course, this interacts with cost of living and household construction (see our household income research). It’s still useful to look at how common it is for individuals to make these large incomes.

Hig earning American worker percentage by age in USA in 2019

Please excuse that infographic-sized chart. I wanted to make sure you could see all ages from 18-70. Of note, this is “percentage of workers of a certain age“, so especially beyond age 60 it interacts with retirement ages. You can cross this with our estimated worker count by age to get an estimated absolute number.

As before, mind the trend not the exact number. Like other research, this chart suggests income growth – even for relatively high earners – until someone is in their low to mid-40s.

And yes – only suggestive. This also doesn’t prove anything because people are independent of each other.

Source and Methodology on the 2019 Individual Income Percentile by Age Calculator

Sarah Flood, Miriam King, Renae Rodgers, Steven Ruggles, and J. Robert Warren. Integrated Public Use Microdata Series, Current Population Survey: Version 6.0 [dataset]. Minneapolis, MN: IPUMS, 2019. https://doi.org/10.18128/D030.V6.0

Our “worker” methodology matches the 2019 individual income bracket post. Total income comes from a variety of sources: here’s a list.

To see the number of data points and estimated number of workers by age, see the income by age post.

Individual Income Percentile by Age Calculators for Past Years

I’ve… been tracking this data for a while. To see past editions of the income percentile by age calculator, hit the archives:

Want more? Also see our net worth calculator and net worth by age calculator.

Average Income by Age, Median, Top 1%, and All Income Percentiles in 2019

Economics October 20, 2019 by PK

Woman with manicured nails clutching $100 bills

In this post I estimate United States Individual Income Brackets by Age for 2019. I then calculate average income by age, plus median and top 1% by age in the United States.

Individual incomes here are limited to Americans who worked (or wanted to work) in 2018. Incomes were earned between January and December 2018. “Income” is pre-tax income from all sources, including salary – see the methodology section.

We also have research on household incomes and individual incomes.

Individual Income Benchmarks by Age in 2019

Using age in income comparisons is very useful. Age is an excellent proxy for experience – not always, but generally older folks will have more experience in a given field.

More experience also usually means more skill and a higher income. When looking at income it’s best to benchmark your earnings versus your peers instead of folks with more or less experience.

Just like with other income breakdowns (such as individual income or household income), the most important summary statistics for income by age are:

Median income
Average income
Top 1% income

What is the median individual income by age in the United States?

These are the median incomes by age for 2019 in the United States for some selected ages:

Age 25: $31,026
Age 35: $46,000
Age 45: $50,100
Age 55: $50,000
Age 65: $49,009

This table has every age (18-80) plus its median income in 2019 in the United States:

Age	2019 Median Income
18	$5,000.00
19	$10,000.00
20	$14,438.00
21	$18,000.00
22	$18,501.00
23	$23,000.00
24	$27,000.00
25	$31,026.00
26	$34,000.00
27	$33,003.00
28	$36,000.00
29	$40,000.00
30	$40,000.00
31	$42,000.00
32	$42,000.00
33	$41,800.00
34	$42,202.00
35	$46,000.00
36	$46,805.00
37	$47,581.00
38	$49,502.00
39	$50,000.00
40	$47,529.00
41	$50,000.00
42	$50,000.00
43	$50,000.00
44	$50,012.00
45	$50,100.00
46	$50,001.00
47	$50,000.00
48	$50,262.00
49	$50,031.00
50	$50,210.00
51	$50,005.00
52	$50,780.00
53	$50,300.00
54	$51,571.00
55	$50,000.00
56	$50,325.00
57	$50,050.00
58	$50,010.00
59	$50,001.00
60	$50,000.00
61	$48,025.00
62	$50,000.00
63	$49,002.00
64	$50,282.00
65	$49,009.00
66	$50,000.00
67	$50,201.00
68	$50,000.00
69	$48,100.00
70	$53,260.00
71	$50,962.00
72	$50,312.00
73	$49,711.00
74	$46,709.00
75	$47,726.00
76	$49,147.00
77	$40,800.00
78	$38,460.00
79	$39,914.00
80	$47,170.00

What is the average income by age in the United States?

Here are the 2019 average incomes by age for age 25 and ten year intervals:

Age 25: $38,777.43
Age 35: $63,208.57
Age 45: $74,123.42
Age 55: $69,780.96
Age 65: $67,327.07

This table has every age (18-80) plus their average income in 2019 in the United States:

Age	Average Income in 2019
18	$8,419.92
19	$13,484.63
20	$17,456.99
21	$21,927.80
22	$23,680.10
23	$28,823.74
24	$32,411.95
25	$38,777.43
26	$43,940.47
27	$41,844.25
28	$43,839.07
29	$49,648.75
30	$48,241.83
31	$52,198.99
32	$55,369.57
33	$56,303.55
34	$55,846.51
35	$63,208.57
36	$62,349.18
37	$62,651.61
38	$65,927.26
39	$65,655.99
40	$67,409.78
41	$64,725.98
42	$69,979.17
43	$66,558.13
44	$68,586.57
45	$74,123.42
46	$68,458.79
47	$69,976.13
48	$68,355.00
49	$68,722.18
50	$76,824.21
51	$71,747.16
52	$69,358.36
53	$76,667.95
54	$74,347.09
55	$69,780.96
56	$70,762.18
57	$77,965.45
58	$72,677.86
59	$70,758.67
60	$74,781.76
61	$68,990.69
62	$70,455.68
63	$67,963.07
64	$70,202.60
65	$67,327.07
66	$70,053.91
67	$72,848.08
68	$78,342.62
69	$72,454.02
70	$83,501.94
71	$72,900.43
72	$80,289.49
73	$78,893.76
74	$73,914.76
75	$83,296.55
76	$68,950.29
77	$57,016.60
78	$69,880.52
79	$56,169.67
80	$62,235.20

What is the top 1% individual income by age in the United States?

As a summary, here is the 2019 top 1% income by age for age 25 and ten year intervals:

Age 25: $151,101
Age 35: $314,140
Age 45: $463,560
Age 55: $353,004
Age 65: $391,000

Treat this data with more skepticism than median or average incomes. By definition, there are fewer earners up here plus their income sources are more volatile than the fat part of the income curve.

(If you don’t believe me look at age 50, 68, and 70!)

Notably, income models are well-behaved until around the 96th-98th percentile, but the top 1% are outliers. Look at a couple adjacent ages for a good feel of what the “actual” 1% might be.

Here’s the table for the top 1% income threshold for every age in the United States in 2019:

Age	Top 1% Income 2019
18	$53,006.00
19	$68,000.00
20	$75,001.00
21	$100,000.00
22	$110,000.00
23	$112,512.00
24	$133,081.00
25	$151,101.00
26	$210,005.00
27	$172,000.00
28	$175,007.00
29	$200,000.00
30	$210,005.00
31	$210,241.00
32	$256,200.00
33	$278,604.00
34	$250,125.00
35	$314,140.00
36	$328,985.00
37	$330,451.00
38	$344,055.00
39	$300,401.00
40	$409,164.00
41	$330,132.00
42	$409,164.00
43	$345,081.00
44	$320,002.00
45	$463,560.00
46	$340,127.00
47	$360,305.00
48	$343,299.00
49	$384,700.00
50	$650,001.00
51	$361,850.00
52	$386,969.00
53	$490,330.00
54	$473,100.00
55	$353,004.00
56	$425,171.00
57	$571,010.00
58	$374,619.00
59	$335,226.00
60	$480,600.00
61	$316,852.00
62	$405,137.00
63	$340,411.00
64	$353,485.00
65	$391,000.00
66	$339,280.00
67	$377,281.00
68	$717,400.00
69	$371,250.00
70	$729,000.00
71	$413,489.00
72	$595,091.00
73	$423,119.00
74	$450,435.00
75	$535,083.00
76	$394,147.00
77	$320,000.00
78	$411,400.00
79	$221,335.00
80	$242,390.00
85	$410,860.00

United States Individual Income Percentiles by Age

Again, age is a very useful proxy for experience. By dividing income distributions in the United States into ages, you get a better glimpse at how an income stacks up versus peers.

It’s important to understand what I mean by income here. Income is all income earned by one individual. Think:

Wage income or earnings
Business income
Investment income
Interest
Other income: see the list of all components

Income by Age Summary for the United States in 2019

Median income by age and income distribution in 2019 in United States — Median income by age plus distribution for age 25, 35, 45, and 55 in the United States in 2019 **(Click to zoom)**

This table summarizes the income by age distribution for the United States in 2019. (Scroll up to see top 1% income by age and average income by age.)

Along the top is the income percentile break-point. There is one row per age. When I say ‘income break-point’ I mean the income which divides two income percentiles. Stated another way: an 18 year old who made $10,500 is in the 75th percentile.

Age	10%	25%	50%	75%	90%	95%
18	$0.00	$1,600.00	$5,000.00	$10,500.00	$20,501.00	$28,392.00
19	$0.00	$3,013.00	$10,000.00	$18,584.00	$29,000.00	$38,000.00
20	$1,626.00	$6,005.00	$14,438.00	$24,005.00	$35,000.00	$44,000.00
21	$3,000.00	$9,000.00	$18,000.00	$29,000.00	$40,505.00	$52,010.00
22	$2,000.00	$8,200.00	$18,501.00	$30,000.00	$45,005.00	$55,000.00
23	$3,900.00	$12,000.00	$23,000.00	$35,001.00	$51,010.00	$65,001.00
24	$5,000.00	$15,205.00	$27,000.00	$40,170.00	$60,000.00	$75,001.00
25	$8,200.00	$19,500.00	$31,026.00	$50,000.00	$70,110.00	$85,950.00
26	$9,200.00	$20,100.00	$34,000.00	$53,000.00	$76,801.00	$100,000.00
27	$10,000.00	$21,000.00	$33,003.00	$52,000.00	$74,800.00	$95,910.00
28	$10,000.00	$22,001.00	$36,000.00	$56,345.00	$80,190.00	$100,000.00
29	$10,560.00	$25,000.00	$40,000.00	$61,000.00	$93,367.00	$121,500.00
30	$11,000.00	$24,000.00	$40,000.00	$60,101.00	$90,030.00	$112,016.00
31	$12,000.00	$25,000.00	$42,000.00	$65,125.00	$98,150.00	$120,000.00
32	$12,100.00	$25,331.00	$42,000.00	$67,502.00	$106,750.00	$133,021.00
33	$12,000.00	$25,000.00	$41,800.00	$68,000.00	$105,000.00	$136,928.00
34	$12,000.00	$25,000.00	$42,202.00	$69,000.00	$102,523.00	$133,324.00
35	$15,000.00	$27,002.00	$46,000.00	$79,000.00	$120,000.00	$155,017.00
36	$14,000.00	$26,010.00	$46,805.00	$77,001.00	$120,040.00	$165,330.00
37	$14,461.00	$28,000.00	$47,581.00	$76,001.00	$112,115.00	$150,503.00
38	$14,000.00	$28,000.00	$49,502.00	$80,055.00	$127,565.00	$169,600.00
39	$14,504.00	$27,005.00	$50,000.00	$78,111.00	$122,773.00	$160,794.00
40	$14,400.00	$27,509.00	$47,529.00	$80,400.00	$126,384.00	$170,102.00
41	$15,000.00	$27,002.00	$50,000.00	$78,101.00	$126,635.00	$170,160.00
42	$14,400.00	$28,000.00	$50,000.00	$81,015.00	$140,000.00	$181,852.00
43	$15,000.00	$29,255.00	$50,000.00	$83,025.00	$130,000.00	$177,310.00
44	$13,600.00	$28,000.00	$50,012.00	$82,000.00	$132,002.00	$184,631.00
45	$16,000.00	$30,000.00	$50,100.00	$88,450.00	$140,722.00	$204,720.00
46	$16,000.00	$28,809.00	$50,001.00	$81,026.00	$132,999.00	$184,920.00
47	$15,000.00	$30,000.00	$50,000.00	$80,302.00	$138,456.00	$179,010.00
48	$15,000.00	$30,000.00	$50,262.00	$81,101.00	$130,001.00	$180,000.00
49	$14,000.00	$29,200.00	$50,031.00	$80,334.00	$130,006.00	$180,890.00
50	$15,310.00	$30,000.00	$50,210.00	$88,000.00	$142,500.00	$200,000.00
51	$15,300.00	$28,000.00	$50,005.00	$85,308.00	$141,755.00	$193,226.00
52	$14,000.00	$27,220.00	$50,780.00	$84,000.00	$132,922.00	$171,917.00
53	$15,000.00	$29,922.00	$50,300.00	$86,550.00	$150,200.00	$200,752.00
54	$15,003.00	$30,000.00	$51,571.00	$85,000.00	$140,700.00	$192,000.00
55	$16,309.00	$29,003.00	$50,000.00	$82,004.00	$145,050.00	$186,935.00
56	$15,000.00	$30,000.00	$50,325.00	$84,001.00	$135,200.00	$195,000.00
57	$15,000.00	$28,800.00	$50,050.00	$85,002.00	$150,090.00	$208,020.00
58	$16,800.00	$28,001.00	$50,010.00	$83,803.00	$136,750.00	$189,963.00
59	$16,000.00	$30,000.00	$50,001.00	$86,207.00	$147,001.00	$200,493.00
60	$15,000.00	$30,000.00	$50,000.00	$83,000.00	$140,000.00	$209,100.00
61	$15,100.00	$29,000.00	$48,025.00	$81,200.00	$137,225.00	$183,060.00
62	$15,000.00	$27,001.00	$50,000.00	$86,000.00	$140,003.00	$180,000.00
63	$15,695.00	$28,000.00	$49,002.00	$80,951.00	$142,229.00	$189,274.00
64	$14,005.00	$28,004.00	$50,282.00	$85,767.00	$139,400.00	$180,200.00
65	$15,245.00	$28,684.00	$49,009.00	$80,019.00	$126,898.00	$190,000.00
66	$17,000.00	$28,287.00	$50,000.00	$89,092.00	$143,475.00	$183,920.00
67	$17,444.00	$30,000.00	$50,201.00	$89,502.00	$147,019.00	$224,216.00
68	$16,287.00	$31,000.00	$50,000.00	$86,480.00	$150,652.00	$210,101.00
69	$18,540.00	$29,396.00	$48,100.00	$82,196.00	$154,881.00	$214,753.00
70	$16,712.00	$30,149.00	$53,260.00	$89,104.00	$167,570.00	$230,001.00
71	$17,100.00	$27,976.00	$50,962.00	$83,890.00	$156,608.00	$217,560.00
72	$16,288.00	$29,440.00	$50,312.00	$91,940.00	$182,182.00	$240,256.00
73	$16,728.00	$30,171.00	$49,711.00	$92,111.00	$171,895.00	$258,000.00
74	$16,596.00	$30,690.00	$46,709.00	$79,231.00	$135,060.00	$159,507.00
75	$20,402.00	$28,527.00	$47,726.00	$101,337.00	$170,469.00	$257,560.00
76	$15,459.00	$25,352.00	$49,147.00	$81,300.00	$157,300.00	$182,184.00
77	$13,544.00	$23,478.00	$40,800.00	$66,371.00	$115,359.00	$158,710.00
78	$14,720.00	$22,724.00	$38,460.00	$74,491.00	$139,608.00	$173,855.00
79	$15,636.00	$24,880.00	$39,914.00	$74,320.00	$122,800.00	$147,525.00
80	$15,000.00	$27,002.00	$47,170.00	$79,041.00	$129,139.00	$189,580.00
85	$10,000.00	$21,396.00	$39,019.00	$65,600.00	$115,250.00	$192,054.00

I’m not holding back on you on purpose – it’s just hard to show many percentiles in a table. Use the income percentile by age calculator to see income by age distribution at the highest resolution.

Methodology on 2019 United States Household Income Brackets

This data comes from the United States Census Bureau’s Annual ASEC survey. It was released in September 2019.

I then use harmonized data from the University of Minnesota’s Minnesota Population Center in R. Citation:

Sarah Flood, Miriam King, Renae Rodgers, Steven Ruggles and J. Robert Warren. Integrated Public Use Microdata Series, Current Population Survey: Version 6.0 [dataset]. Minneapolis, MN: IPUMS, 2019. https://doi.org/10.18128/D030.V6.0

How can I cite your individual income by age data?

Go ahead and quote an excerpt and link back here.

Also include the IPUMS citation in the previous section.

What is your ‘worker’ screen?

See the individual income percentile research post for the screen. We cast a broad net, but this data is only people who were in the workforce at some point in 2018.

The only additional filter on top of that data is – of course – splitting the data by age.

How is the data quality on the income by age data?

I’m glad you asked. I want you to be skeptical of the top few percentiles for each age. Income is a relatively well-behaved distribution for the majority of the income curve. However, people at the top generate income from income sources with more volatility: think investments and businesses. We’re starting from 181,000 data points or so; this data isn’t as exhaustive as the 2020 census will be, for example.

To get a sense of the “actual top 1% income” for an age – if that’s a measure that you really need – look up and down by a few years of age to get a feel.

Don’t get me wrong: this data is excellent for business intelligence needs. Just be skeptical about the exact boundary between percentiles.

Income data points and workers by age in 2019

As for the actual number of data points per age, here’s the exhaustive list for you to make a reasoned call. There are two numbers:

The number of “data points”, or the actual number of people in the survey
The estimated number of workers by age that those data points represent (based on the survey weightings)

Age	Respondents	2019 Workers by Age (Est.)
18	1,370	2,151,034
19	1,338	2,339,507
20	1,427	2,852,789
21	1,538	3,256,423
22	1,559	3,326,844
23	1,583	3,496,794
24	1,710	3,744,314
25	1,714	3,752,080
26	1,818	4,007,105
27	1,833	4,007,167
28	1,936	4,062,599
29	2,018	4,228,172
30	2,003	3,834,447
31	2,100	3,912,710
32	2,021	3,717,969
33	2,123	3,701,778
34	2,175	3,736,467
35	2,142	3,637,096
36	2,222	3,673,313
37	2,223	3,672,298
38	2,255	3,695,801
39	2,159	3,518,683
40	2,154	3,453,967
41	2,131	3,438,289
42	2,061	3,411,370
43	1,992	3,247,568
44	1,974	3,182,849
45	1,910	3,190,568
46	1,996	3,424,752
47	2,033	3,584,015
48	2,051	3,590,037
49	1,982	3,477,124
50	1,928	3,483,165
51	1,814	3,289,848
52	1,747	3,269,208
53	1,754	3,392,563
54	1,745	3,367,078
55	1,766	3,314,361
56	1,764	3,424,338
57	1,635	3,081,235
58	1,616	3,181,570
59	1,537	3,030,352
60	1,567	3,011,631
61	1,451	2,831,391
62	1,325	2,690,566
63	1,241	2,419,032
64	1,094	2,175,504
65	931	1,807,441
66	839	1,651,796
67	694	1,361,374
68	636	1,222,724
69	570	1,155,346
70	466	965,810
71	411	790,490
72	395	801,601
73	260	553,146
74	240	471,271
75	195	417,919
76	188	375,390
77	163	330,049
78	134	282,894
79	104	199,371
80	324	709,510
85	154	311,715

Is individual income gross or net?

All income by age numbers in this post are gross income, or before tax. If you are comparing an income make sure it is before any tax is taken out.

Analysis of Individual Income by Age Brackets in 2019

Every year this is one of my favorite posts to produce (along with the income by age calculator, of course!).

Dividing by actual earnings for individual earners and ages helps eliminate the effects of shifting demographics. Looking at household income, for example, is misleading if there are more earners per household than in another year, country, or even state. (See the Simpson’s Paradox).

As for conclusions, looking at income by age is also suggestive of career income curves. While not a perfect match, near age 40 on up incomes start to look alike in the middle of the distribution. This suggests that earnings typically grow until ~ 38-42 before leveling off. (Again, I know, beware the distribution – but in aggregate this is true. Other data suggests the same.)

While that phenomenon isn’t true for everyone (especially the top of the curve), it’s useful directional information when looking at spending. To boil it down: a 30 year old and a 50 year old should approach spending plans and assumed income increases differently.

See anything interesting in the data?

Income Percentile Calculator for the United States in 2019

Economics October 14, 2019 by PK

Below is an individual income percentile calculator for the United States for 2019. Enter gross, pre-tax income earned by one person in full-year 2018 to compare to the US individual income distribution. (For a complete picture, see the household income calculator).

After try our income percentile by state and income percentile by city calculators.

(Math and methodology in our average, median, and top 1% individual income post)

Individual Income Percentiles for the US Income Distribution in 2019

In this graph we developed for the average individual income post, we compare single-person earnings between 2019 and 2018. 2018 numbers are CPI adjusted.

(Again, this means “full-year 2018” and “full-year 2017”, respectively. See the note in the average income post.)

Year over year individual income selected percentiles, USA

What was the median individual income in 2019?

In the United States, median individual income was $40,100.00 in 2019.

What was the average individual income in 2019?

In the United States, average individual income in the United States was $58,379.45 in 2019.

What was the top 1% individual income in 2019?

The United States threshold for a top 1% individual earner was $328,551.00 in 2019.

In 2019, what was the threshold for the top 10% individual income in the United States?

Top 10% of individual earnings started at $116,250.00 in the United states in 2019.

In 2019, what was the threshold for the top 5% individual income in the United States?

Top 5% of individual earnings started at $158,330.00 in the United states in 2019.

What other calculators do you have?

Thanks for asking! We have quite a few:

Net worth is in many ways a better measure of how well-off a household is. Income measures how much money comes in, but net worth measures wht you keep and grow. Try our net worth calculator and net worth by age calculator.

For a different slice of the same dataset, try our individual income by age calculator and household income calculator.

Individual Income Benchmarks in 2019

People love round numbers – I get it. Now let’s talk about how often people make the big benchmarks as an individual.

Take the exact numbers with a grain of salt (beware of false precision!). Just look at the absolute number as the rough number of workers who cleared the threshold.

How many people made $50,000 or more in 2019?

41.7% of workers, or around 72,624,482 people in the United States made $50,000 or more in 2019.

How many people made $100,000 or more in 2019?

“Six-figure income” is a common target income in the United States, and one which around 1/8th of workers hit. 13.8% of workers, or around 24,129,891 people in the United States made $100,000 or more in 2019.

How many people made $250,000 or more in 2019?

1.9% of workers, or around 3,365,738 people in the United States made $50,000 or more in 2019.

How many people made $500,000 or more in 2019?

.5% of workers, or around 801,705 people in the United States made $500,000 or more in 2019.

How many people made $1,000,000 or more in 2019?

Usually when we talk about millionaires we’re talking about net worth. However, ~.2% of workers – around 320,533 people in the United States – made $1,000,000 or more in 2019.

What is considered a good individual income?

A good income in the United States started around $46,000 in 2019. That’s the median individual income for a person who typically worked 40 or more hours per week. A better income is $75,875, which started the 75th percentile of earnings for 40+ hour workers.

These numbers are obviously very location dependent. What’s good at the country level does not necessarily translate to where you live. For example, in San Francisco County a family of 4 would be considered very low income at $75,875.

Live somewhere expensive? We’ve got you covered: see the income percentile by city and income percentile by state calculators for numbers in your area.

Source and Methodology on the 2019 Individual Income Percentile Calculator

For methodology, please see the individual income bracket post. The only additional screens in this calculator were for workers reporting 30+ and 40+ hours a week or work, respectively.

Want to see changes over time? Try our calculators from years past:

How did your individual income rank in 2019 vs. 2018?

Average, Median, Top 1%, and all United States Individual Income Percentiles in 2019

Personal Finance October 14, 2019 by PK

On this page I estimate United States Individual Income Brackets for 2019. I also calculate the average, median, and top 1% of individual incomes in the United States.

Individual incomes here are limited to Americans who worked (or wanted to work) in 2018. Incomes are earned between January and December 2018. Alternatively, compare incomes in the individual income percentile calculator.

We also have research on household incomes.

Individual Income Benchmarks in 2019

The most important summary statistics for income are:

Median income
Average income
Top 1% income

What was the median individual income?

Median individual income was $40,100.00 in 2019 in the United States.

What was the average individual income?

Average individual income in 2019 in the United States was $58,379.45.

What is the top 1% individual income?

The threshold for a US worker to be in the top 1% in 2019 was $328,551.00.

Do you have individual income data by age?

Yes – see our average, median, and top 1% income by age research and the income percentile by age calculator.

Is median income the same as average income?

No, median and average income are not the same. They are different statistical measures:

Median individual income means half of all individual workers made more, while half made less money in full-year 2018.
Average individual income means we add up every worker’s earnings in full-year 2018 then divide by the number of workers.

We mentioned in the household income article research that median is the most important summary statistic. Especially with something like income, there are wide variations on earnings across workers.

Median is resistant to outliers in a way average isn’t – consider that it’s possible to make over a billion dollars in a year. If you only look at average the earnings will look higher than “most” people make because income is concentrated – you also see this (really, even worse) with net worth.

Selected United States Individual Income Percentiles for 2019 and 2019

As we showed in the household income research, some of the most interesting comparisons aren’t between percentiles – they’re between years.

Individual income is defined as all income earned assigned to one individual. Think:

Wage income
Business income
Investment income
Other income: see the list of all components

I adjusted 2018 individual income numbers to compare year over year as detailed by IPUMS CPS. To do it yourself, multiply 2018 dollar amounts by (.679/.663).

I caution you: this data isn’t longitudinal. People move between percentiles from year to year, people enter the workforce (new grads, long time unemployed)… and people leave (unemployment, retirement).

These numbers suggest avenues for further research, but don’t necessarily describe the experience of particular people over the last few years.

Comprehensive Individual Income Bracket Comparison 2018 vs. 2019

When I looked at the household income comparison, I told you 52% of household income breakpoints increased – a slight majority.

Surprisingly, a full 83.8% of individual income centiles (well, “”centile breakpoints””) increased in 2019 vs. 2018.

Absolute dollar change, CPI adjusted, between individual income bracket 2018-2019 — Change in household income percentile from 2018 to 2019 in US

It goes to show you never can tell how individual incomes interact with households. Just as individuals enter and exit the workforce, households form and dissolve.

2019 Individual Income Percentiles for the United States

To recap, the summary statistics for individual earners:

Top 1%: $328,551.00
Median individual income: $40,100.00
Average individual income: $58,379.45

Adjusted for inflation (CPI), top 1% and median were up 6.73% and .27%, respectively. Average individual income, CPI-adjusted, was up 2.01% in 2019.

Individual Income Percentile	2019	2018	Percentage Increase	Absolute Increase
1.00%	$0.00	$0.00	0.00%	$0.00
2.00%	$0.00	$0.00	0.00%	$0.00
3.00%	$301.00	$51.21	487.81%	$249.79
4.00%	$1,500.00	$921.72	62.74%	$578.28
5.00%	$2,500.00	$2,015.49	24.04%	$484.51
6.00%	$3,800.00	$2,808.17	35.32%	$991.83
7.00%	$5,000.00	$4,096.53	22.05%	$903.47
8.00%	$6,000.00	$5,120.66	17.17%	$879.34
9.00%	$7,303.00	$6,144.80	18.85%	$1,158.20
10.00%	$8,507.00	$7,168.93	18.66%	$1,338.07
11.00%	$10,000.00	$8,193.06	22.05%	$1,806.94
12.00%	$10,379.00	$9,729.26	6.68%	$649.74
13.00%	$12,000.00	$10,242.35	17.16%	$1,757.65
14.00%	$12,480.00	$11,267.51	10.76%	$1,212.49
15.00%	$14,000.00	$12,289.59	13.92%	$1,710.41
16.00%	$15,000.00	$13,313.73	12.67%	$1,686.27
17.00%	$15,050.00	$14,338.88	4.96%	$711.12
18.00%	$16,154.00	$15,361.99	5.16%	$792.01
19.00%	$17,509.00	$15,464.40	13.22%	$2,044.60
20.00%	$18,020.00	$16,410.70	9.81%	$1,609.30
21.00%	$19,104.00	$17,572.07	8.72%	$1,531.93
22.00%	$20,000.00	$18,435.41	8.49%	$1,564.59
23.00%	$20,001.00	$19,460.57	2.78%	$540.43
24.00%	$20,800.00	$20,482.65	1.55%	$317.35
25.00%	$22,000.00	$20,482.65	7.41%	$1,517.35
26.00%	$22,804.00	$21,077.68	8.19%	$1,726.32
27.00%	$23,825.00	$22,222.66	7.21%	$1,602.34
28.00%	$24,251.00	$22,752.13	6.59%	$1,498.87
29.00%	$25,000.00	$23,657.47	5.67%	$1,342.53
30.00%	$25,006.00	$24,580.21	1.73%	$425.79
31.00%	$26,000.00	$25,603.32	1.55%	$396.68
32.00%	$27,000.00	$25,604.34	5.45%	$1,395.66
33.00%	$28,000.00	$26,273.10	6.57%	$1,726.90
34.00%	$28,600.00	$27,122.11	5.45%	$1,477.89
35.00%	$30,000.00	$27,934.24	7.40%	$2,065.76
36.00%	$30,000.00	$28,682.89	4.59%	$1,317.11
37.00%	$30,002.00	$29,717.26	0.96%	$284.74
38.00%	$30,525.00	$30,723.98	-0.65%	-$198.98
39.00%	$31,800.00	$30,725.01	3.50%	$1,074.99
40.00%	$32,300.00	$30,865.31	4.65%	$1,434.69
41.00%	$33,502.00	$31,966.25	4.80%	$1,535.75
42.00%	$35,000.00	$32,779.42	6.77%	$2,220.58
43.00%	$35,000.00	$33,806.62	3.53%	$1,193.38
44.00%	$35,360.00	$35,127.75	0.66%	$232.25
45.00%	$36,107.00	$35,844.65	0.73%	$262.35
46.00%	$37,300.00	$35,875.37	3.97%	$1,424.63
47.00%	$38,175.00	$36,868.78	3.54%	$1,306.22
48.00%	$39,977.00	$37,894.96	5.49%	$2,082.04
49.00%	$40,000.00	$38,919.09	2.78%	$1,080.91
50.00%	$40,100.00	$39,990.33	0.27%	$109.67
51.00%	$41,120.00	$40,965.31	0.38%	$154.69
52.00%	$42,202.00	$40,975.55	2.99%	$1,226.45
53.00%	$43,690.00	$41,579.79	5.08%	$2,110.21
54.00%	$45,000.00	$43,013.57	4.62%	$1,986.43
55.00%	$45,211.00	$44,037.71	2.66%	$1,173.29
56.00%	$46,470.00	$45,573.91	1.97%	$896.09
57.00%	$48,000.00	$46,089.05	4.15%	$1,910.95
58.00%	$49,010.00	$46,898.11	4.50%	$2,111.89
59.00%	$50,000.00	$48,193.64	3.75%	$1,806.36
60.00%	$50,010.00	$49,501.46	1.03%	$508.54
61.00%	$50,545.00	$51,206.64	-1.29%	-$661.64
62.00%	$52,000.00	$51,214.83	1.53%	$785.17
63.00%	$53,026.00	$51,821.12	2.33%	$1,204.88
64.00%	$55,000.00	$53,255.93	3.27%	$1,744.07
65.00%	$55,510.00	$54,729.65	1.43%	$780.35
66.00%	$57,006.00	$56,328.32	1.20%	$677.68
67.00%	$58,908.00	$57,351.43	2.71%	$1,556.57
68.00%	$60,000.00	$59,399.70	1.01%	$600.30
69.00%	$60,106.00	$61,447.96	-2.18%	-$1,341.96
70.00%	$61,455.00	$61,468.45	-0.02%	-$13.45
71.00%	$63,300.00	$62,625.72	1.08%	$674.28
72.00%	$65,003.00	$64,654.52	0.54%	$348.48
73.00%	$66,760.00	$66,574.77	0.28%	$185.23
74.00%	$69,101.00	$68,134.53	1.42%	$966.47
75.00%	$70,125.00	$70,672.33	-0.77%	-$547.33
76.00%	$72,020.00	$71,730.26	0.40%	$289.74
77.00%	$74,953.00	$73,784.67	1.58%	$1,168.33
78.00%	$75,651.00	$76,809.95	-1.51%	-$1,158.95
79.00%	$78,146.00	$77,839.21	0.39%	$306.79
80.00%	$80,018.00	$80,957.69	-1.16%	-$939.69
81.00%	$82,076.00	$82,063.76	0.01%	$12.24
82.00%	$85,049.00	$85,003.02	0.05%	$45.98
83.00%	$88,113.00	$87,594.07	0.59%	$518.93
84.00%	$90,521.00	$91,711.09	-1.30%	-$1,190.09
85.00%	$94,750.00	$94,220.21	0.56%	$529.79
86.00%	$98,902.00	$98,547.17	0.36%	$354.83
87.00%	$100,478.00	$102,416.35	-1.89%	-$1,938.35
88.00%	$105,002.00	$104,497.38	0.48%	$504.62
89.00%	$110,010.00	$110,629.89	-0.56%	-$619.89
90.00%	$116,250.00	$116,820.77	-0.49%	-$570.77
91.00%	$121,500.00	$122,936.89	-1.17%	-$1,436.89
92.00%	$129,002.00	$129,144.16	-0.11%	-$142.16
93.00%	$137,542.00	$138,356.24	-0.59%	-$814.24
94.00%	$150,000.00	$148,952.94	0.70%	$1,047.06
95.00%	$158,330.00	$157,122.44	0.77%	$1,207.56
96.00%	$176,000.00	$174,348.36	0.95%	$1,651.64
97.00%	$200,300.00	$199,808.30	0.25%	$491.70
98.00%	$243,500.00	$231,234.83	5.30%	$12,265.17
99.00%	$328,551.00	$307,830.74	6.73%	$20,720.26

Methodology on 2019 United States Household Income Brackets

I source this data from the United States Census Bureau’s Annual ASEC survey, released in September 2019. I use harmonized data from the University of Minnesota’s Minnesota Population Center in R (thanks for making it easy for this engineer!).

How can I cite your individual income data?

Feel free to quote an excerpt from the data and link here. Cite “Don’t Quit Your Day Job…” or “DQYDJ” (dealer’s choice!).

Also be certain to include the IPUMS citation in the previous section.

What is your ‘worker’ screen?

Because of many arguments over the years of doing this particular post, we’ve converged on an acceptable definition of workforce: people who are:

At least the age of 16
Labeled as ‘in workforce’
Report working 1 or more hours in a typical week
Report ‘want’ or ‘maybe want’ a job

How does this compare to the employment population ratio?

Because we are adding people who were in the workforce in a year plus people who ‘want’ and ‘maybe want’ a job our screen is more broad than the workforce measure. Specifically, it bumps our screen from ~64.5% of over 16s to ~67.5%.

Both measures are greater than a snapshot of employment to population in an individual month (see the current snapshot on FRED here). That’s merely a side effect of a 12 month period versus a snapshot.

Either way, this is a good screen. I cut it further for typical hours (but not a minimum weeks in year) worked in the individual income percentile calculator post.

Why don’t these numbers match the Social Security Administration’s earnings statistics?

The ASEC numbers are the gold standard estimates of income and poverty in the United States.

Seriously: the ASEC is the survey supplement where the Census Bureau creates the official poverty estimates for the United States. The numbers include all types of income including investment income. They don’t only include income where you would owe OASDI.

The highest earners every year have material income from multiple sources. Yet every year I hear arguments about the SSA data – let’s keep it to all income forms this year (🤞)?

How many samples are in the 2019 and 2018 data?

2019: 93,939 data-points representing an estimated 174,279,931 American workers.
2018: 93,820 data-points representing an estimated 173,874,158 American workers.

Is individual income gross or net?

All income numbers in this post are gross income, or before tax. The 2018 numbers are adjusted for CPI using the numbers in IPUMS’ instructions.

Can you compare this individual income data year over year?

This data is not longitudinal.

This means that it is a different set of people answering the survey than last year. The numbers I’m summarizing do not prove anything about how individuals – or households – have performed year over year.

See the above note – you can take strong hints from this data about where to research next. However, as a snapshot you can’t say anything about how individuals did year over year.

I’ll guess your next question: the University of Michigan’s PSID is a longitudinal income study.

Analysis of Individual Income Brackets in 2019

It’s one thing to talk theoretically about household construction versus individual earnings, but this year’s data really proves the value of our caution. 84% of individual income percentiles increased year over year, while “only” 52% of household income percentiles did the same.

See past editions of the average, median, and top 1% individual income post:

How did your income change from 2018 to 2019? How’s 2020 tracking? When’s the next recession?

2019 Household Income Percentile Calculator for the United States

Personal Finance October 8, 2019 by PK

On this page is a household income percentile calculator for the United States for 2019. Enter pre-tax (gross) household income earned between January and December 2018 to compare to household income percentiles in the full year.

You can find the methodology in the United States average income, median income, and income percentile post.

Afterwards, visit the income percentile by state and income percentile by city calculator. Or, try the individual income calculator.

Household Income Percentile Statistics in 2019

In our last post on household income brackets and summary statistics, I made a graph comparing some income percentiles year over year. Here’s what the household icome brackets look like for the 10th, 25th, 50th, 75th, 90th, 95th, and 99th (top 1%) percentiles:

2019 Household Income vs. 2018 in the United States, selected percentiles — Income Distribution in the US for Selected Percentiles (2019)

What was the United States average household income?

In 2019, average household income in the United States was $89,930.70.

What was the United States median household income?

In 2019, median household income in the United States was $63,030.00.

How many US households made $100,000 or more in 2019?

In 2019, about 39,162,447 households (30.4% of households) in the United States made $100,000 or more.

How many US households made $250,000 or More in 2019?

In 2019, about 6,365,893 households (4.9% of households) in the United States made $100,000 or more.

What was the top 10% household income percentile in 2019?

The threshold to be in the top 10% of household incomes in 2019 in the United States was $184,200.

What was the top 5% household income percentile in 2019?

The threshold to be in the top 5% of household incomes in 2019 in the United States was $248,304.00.

What is the top one percent household income in the US in 2019?

To be top 1% in the United States in 2019, you had to earn $475,116.00 or more as a household between January and December 2018.

Note: Net worth is a better proxy for the 1% (see our one percent in America article), yet most often one-percenter refers to income.

What other calculators do you have?

Thanks for being a reader! Want more calculators and interactive tools?

See our individual income by age calculator and individual income calculator. Also see our net worth calculator and net worth by age calculator.

Or, drink from the firehose on our calculator roundup page!

Source and Methodology on the 2018 Household Income Percentile Calculator

See the household income bracket article for details on methodology (but household income is very straightforward.

Care about annual changes? We’re done household income calculator posts since 2016. Here are the archived calculators:

Make sure you adjust for inflation.

How did your household income stack up to the household income distribution in 2019?

Average, Median, Top 1%, and all United States Household Income Percentiles in 2019

Economics October 7, 2019 by PK

On this page I estimate United States Household Income Brackets for 2019. I calculate the average, median, and top 1% household income in the United States. I also compute and show you every household income centile and a year-over-year comparison with 2018.

To repeat: this is household income data. 2019 income is income earned between January and December 2018.

We also have research on individual incomes and incomes by age.

Household Income Benchmarks in 2019

First up, I computed:

Median household income
Average household income
Top 1% household income

The median household income is the most important summary statistic. Medians are more resistant to outliers and better represent a “typical” household.

Median means the midpoint of household income: half of US households made more and half less.

What was the median household income?

Median household income was $63,030.00 in 2019.

What was the average household income?

Average household income in 2019 in the United States was $89,930.70.

What is the top 1% household income?

The threshold for a US household to be in the top 1% in 2019 was $475,116.00.

Selected United States Household Income Percentiles for 2019 and 2019

The most interesting comparison we do in our income series annually is our year over year comparison. Here we take the 10th, 25th, 50th/median, 75th, 90th, 95th, and 99th percentile of household incomes in the United States to see the changes in percentile thresholds.

The 2019 data is adjusted for CPI as detailed by IPUMS CPS. To do the math on your own, multiply 2018 dollar amounts by (.679/.663).

2019 Household Income vs. 2018 in the United States — Selected US Household Income Brackets, 2019 vs. 2018 (CPI adjusted)

Household income is defined as all income earned in the household:

Wage income
Business income
Investment income
Other income: see the list of all components

As I’ve said in past years: this incomes encompasses all the ways households make income, from stocks & bonds to wages. Like a tax return’s income entry, it’s not just wages from jobs.

In past years your objections about IRS and Social Security administration income data have been enthralling… but apples and oranges, friends. Read the above income component link and note how comprehensive this data is before rehashing objections which have been discussed here annually since 2011.

Comprehensive Household Income Bracket Comparison 2018 vs. 2019

In the 2018 data, nearly every household income percentile threshold saw an increase. That wasn’t the case in 2019, but we did see a slight majority of household income thresholds tick up:

Change in household income percentile from 2018 to 2019 in US

Very interestingly, the top 14% of thresholds (household income 86%+, or starting at $156,441.00) saw an increase. Before you speculate on what that means see the note on how data isn’t longitudinal.

But – it is interesting to observe. Let’s talk more in the conclusion.

Household Income Percentiles for the United States in 2019

To summarize, median household income in the United States was $63,030.00 and the threshold for a top 1% household was a whopping $475,116.00. Adjusted for inflation (CPI), the breakpoints were down 0.45% and up 6.78% vs. 2018, respectively.

Average household income in the United States was $89,930.70, up 1.40% adjusted for inflation.

Household Income Percentile	2019	2018	Percentage Increase	Absolute Increase
1%	$0.00	$0.00	0.00%	$0.00
2%	$600.00	$632.34	-5.11%	-$32.34
3%	$4,000.00	$4,147.74	-3.56%	-$147.74
4%	$7,000.00	$7,300.67	-4.12%	-$300.67
5%	$9,000.00	$9,032.85	-0.36%	-$32.85
6%	$10,000.00	$10,138.91	-1.37%	-$138.91
7%	$11,000.00	$11,060.63	-0.55%	-$60.63
8%	$12,104.00	$12,289.59	-1.51%	-$185.59
9%	$13,367.00	$13,383.08	-0.12%	-$16.08
10%	$14,603.00	$14,624.62	-0.15%	-$21.62
11%	$15,648.00	$15,413.07	1.52%	$234.93
12%	$16,859.00	$16,620.53	1.43%	$238.47
13%	$18,000.00	$17,662.19	1.91%	$337.81
14%	$19,021.00	$18,765.31	1.36%	$255.69
15%	$20,000.00	$20,092.46	-0.46%	-$92.46
16%	$21,032.00	$20,819.88	1.02%	$212.12
17%	$22,211.00	$22,059.82	0.69%	$151.18
18%	$23,623.00	$23,104.43	2.24%	$518.57
19%	$24,779.00	$24,462.15	1.30%	$316.85
20%	$25,555.00	$25,514.63	0.16%	$40.37
21%	$26,840.00	$26,126.32	2.73%	$713.68
22%	$28,000.00	$27,380.48	2.26%	$619.52
23%	$29,218.00	$28,675.72	1.89%	$542.28
24%	$30,004.00	$29,712.14	0.98%	$291.86
25%	$31,201.00	$30,725.01	1.55%	$475.99
26%	$32,300.00	$31,748.11	1.74%	$551.89
27%	$33,669.00	$32,796.99	2.66%	$872.01
28%	$35,000.00	$34,168.39	2.43%	$831.61
29%	$35,906.00	$35,651.08	0.72%	$254.92
30%	$37,000.00	$36,351.18	1.78%	$648.82
31%	$38,060.00	$37,688.08	0.99%	$371.92
32%	$39,712.00	$38,917.04	2.04%	$794.96
33%	$40,381.00	$40,148.99	0.58%	$232.01
34%	$41,957.00	$40,975.55	2.40%	$981.45
35%	$43,040.00	$42,235.23	1.91%	$804.77
36%	$44,599.00	$43,619.08	2.25%	$979.92
37%	$45,552.00	$45,082.32	1.04%	$469.68
38%	$47,000.00	$46,188.39	1.76%	$811.61
39%	$48,300.00	$47,647.90	1.37%	$652.10
40%	$50,000.00	$49,160.42	1.71%	$839.58
41%	$50,272.00	$50,594.21	-0.64%	-$322.21
42%	$51,801.00	$51,265.38	1.04%	$535.62
43%	$53,058.00	$52,746.69	0.59%	$311.31
44%	$54,890.00	$54,255.03	1.17%	$634.97
45%	$56,000.00	$55,849.64	0.27%	$150.36
46%	$57,435.00	$57,111.46	0.57%	$323.54
47%	$59,000.00	$58,858.96	0.24%	$141.04
48%	$60,015.00	$60,526.24	-0.84%	-$511.24
49%	$61,520.00	$61,505.23	0.02%	$14.77
50%	$63,030.00	$63,313.93	-0.45%	-$283.93
51%	$64,859.00	$65,153.36	-0.45%	-$294.36
52%	$66,110.00	$66,585.01	-0.71%	-$475.01
53%	$67,894.00	$68,223.09	-0.48%	-$329.09
54%	$69,563.00	$69,825.94	-0.38%	-$262.94
55%	$70,798.00	$71,691.34	-1.25%	-$893.34
56%	$72,521.00	$73,226.51	-0.96%	-$705.51
57%	$74,640.00	$75,064.87	-0.57%	-$424.87
58%	$75,830.00	$76,822.24	-1.29%	-$992.24
59%	$77,566.00	$78,442.63	-1.12%	-$876.63
60%	$79,526.00	$80,463.24	-1.16%	-$937.24
61%	$81,000.00	$81,981.58	-1.20%	-$981.58
62%	$83,020.00	$83,978.88	-1.14%	-$958.88
63%	$85,040.00	$85,967.91	-1.08%	-$927.91
64%	$87,004.00	$87,672.15	-0.76%	-$668.15
65%	$89,452.00	$90,063.26	-0.68%	-$611.26
66%	$91,001.00	$92,171.95	-1.27%	-$1,170.95
67%	$93,268.00	$93,954.67	-0.73%	-$686.67
68%	$95,572.00	$96,293.51	-0.75%	-$721.51
69%	$98,150.00	$98,609.15	-0.47%	-$459.15
70%	$100,201.00	$101,208.07	-1.00%	-$1,007.07
71%	$102,671.00	$102,745.79	-0.07%	-$74.79
72%	$105,100.00	$105,377.89	-0.26%	-$277.89
73%	$107,592.00	$108,051.66	-0.43%	-$459.66
74%	$110,200.00	$111,220.81	-0.92%	-$1,020.81
75%	$113,010.00	$113,842.59	-0.73%	-$832.59
76%	$116,115.00	$117,135.34	-0.87%	-$1,020.34
77%	$119,686.00	$120,151.25	-0.39%	-$465.25
78%	$122,300.00	$123,108.13	-0.66%	-$808.13
79%	$126,000.00	$127,022.49	-0.80%	-$1,022.49
80%	$130,000.00	$130,212.74	-0.16%	-$212.74
81%	$133,602.00	$133,691.72	-0.07%	-$89.72
82%	$138,000.00	$138,204.01	-0.15%	-$204.01
83%	$142,141.00	$142,496.72	-0.25%	-$355.72
84%	$147,100.00	$146,879.52	0.15%	$220.48
85%	$151,124.00	$151,993.59	-0.57%	-$869.59
86%	$156,441.00	$156,017.40	0.27%	$423.60
87%	$162,503.00	$161,681.35	0.51%	$821.65
88%	$169,000.00	$168,306.38	0.41%	$693.62
89%	$175,847.00	$175,210.23	0.36%	$636.77
90%	$184,200.00	$183,107.76	0.60%	$1,092.24
91%	$194,041.00	$191,460.71	1.35%	$2,580.29
92%	$203,606.00	$201,022.26	1.29%	$2,583.74
93%	$216,170.00	$211,185.84	2.36%	$4,984.16
94%	$231,175.00	$224,513.74	2.97%	$6,661.26
95%	$248,304.00	$242,064.42	2.58%	$6,239.58
96%	$272,000.00	$263,534.71	3.21%	$8,465.29
97%	$305,501.00	$296,284.84	3.11%	$9,216.16
98%	$359,173.00	$341,405.05	5.20%	$17,767.95
99%	$475,116.00	$444,939.38	6.78%	$30,176.62

51 of the 99 quoted percentiles saw an increase. That means roughly 52% of household income bracket thresholds increased between 2018 and 2019.

What is considered middle class income?

In 2019, middle class encompasses household income from $31,515 to $126,060. This definition of middle class is half of median household income to 2x median household income.

Of course, this is location dependent. We have higher resolution data you should look at for expensive locales:

Methodology on 2019 United States Household Income Brackets

Data originated in the United States Census Bureau’s Annual ASEC survey, first released in September 2019. The University of Minnesota’s Minnesota Population Center harmonizes it and makes it easy for us to create extracts to bring into R. Their take on the data was released first in October, 2019.

How can I cite your household income data?

You can quote an excerpt and link back to this page, citing “Don’t Quit Your Day Job…”. Also include the IPUMS citation right before this section.

How many samples are in the 2019 and 2018 data?

2019: 68,345 data-points representing an estimated 128,674,487 American households.
2018: 67,909 data-points representing an estimated 127,679,100 American households.

Is household income gross or net?

The household income data in this post is gross income, that is before tax income. I make no adjustments to the 2019 data for anything like taxes or cost of living.

The 2018 data is adjusted for inflation to fairly compare it to the cost of living one year later.

Can you compare this household income data year over year?

Yes, you can compare household income data but you need to be very careful with your comparisons.

This data is not longitudinal.

You can not draw any conclusions about the performance of individual households from this data. Households in certain income brackets move up or down the income spectrum, but the data as presented doesn’t give any history or hint of movement.

The only fair way to draw conclusions about the performance of last year’s households is with repeat surveys given to the same subjects.

Analysis of Household Income in 2019

To start, if you’d rather see the data in interactive form we built a household income percentile calculator. In this initial analysis of the 2019 United States household income data, a few things stuck out.

Household Income Round Number Thresholds

First, we are rapidly approaching two round number thresholds in 2019:

Average household income is nearing $90,000
Top 1% household income is nearing $500,000

$500,000 is an interesting breakpoint. It’s not interesting because “the math doesn’t scratch”, but rather that “half a million dollars” feels like an important threshold.

Ignoring inflation, the top 1% threshold increased 9.4% year over year. If we print a similar increase next year you could be looking at an income of $520,000 to crack the top 1% of households in 2020.

Household Income Bracket Thresholds Increasing

Also interesting were the household income brackets that increased dollar thresholds:

The 86th percentile to the 99th percentile increased
The 16th percentile to the 40th percentile increased

Now, you can’t draw conclusions because the data isn’t longitudinal. (Think: households can be forming or merging, people can be immigrating and emigrating, families can time buying and selling decisions, etc.).

But – it was interesting to see the middle percentiles struggling while the lower-middles and upper percentile thresholds soar. Longitudinal data aside, it suggests some interesting paths for research.

See the post from 2017 and the counterpart from 2018.

How did your 2019 income compare to your 2018 household income? What do you expect in 2020? When do you expect the United States will see its next recession?

Historical Home Prices: Monthly Median Value in the US from 1953-2019

Economics Real Estate October 3, 2019 by PK

Below, I provide and graph historical monthly median single-family home values in the United States. Importantly, this data is non-seasonally adjusted and based on sales of existing homes.

The data includes home prices from January 1953 until July 2019. There is a historical home price series using nominal prices and one adjusted for inflation.

Historical Median Home Value

I needed historical median home prices on the United States housing market – and (of course) this data doesn’t really exist.

The Census Bureau provides data on median new home sales, but nothing for existing home sales. This data uses the non-seasonally adjusted housing price index data from Robert Shiller and the FHFA to mash up these values.

Historical median home value in the US, nominal and real — Graph of the median home price in the US since 1953: inflation adjusted and nominal

United States Median Home Price History

Month of Observation	Median Home Price (NSA)	Inflation Adjusted Home Price
1953-01-01	$ 18,080.26	$ 174,393.58
1953-02-01	$ 18,080.26	$ 175,051.66
1953-03-01	$ 18,080.26	$ 174,393.58
1953-04-01	$ 18,122.25	$ 174,798.67
1953-05-01	$ 18,143.25	$ 174,345.78
1953-06-01	$ 18,143.25	$ 173,695.24
1953-07-01	$ 18,185.25	$ 174,097.31
1953-08-01	$ 18,206.25	$ 173,650.40
1953-09-01	$ 18,227.25	$ 173,850.69
1953-10-01	$ 18,227.25	$ 173,206.80
1953-11-01	$ 18,206.25	$ 173,650.40
1953-12-01	$ 18,206.25	$ 173,650.40
1954-01-01	$ 18,206.25	$ 173,650.40
1954-02-01	$ 18,227.25	$ 173,850.69
1954-03-01	$ 18,227.25	$ 173,850.69
1954-04-01	$ 18,206.25	$ 174,298.35
1954-05-01	$ 18,206.25	$ 173,650.40
1954-06-01	$ 18,227.25	$ 173,850.69
1954-07-01	$ 18,290.25	$ 174,451.55
1954-08-01	$ 18,332.24	$ 174,852.13
1954-09-01	$ 18,374.24	$ 175,906.64
1954-10-01	$ 18,353.24	$ 175,705.60
1954-11-01	$ 18,353.24	$ 175,705.60
1954-12-01	$ 18,374.24	$ 176,565.46
1955-01-01	$ 18,395.24	$ 176,767.25
1955-02-01	$ 18,332.24	$ 176,161.89
1955-03-01	$ 18,290.25	$ 175,758.31
1955-04-01	$ 18,185.25	$ 174,749.36
1955-05-01	$ 18,185.25	$ 174,749.36
1955-06-01	$ 18,269.25	$ 175,556.52
1955-07-01	$ 18,332.24	$ 175,504.56
1955-08-01	$ 18,437.24	$ 176,509.75
1955-09-01	$ 18,479.24	$ 176,254.15
1955-10-01	$ 18,458.24	$ 176,053.86
1955-11-01	$ 18,416.24	$ 175,653.29
1955-12-01	$ 18,374.24	$ 175,906.64
1956-01-01	$ 18,332.24	$ 175,504.56
1956-02-01	$ 18,269.25	$ 174,901.46
1956-03-01	$ 18,206.25	$ 174,298.35
1956-04-01	$ 18,122.25	$ 172,849.24
1956-05-01	$ 18,143.25	$ 172,408.61
1956-06-01	$ 18,332.24	$ 172,923.62
1956-07-01	$ 18,479.24	$ 173,037.84
1956-08-01	$ 18,605.23	$ 174,855.80
1956-09-01	$ 18,584.23	$ 174,021.01
1956-10-01	$ 18,563.24	$ 173,192.28
1956-11-01	$ 18,521.24	$ 172,800.45
1956-12-01	$ 18,542.24	$ 172,369.57
1957-01-01	$ 18,605.23	$ 172,955.19
1957-02-01	$ 18,773.23	$ 173,886.84
1957-03-01	$ 18,773.23	$ 173,261.35
1957-04-01	$ 18,899.22	$ 173,799.00
1957-05-01	$ 18,962.22	$ 173,755.55
1957-06-01	$ 18,899.22	$ 172,562.00
1957-07-01	$ 18,899.22	$ 171,342.48
1957-08-01	$ 18,899.22	$ 171,342.48
1957-09-01	$ 18,962.22	$ 171,913.62
1957-10-01	$ 19,067.21	$ 172,865.52
1957-11-01	$ 19,067.21	$ 172,256.84
1957-12-01	$ 19,046.22	$ 172,067.13
1958-01-01	$ 19,067.21	$ 171,052.25
1958-02-01	$ 19,067.21	$ 171,052.25
1958-03-01	$ 19,235.21	$ 171,360.99
1958-04-01	$ 19,277.21	$ 171,140.90
1958-05-01	$ 19,319.20	$ 171,513.75
1958-06-01	$ 19,214.21	$ 170,581.61
1958-07-01	$ 19,214.21	$ 169,993.40
1958-08-01	$ 19,193.21	$ 170,395.19
1958-09-01	$ 19,130.21	$ 169,835.90
1958-10-01	$ 19,109.21	$ 169,649.47
1958-11-01	$ 19,151.21	$ 169,436.05
1958-12-01	$ 19,172.21	$ 170,208.76
1959-01-01	$ 19,130.21	$ 169,250.26
1959-02-01	$ 19,109.21	$ 169,649.47
1959-03-01	$ 19,109.21	$ 169,649.47
1959-04-01	$ 19,109.21	$ 169,064.48
1959-05-01	$ 19,193.21	$ 169,807.62
1959-06-01	$ 19,193.21	$ 169,224.08
1959-07-01	$ 19,130.21	$ 168,091.01
1959-08-01	$ 19,109.21	$ 167,906.50
1959-09-01	$ 19,151.21	$ 167,701.21
1959-10-01	$ 19,256.21	$ 168,047.08
1959-11-01	$ 19,277.21	$ 168,230.34
1959-12-01	$ 19,193.21	$ 167,497.31
1960-01-01	$ 19,256.21	$ 168,620.62
1960-02-01	$ 19,256.21	$ 168,047.08
1960-03-01	$ 19,256.21	$ 168,047.08
1960-04-01	$ 19,256.21	$ 167,477.43
1960-05-01	$ 19,214.21	$ 167,112.16
1960-06-01	$ 19,172.21	$ 166,183.55
1960-07-01	$ 19,172.21	$ 166,183.55
1960-08-01	$ 19,256.21	$ 166,911.63
1960-09-01	$ 19,340.20	$ 167,639.70
1960-10-01	$ 19,403.20	$ 167,057.00
1960-11-01	$ 19,340.20	$ 166,514.61
1960-12-01	$ 19,340.20	$ 166,514.61
1961-01-01	$ 19,340.20	$ 166,514.61
1961-02-01	$ 19,298.20	$ 166,153.01
1961-03-01	$ 19,340.20	$ 166,514.61
1961-04-01	$ 19,256.21	$ 165,791.42
1961-05-01	$ 19,319.20	$ 166,333.81
1961-06-01	$ 19,298.20	$ 166,153.01
1961-07-01	$ 19,361.20	$ 165,584.10
1961-08-01	$ 19,382.20	$ 166,318.09
1961-09-01	$ 19,382.20	$ 165,763.69
1961-10-01	$ 19,382.20	$ 165,763.69
1961-11-01	$ 19,487.20	$ 166,661.65
1961-12-01	$ 19,529.20	$ 167,020.84
1962-01-01	$ 19,550.19	$ 167,200.43
1962-02-01	$ 19,508.20	$ 166,286.96
1962-03-01	$ 19,508.20	$ 166,286.96
1962-04-01	$ 19,508.20	$ 165,736.34
1962-05-01	$ 19,613.19	$ 166,628.35
1962-06-01	$ 19,634.19	$ 166,806.76
1962-07-01	$ 19,634.19	$ 166,256.24
1962-08-01	$ 19,634.19	$ 166,256.24
1962-09-01	$ 19,613.19	$ 165,532.11
1962-10-01	$ 19,571.19	$ 165,177.65
1962-11-01	$ 19,592.19	$ 165,354.88
1962-12-01	$ 19,592.19	$ 165,354.88
1963-01-01	$ 19,613.19	$ 165,532.11
1963-02-01	$ 19,613.19	$ 165,532.11
1963-03-01	$ 19,718.19	$ 165,872.63
1963-04-01	$ 19,802.18	$ 166,579.22
1963-05-01	$ 19,760.19	$ 166,225.92
1963-06-01	$ 19,760.19	$ 165,682.70
1963-07-01	$ 19,802.18	$ 165,494.01
1963-08-01	$ 19,802.18	$ 165,494.01
1963-09-01	$ 19,802.18	$ 165,494.01
1963-10-01	$ 19,802.18	$ 164,956.69
1963-11-01	$ 19,928.18	$ 166,006.26
1963-12-01	$ 20,012.18	$ 166,166.47
1964-01-01	$ 20,012.18	$ 166,166.47
1964-02-01	$ 20,075.17	$ 166,689.55
1964-03-01	$ 20,075.17	$ 166,689.55
1964-04-01	$ 20,012.18	$ 166,166.47
1964-05-01	$ 19,928.18	$ 165,469.02
1964-06-01	$ 19,991.18	$ 165,456.65
1964-07-01	$ 20,033.17	$ 165,271.11
1964-08-01	$ 20,096.17	$ 166,325.64
1964-09-01	$ 20,159.17	$ 166,310.55
1964-10-01	$ 20,201.17	$ 166,657.03
1964-11-01	$ 20,264.17	$ 166,640.93
1964-12-01	$ 20,264.17	$ 166,640.93
1965-01-01	$ 20,390.16	$ 167,677.04
1965-02-01	$ 20,390.16	$ 167,677.04
1965-03-01	$ 20,327.16	$ 166,624.93
1965-04-01	$ 20,285.16	$ 165,751.11
1965-05-01	$ 20,264.17	$ 165,579.52
1965-06-01	$ 20,264.17	$ 164,531.55
1965-07-01	$ 20,306.16	$ 164,872.55
1965-08-01	$ 20,306.16	$ 164,872.55
1965-09-01	$ 20,306.16	$ 164,872.55
1965-10-01	$ 20,432.16	$ 165,372.22
1965-11-01	$ 20,537.15	$ 166,222.02
1965-12-01	$ 20,600.15	$ 166,207.59
1966-01-01	$ 20,663.15	$ 166,715.87
1966-02-01	$ 20,621.15	$ 165,337.16
1966-03-01	$ 20,621.15	$ 164,822.09
1966-04-01	$ 20,642.15	$ 163,968.33
1966-05-01	$ 20,684.15	$ 164,301.93
1966-06-01	$ 20,726.15	$ 164,127.41
1966-07-01	$ 20,747.15	$ 163,788.18
1966-08-01	$ 20,684.15	$ 162,292.12
1966-09-01	$ 20,684.15	$ 162,292.12
1966-10-01	$ 20,768.14	$ 161,960.59
1966-11-01	$ 20,768.14	$ 161,960.59
1966-12-01	$ 20,852.14	$ 162,615.64
1967-01-01	$ 20,852.14	$ 162,615.64
1967-02-01	$ 20,852.14	$ 162,615.64
1967-03-01	$ 20,705.15	$ 160,980.01
1967-04-01	$ 20,789.14	$ 161,144.75
1967-05-01	$ 20,915.14	$ 161,633.07
1967-06-01	$ 20,957.14	$ 161,471.28
1967-07-01	$ 20,957.14	$ 160,987.83
1967-08-01	$ 21,083.13	$ 161,472.24
1967-09-01	$ 21,083.13	$ 160,991.67
1967-10-01	$ 21,167.13	$ 161,153.45
1967-11-01	$ 21,230.13	$ 161,154.87
1967-12-01	$ 21,335.12	$ 161,474.14
1968-01-01	$ 21,314.12	$ 160,369.08
1968-02-01	$ 21,419.12	$ 160,687.85
1968-03-01	$ 21,377.12	$ 159,905.21
1968-04-01	$ 21,377.12	$ 159,440.37
1968-05-01	$ 21,314.12	$ 158,509.73
1968-06-01	$ 21,482.11	$ 158,838.26
1968-07-01	$ 21,566.11	$ 158,545.52
1968-08-01	$ 21,629.11	$ 158,554.34
1968-09-01	$ 21,629.11	$ 158,102.62
1968-10-01	$ 21,776.10	$ 158,275.25
1968-11-01	$ 22,028.09	$ 159,654.51
1968-12-01	$ 22,217.08	$ 160,570.69
1969-01-01	$ 22,322.08	$ 160,876.36
1969-02-01	$ 22,427.08	$ 160,730.09
1969-03-01	$ 22,616.07	$ 160,737.60
1969-04-01	$ 22,637.07	$ 160,000.41
1969-05-01	$ 22,742.06	$ 160,300.93
1969-06-01	$ 22,805.06	$ 159,866.59
1969-07-01	$ 23,015.05	$ 160,461.82
1969-08-01	$ 23,162.05	$ 160,613.76
1969-09-01	$ 23,330.04	$ 161,342.62
1969-10-01	$ 23,519.03	$ 161,777.51
1969-11-01	$ 23,624.03	$ 161,633.07
1969-12-01	$ 23,771.02	$ 161,775.98
1970-01-01	$ 24,002.01	$ 162,915.87
1970-02-01	$ 24,170.00	$ 163,192.69
1970-03-01	$ 24,296.00	$ 163,184.52
1970-04-01	$ 24,400.99	$ 162,612.66
1970-05-01	$ 24,589.99	$ 163,447.60
1970-06-01	$ 24,757.98	$ 163,715.97
1970-07-01	$ 24,820.98	$ 163,290.85
1970-08-01	$ 25,051.97	$ 164,810.47
1970-09-01	$ 25,303.96	$ 165,618.92
1970-10-01	$ 25,429.95	$ 165,598.69
1970-11-01	$ 25,576.95	$ 165,714.71
1970-12-01	$ 25,723.94	$ 165,829.57
1971-01-01	$ 25,786.94	$ 166,235.69
1971-02-01	$ 25,723.94	$ 165,413.96
1971-03-01	$ 25,723.94	$ 165,000.43
1971-04-01	$ 25,807.94	$ 165,126.39
1971-05-01	$ 25,996.93	$ 165,510.12
1971-06-01	$ 26,269.92	$ 166,012.29
1971-07-01	$ 26,311.92	$ 165,869.15
1971-08-01	$ 26,395.91	$ 165,990.82
1971-09-01	$ 26,458.91	$ 166,386.98
1971-10-01	$ 26,542.91	$ 166,507.09
1971-11-01	$ 26,752.90	$ 167,824.39
1971-12-01	$ 26,815.90	$ 167,401.00
1972-01-01	$ 26,899.89	$ 167,925.35
1972-02-01	$ 26,962.89	$ 167,503.52
1972-03-01	$ 26,941.89	$ 166,968.78
1972-04-01	$ 26,983.89	$ 166,826.10
1972-05-01	$ 27,067.88	$ 166,943.13
1972-06-01	$ 27,235.88	$ 167,576.41
1972-07-01	$ 27,508.87	$ 168,448.15
1972-08-01	$ 27,613.86	$ 168,688.48
1972-09-01	$ 27,592.86	$ 168,159.82
1972-10-01	$ 27,571.86	$ 167,237.37
1972-11-01	$ 27,592.86	$ 166,970.01
1972-12-01	$ 27,613.86	$ 166,703.91
1973-01-01	$ 27,550.86	$ 165,933.17
1973-02-01	$ 27,550.86	$ 164,772.80
1973-03-01	$ 27,571.86	$ 163,375.07
1973-04-01	$ 27,571.86	$ 162,250.93
1973-05-01	$ 27,634.86	$ 161,510.34
1973-06-01	$ 27,697.86	$ 160,779.80
1973-07-01	$ 27,676.86	$ 160,295.25
1973-08-01	$ 27,928.85	$ 158,885.43
1973-09-01	$ 28,033.84	$ 159,129.90
1973-10-01	$ 28,243.84	$ 158,915.55
1973-11-01	$ 28,369.83	$ 158,581.17
1973-12-01	$ 28,558.82	$ 158,600.99
1974-01-01	$ 28,789.81	$ 158,511.40
1974-02-01	$ 29,020.80	$ 157,752.05
1974-03-01	$ 29,335.79	$ 157,462.62
1974-04-01	$ 29,440.79	$ 157,367.75
1974-05-01	$ 29,587.78	$ 156,200.96
1974-06-01	$ 29,755.77	$ 155,805.48
1974-07-01	$ 29,902.77	$ 155,307.35
1974-08-01	$ 30,175.76	$ 154,844.48
1974-09-01	$ 30,469.74	$ 154,499.07
1974-10-01	$ 30,721.73	$ 154,252.56
1974-11-01	$ 30,952.72	$ 154,205.27
1974-12-01	$ 31,435.70	$ 155,404.44
1975-01-01	$ 32,033.50	$ 157,751.79
1975-02-01	$ 32,086.75	$ 156,810.11
1975-03-01	$ 32,169.16	$ 156,616.22
1975-04-01	$ 32,222.41	$ 156,282.37
1975-05-01	$ 32,318.77	$ 155,865.78
1975-06-01	$ 32,298.49	$ 154,605.50
1975-07-01	$ 32,472.18	$ 153,716.24
1975-08-01	$ 32,664.89	$ 154,343.73
1975-09-01	$ 32,994.54	$ 155,044.71
1975-10-01	$ 33,239.23	$ 155,341.03
1975-11-01	$ 33,475.05	$ 155,311.52
1975-12-01	$ 33,570.14	$ 155,191.43
1976-01-01	$ 33,693.12	$ 155,479.81
1976-02-01	$ 33,757.78	$ 155,219.85
1976-03-01	$ 34,054.46	$ 156,303.87
1976-04-01	$ 34,395.51	$ 157,306.42
1976-05-01	$ 34,801.22	$ 158,035.12
1976-06-01	$ 34,908.99	$ 157,687.22
1976-07-01	$ 35,196.79	$ 158,151.94
1976-08-01	$ 35,426.27	$ 158,351.12
1976-09-01	$ 35,681.11	$ 158,936.43
1976-10-01	$ 35,797.75	$ 158,629.79
1976-11-01	$ 36,005.68	$ 159,276.09
1976-12-01	$ 36,304.89	$ 160,047.81
1977-01-01	$ 36,606.64	$ 160,550.47
1977-02-01	$ 37,036.44	$ 160,786.41
1977-03-01	$ 37,566.40	$ 161,990.75
1977-04-01	$ 38,234.56	$ 163,497.99
1977-05-01	$ 38,707.47	$ 164,696.75
1977-06-01	$ 39,000.34	$ 164,849.37
1977-07-01	$ 39,402.25	$ 165,729.10
1977-08-01	$ 39,801.62	$ 166,861.80
1977-09-01	$ 40,322.71	$ 168,495.73
1977-10-01	$ 40,829.85	$ 170,060.97
1977-11-01	$ 41,252.04	$ 170,986.72
1977-12-01	$ 41,624.79	$ 171,976.08
1978-01-01	$ 42,044.45	$ 172,598.19
1978-02-01	$ 42,516.09	$ 173,424.42
1978-03-01	$ 43,108.18	$ 174,452.81
1978-04-01	$ 43,673.64	$ 175,358.20
1978-05-01	$ 44,273.33	$ 176,112.45
1978-06-01	$ 44,940.22	$ 176,845.97
1978-07-01	$ 45,572.88	$ 177,970.76
1978-08-01	$ 46,173.84	$ 179,498.00
1978-09-01	$ 46,658.16	$ 180,017.00
1978-10-01	$ 47,110.78	$ 180,138.00
1978-11-01	$ 47,605.24	$ 181,218.46
1978-12-01	$ 48,169.44	$ 182,553.62
1979-01-01	$ 48,813.50	$ 183,369.39
1979-02-01	$ 49,427.14	$ 183,524.91
1979-03-01	$ 50,082.62	$ 184,093.81
1979-04-01	$ 50,733.03	$ 184,371.44
1979-05-01	$ 51,391.04	$ 184,411.91
1979-06-01	$ 52,041.45	$ 184,679.49
1979-07-01	$ 52,624.66	$ 184,705.36
1979-08-01	$ 53,154.62	$ 184,795.86
1979-09-01	$ 53,604.71	$ 184,362.12
1979-10-01	$ 54,080.15	$ 184,513.28
1979-11-01	$ 54,468.12	$ 184,123.04
1979-12-01	$ 54,796.49	$ 183,301.04
1980-01-01	$ 55,074.15	$ 181,625.05
1980-02-01	$ 55,392.38	$ 180,127.73
1980-03-01	$ 55,865.29	$ 178,943.97
1980-04-01	$ 56,388.91	$ 178,614.30
1980-05-01	$ 56,788.28	$ 178,120.12
1980-06-01	$ 57,133.14	$ 177,251.58
1980-07-01	$ 57,529.97	$ 178,482.74
1980-08-01	$ 57,865.95	$ 178,232.00
1980-09-01	$ 58,147.42	$ 177,606.44
1980-10-01	$ 58,387.04	$ 176,655.91
1980-11-01	$ 58,621.59	$ 175,913.46
1980-12-01	$ 58,853.61	$ 174,972.53
1981-01-01	$ 59,034.91	$ 174,099.38
1981-02-01	$ 59,272.00	$ 173,008.83
1981-03-01	$ 59,625.73	$ 172,861.39
1981-04-01	$ 60,156.96	$ 173,227.06
1981-05-01	$ 60,575.35	$ 173,072.14
1981-06-01	$ 60,967.12	$ 172,653.35
1981-07-01	$ 61,280.27	$ 171,645.65
1981-08-01	$ 61,594.70	$ 171,217.92
1981-09-01	$ 61,711.34	$ 169,885.64
1981-10-01	$ 61,795.02	$ 169,751.72
1981-11-01	$ 61,798.83	$ 169,218.64
1981-12-01	$ 61,848.27	$ 168,813.54
1982-01-01	$ 61,890.11	$ 168,390.32
1982-02-01	$ 61,990.27	$ 168,127.97
1982-03-01	$ 61,956.04	$ 168,212.94
1982-04-01	$ 62,037.18	$ 167,723.31
1982-05-01	$ 62,118.32	$ 166,364.93
1982-06-01	$ 62,113.25	$ 164,293.39
1982-07-01	$ 62,096.77	$ 163,407.49
1982-08-01	$ 62,068.88	$ 162,999.73
1982-09-01	$ 62,090.43	$ 162,723.23
1982-10-01	$ 62,091.70	$ 162,229.42
1982-11-01	$ 62,095.50	$ 162,570.46
1982-12-01	$ 62,200.73	$ 163,513.37
1983-01-01	$ 62,408.66	$ 163,724.47
1983-02-01	$ 62,733.23	$ 164,407.84
1983-03-01	$ 62,993.14	$ 165,089.00
1983-04-01	$ 63,317.71	$ 164,761.54
1983-05-01	$ 63,635.94	$ 164,588.07
1983-06-01	$ 63,947.83	$ 164,896.07
1983-07-01	$ 64,312.97	$ 165,173.61
1983-08-01	$ 64,598.24	$ 165,409.53
1983-09-01	$ 64,770.67	$ 165,027.55
1983-10-01	$ 64,892.38	$ 164,846.56
1983-11-01	$ 64,981.13	$ 164,745.79
1983-12-01	$ 65,151.02	$ 165,013.45
1984-01-01	$ 65,341.20	$ 164,520.68
1984-02-01	$ 65,551.66	$ 164,244.68
1984-03-01	$ 65,850.88	$ 164,672.76
1984-04-01	$ 66,219.82	$ 164,792.29
1984-05-01	$ 66,636.94	$ 165,349.20
1984-06-01	$ 67,021.10	$ 165,821.32
1984-07-01	$ 67,391.31	$ 166,096.61
1984-08-01	$ 67,714.61	$ 166,254.61
1984-09-01	$ 67,914.94	$ 165,952.41
1984-10-01	$ 68,040.45	$ 165,785.44
1984-11-01	$ 68,050.60	$ 165,810.15
1984-12-01	$ 68,197.67	$ 166,168.50
1985-01-01	$ 68,432.22	$ 166,423.91
1985-02-01	$ 68,742.84	$ 166,390.75
1985-03-01	$ 69,134.61	$ 166,709.92
1985-04-01	$ 69,604.98	$ 167,059.11
1985-05-01	$ 70,137.48	$ 167,709.62
1985-06-01	$ 70,642.08	$ 168,445.25
1985-07-01	$ 71,147.95	$ 169,336.75
1985-08-01	$ 71,638.61	$ 170,188.80
1985-09-01	$ 72,102.64	$ 170,816.69
1985-10-01	$ 72,510.89	$ 171,151.72
1985-11-01	$ 72,907.73	$ 171,614.76
1985-12-01	$ 73,295.69	$ 172,054.43
1986-01-01	$ 73,735.64	$ 172,613.37
1986-02-01	$ 74,171.78	$ 174,110.95
1986-03-01	$ 74,730.90	$ 176,229.61
1986-04-01	$ 75,419.34	$ 178,180.62
1986-05-01	$ 76,136.94	$ 179,380.46
1986-06-01	$ 76,893.85	$ 180,171.07
1986-07-01	$ 77,657.10	$ 181,959.44
1986-08-01	$ 78,330.33	$ 183,202.28
1986-09-01	$ 78,912.27	$ 183,725.95
1986-10-01	$ 79,354.75	$ 184,588.64
1986-11-01	$ 79,751.59	$ 185,343.70
1986-12-01	$ 80,338.60	$ 186,538.96
1987-01-01	$ 80,829.26	$ 186,496.79
1987-02-01	$ 81,336.40	$ 186,994.27
1987-03-01	$ 81,762.40	$ 187,135.23
1987-04-01	$ 82,402.66	$ 187,596.57
1987-05-01	$ 83,131.67	$ 188,586.89
1987-06-01	$ 83,979.87	$ 189,839.63
1987-07-01	$ 84,694.93	$ 190,951.35
1987-08-01	$ 85,303.50	$ 191,314.73
1987-09-01	$ 85,753.59	$ 191,320.73
1987-10-01	$ 86,107.32	$ 191,610.07
1987-11-01	$ 86,349.48	$ 191,982.43
1987-12-01	$ 86,667.71	$ 192,689.95
1988-01-01	$ 86,968.19	$ 192,856.66
1988-02-01	$ 87,390.38	$ 193,291.71
1988-03-01	$ 87,906.40	$ 193,598.56
1988-04-01	$ 88,493.41	$ 193,892.77
1988-05-01	$ 89,278.21	$ 194,946.38
1988-06-01	$ 90,113.73	$ 195,937.02
1988-07-01	$ 90,897.26	$ 196,806.75
1988-08-01	$ 91,531.18	$ 197,346.61
1988-09-01	$ 92,024.38	$ 197,085.03
1988-10-01	$ 92,338.80	$ 197,100.32
1988-11-01	$ 92,646.89	$ 197,593.56
1988-12-01	$ 92,915.67	$ 197,837.91
1989-01-01	$ 93,342.94	$ 197,762.94
1989-02-01	$ 93,786.69	$ 197,886.05
1989-03-01	$ 94,347.08	$ 197,929.06
1989-04-01	$ 94,927.75	$ 197,853.03
1989-05-01	$ 95,471.66	$ 197,861.55
1989-06-01	$ 95,978.80	$ 198,431.72
1989-07-01	$ 96,417.48	$ 198,857.95
1989-08-01	$ 96,710.35	$ 199,141.82
1989-09-01	$ 96,897.99	$ 198,889.72
1989-10-01	$ 96,981.67	$ 198,110.54
1989-11-01	$ 97,020.97	$ 197,718.57
1989-12-01	$ 96,989.28	$ 197,340.49
1990-01-01	$ 97,024.78	$ 195,398.31
1990-02-01	$ 97,100.85	$ 194,634.86
1990-03-01	$ 97,358.22	$ 194,089.33
1990-04-01	$ 97,676.45	$ 194,421.61
1990-05-01	$ 98,003.56	$ 194,619.74
1990-06-01	$ 98,263.47	$ 194,084.34
1990-07-01	$ 98,329.40	$ 193,469.87
1990-08-01	$ 98,224.16	$ 191,500.55
1990-09-01	$ 97,905.93	$ 189,297.84
1990-10-01	$ 97,505.29	$ 187,393.49
1990-11-01	$ 96,830.80	$ 185,679.93
1990-12-01	$ 96,312.25	$ 184,685.57
1991-01-01	$ 96,112.75	$ 183,207.62
1991-02-01	$ 96,497.20	$ 183,667.54
1991-03-01	$ 96,795.15	$ 183,961.70
1991-04-01	$ 96,795.15	$ 183,689.57
1991-05-01	$ 96,948.93	$ 183,438.68
1991-06-01	$ 97,429.50	$ 183,805.76
1991-07-01	$ 97,381.44	$ 183,445.33
1991-08-01	$ 97,323.77	$ 182,799.84
1991-09-01	$ 97,429.50	$ 182,198.13
1991-10-01	$ 97,650.56	$ 182,345.72
1991-11-01	$ 98,131.12	$ 182,711.18
1991-12-01	$ 98,179.18	$ 182,668.09
1992-01-01	$ 98,275.29	$ 182,582.11
1992-02-01	$ 98,938.47	$ 183,151.10
1992-03-01	$ 99,015.36	$ 182,372.36
1992-04-01	$ 98,928.86	$ 181,951.80
1992-05-01	$ 99,111.47	$ 182,026.70
1992-06-01	$ 99,447.87	$ 181,993.14
1992-07-01	$ 99,688.15	$ 182,043.33
1992-08-01	$ 100,274.44	$ 182,594.13
1992-09-01	$ 100,505.11	$ 182,496.08
1992-10-01	$ 100,687.72	$ 182,183.00
1992-11-01	$ 100,918.39	$ 182,343.19
1992-12-01	$ 100,524.33	$ 181,759.18
1993-01-01	$ 100,264.82	$ 180,400.04
1993-02-01	$ 99,986.10	$ 179,269.97
1993-03-01	$ 100,582.00	$ 179,710.47
1993-04-01	$ 101,418.18	$ 180,701.13
1993-05-01	$ 101,744.96	$ 181,031.94
1993-06-01	$ 102,523.47	$ 182,164.48
1993-07-01	$ 102,504.25	$ 182,130.32
1993-08-01	$ 102,955.98	$ 182,427.62
1993-09-01	$ 103,157.82	$ 182,407.34
1993-10-01	$ 103,311.60	$ 181,926.98
1993-11-01	$ 103,474.99	$ 182,089.72
1993-12-01	$ 103,667.22	$ 182,427.99
1994-01-01	$ 103,590.33	$ 181,793.94
1994-02-01	$ 103,744.11	$ 181,443.28
1994-03-01	$ 104,445.73	$ 182,049.90
1994-04-01	$ 104,993.57	$ 182,756.48
1994-05-01	$ 105,522.19	$ 183,552.10
1994-06-01	$ 106,127.70	$ 183,981.69
1994-07-01	$ 106,214.20	$ 183,635.34
1994-08-01	$ 106,531.38	$ 183,442.03
1994-09-01	$ 106,406.43	$ 182,736.31
1994-10-01	$ 106,464.10	$ 182,713.04
1994-11-01	$ 106,579.43	$ 182,666.61
1994-12-01	$ 106,281.48	$ 182,155.95
1995-01-01	$ 106,339.15	$ 181,527.23
1995-02-01	$ 106,771.66	$ 181,540.83
1995-03-01	$ 107,011.94	$ 181,348.48
1995-04-01	$ 107,463.67	$ 181,514.56
1995-05-01	$ 107,838.51	$ 181,788.66
1995-06-01	$ 108,617.02	$ 182,740.84
1995-07-01	$ 109,116.81	$ 183,581.70
1995-08-01	$ 109,453.20	$ 183,665.91
1995-09-01	$ 109,366.70	$ 183,161.39
1995-10-01	$ 109,260.98	$ 182,389.06
1995-11-01	$ 109,299.42	$ 182,572.02
1995-12-01	$ 109,433.98	$ 182,915.87
1996-01-01	$ 109,530.09	$ 182,009.36
1996-02-01	$ 109,683.87	$ 181,676.57
1996-03-01	$ 110,443.17	$ 181,994.31
1996-04-01	$ 111,029.45	$ 182,258.08
1996-05-01	$ 111,606.13	$ 182,853.74
1996-06-01	$ 112,096.30	$ 183,539.64
1996-07-01	$ 112,499.98	$ 183,848.61
1996-08-01	$ 112,499.98	$ 183,497.98
1996-09-01	$ 112,442.31	$ 182,822.79
1996-10-01	$ 112,307.75	$ 182,027.24
1996-11-01	$ 112,442.31	$ 181,900.61
1996-12-01	$ 112,413.48	$ 181,853.96
1997-01-01	$ 112,288.53	$ 181,080.96
1997-02-01	$ 112,538.42	$ 180,915.39
1997-03-01	$ 113,461.11	$ 181,942.68
1997-04-01	$ 113,960.89	$ 182,515.98
1997-05-01	$ 114,768.24	$ 183,923.81
1997-06-01	$ 115,191.14	$ 184,371.21
1997-07-01	$ 115,498.70	$ 184,633.12
1997-08-01	$ 115,863.92	$ 184,871.41
1997-09-01	$ 115,642.87	$ 184,060.83
1997-10-01	$ 116,017.71	$ 184,200.36
1997-11-01	$ 116,171.49	$ 184,558.73
1997-12-01	$ 116,238.76	$ 184,894.58
1998-01-01	$ 116,354.10	$ 184,734.45
1998-02-01	$ 117,199.89	$ 185,732.51
1998-03-01	$ 118,045.68	$ 186,726.88
1998-04-01	$ 118,920.31	$ 187,763.10
1998-05-01	$ 119,794.94	$ 188,795.50
1998-06-01	$ 120,957.90	$ 190,394.41
1998-07-01	$ 121,198.18	$ 190,538.84
1998-08-01	$ 121,688.36	$ 191,075.30
1998-09-01	$ 122,120.87	$ 191,520.00
1998-10-01	$ 122,370.76	$ 191,443.83
1998-11-01	$ 122,908.99	$ 192,285.87
1998-12-01	$ 123,101.22	$ 192,704.10
1999-01-01	$ 123,552.95	$ 192,940.37
1999-02-01	$ 124,052.73	$ 193,485.31
1999-03-01	$ 125,042.69	$ 194,438.36
1999-04-01	$ 126,003.82	$ 194,518.21
1999-05-01	$ 127,195.62	$ 196,358.04
1999-06-01	$ 128,224.02	$ 197,945.65
1999-07-01	$ 128,858.37	$ 198,328.26
1999-08-01	$ 129,579.21	$ 198,960.32
1999-09-01	$ 129,627.27	$ 198,085.76
1999-10-01	$ 130,203.95	$ 198,612.11
1999-11-01	$ 130,376.95	$ 198,757.84
1999-12-01	$ 130,626.84	$ 199,138.80
2000-01-01	$ 131,905.14	$ 200,491.91
2000-02-01	$ 131,712.92	$ 199,020.70
2000-03-01	$ 133,221.89	$ 199,654.63
2000-04-01	$ 134,461.74	$ 201,395.12
2000-05-01	$ 135,557.43	$ 202,799.45
2000-06-01	$ 136,931.84	$ 203,786.19
2000-07-01	$ 137,623.85	$ 204,341.95
2000-08-01	$ 138,037.14	$ 204,955.59
2000-09-01	$ 138,642.65	$ 204,788.04
2000-10-01	$ 139,094.38	$ 205,101.05
2000-11-01	$ 139,526.88	$ 205,620.63
2000-12-01	$ 139,920.95	$ 206,319.87
2001-01-01	$ 140,574.51	$ 205,981.40
2001-02-01	$ 141,487.58	$ 206,493.81
2001-03-01	$ 142,756.27	$ 207,872.42
2001-04-01	$ 143,957.68	$ 208,792.35
2001-05-01	$ 145,159.09	$ 209,587.02
2001-06-01	$ 146,360.50	$ 210,965.51
2001-07-01	$ 147,177.46	$ 212,740.67
2001-08-01	$ 147,754.14	$ 213,574.23
2001-09-01	$ 148,253.92	$ 213,335.15
2001-10-01	$ 148,830.60	$ 214,888.10
2001-11-01	$ 148,811.38	$ 215,223.70
2001-12-01	$ 149,320.77	$ 216,815.96
2002-01-01	$ 149,839.78	$ 217,078.17
2002-02-01	$ 150,695.19	$ 217,457.90
2002-03-01	$ 152,194.55	$ 218,393.21
2002-04-01	$ 153,453.62	$ 218,975.25
2002-05-01	$ 155,106.76	$ 221,334.24
2002-06-01	$ 156,615.73	$ 223,363.29
2002-07-01	$ 157,644.14	$ 224,580.31
2002-08-01	$ 158,499.54	$ 225,049.18
2002-09-01	$ 159,230.00	$ 225,711.60
2002-10-01	$ 159,931.62	$ 226,331.03
2002-11-01	$ 160,287.24	$ 226,834.29
2002-12-01	$ 160,950.42	$ 228,276.45
2003-01-01	$ 161,498.26	$ 228,044.96
2003-02-01	$ 162,545.89	$ 227,769.31
2003-03-01	$ 163,670.41	$ 227,975.46
2003-04-01	$ 165,179.38	$ 230,578.01
2003-05-01	$ 166,803.68	$ 233,226.09
2003-06-01	$ 168,178.10	$ 234,891.79
2003-07-01	$ 169,437.17	$ 236,392.96
2003-08-01	$ 170,542.47	$ 237,032.79
2003-09-01	$ 171,638.16	$ 237,782.79
2003-10-01	$ 172,176.39	$ 238,786.31
2003-11-01	$ 172,916.46	$ 240,462.59
2003-12-01	$ 173,791.08	$ 241,941.14
2004-01-01	$ 174,348.54	$ 241,537.68
2004-02-01	$ 175,771.00	$ 242,200.55
2004-03-01	$ 177,683.65	$ 243,268.26
2004-04-01	$ 179,778.91	$ 245,351.35
2004-05-01	$ 182,364.34	$ 247,432.05
2004-06-01	$ 184,824.83	$ 249,977.28
2004-07-01	$ 186,362.63	$ 252,456.42
2004-08-01	$ 187,564.04	$ 253,949.83
2004-09-01	$ 188,630.89	$ 254,856.33
2004-10-01	$ 189,457.46	$ 254,632.22
2004-11-01	$ 190,505.09	$ 255,906.18
2004-12-01	$ 191,446.99	$ 258,117.43
2005-01-01	$ 192,129.39	$ 258,494.13
2005-02-01	$ 193,782.53	$ 259,223.04
2005-03-01	$ 196,589.03	$ 260,936.59
2005-04-01	$ 199,020.68	$ 262,399.46
2005-05-01	$ 201,615.72	$ 266,094.38
2005-06-01	$ 204,085.82	$ 269,215.96
2005-07-01	$ 205,950.41	$ 270,424.27
2005-08-01	$ 207,411.32	$ 270,955.86
2005-09-01	$ 208,804.96	$ 269,483.38
2005-10-01	$ 209,285.52	$ 269,561.22
2005-11-01	$ 209,862.20	$ 272,492.68
2005-12-01	$ 210,227.43	$ 274,076.53
2006-01-01	$ 210,794.49	$ 272,737.03
2006-02-01	$ 211,717.17	$ 273,379.40
2006-03-01	$ 213,303.03	$ 273,910.78
2006-04-01	$ 214,667.84	$ 273,337.67
2006-05-01	$ 216,407.48	$ 274,192.01
2006-06-01	$ 217,118.71	$ 274,550.84
2006-07-01	$ 216,878.43	$ 273,438.41
2006-08-01	$ 217,378.22	$ 273,530.88
2006-09-01	$ 216,647.76	$ 273,955.31
2006-10-01	$ 216,272.92	$ 274,972.05
2006-11-01	$ 216,003.80	$ 275,038.77
2006-12-01	$ 215,167.62	$ 273,566.76
2007-01-01	$ 214,956.17	$ 272,466.21
2007-02-01	$ 215,667.41	$ 271,912.90
2007-03-01	$ 217,378.22	$ 271,596.80
2007-04-01	$ 218,473.90	$ 271,203.99
2007-05-01	$ 218,714.18	$ 269,853.26
2007-06-01	$ 218,723.79	$ 269,343.14
2007-07-01	$ 217,464.72	$ 267,860.81
2007-08-01	$ 216,292.14	$ 266,905.98
2007-09-01	$ 214,629.39	$ 264,126.23
2007-10-01	$ 212,370.74	$ 260,788.82
2007-11-01	$ 210,064.03	$ 256,433.10
2007-12-01	$ 207,911.11	$ 253,975.32
2008-01-01	$ 205,114.23	$ 249,319.51
2008-02-01	$ 204,489.50	$ 247,840.38
2008-03-01	$ 203,374.59	$ 244,370.86
2008-04-01	$ 202,394.24	$ 241,726.87
2008-05-01	$ 201,471.55	$ 238,615.52
2008-06-01	$ 201,019.82	$ 235,705.31
2008-07-01	$ 198,991.85	$ 232,108.60
2008-08-01	$ 196,752.42	$ 230,416.21
2008-09-01	$ 194,263.10	$ 227,816.04
2008-10-01	$ 192,119.78	$ 227,601.62
2008-11-01	$ 187,900.43	$ 226,949.76
2008-12-01	$ 186,237.68	$ 227,292.22
2009-01-01	$ 186,977.75	$ 227,206.53
2009-02-01	$ 187,813.93	$ 227,093.30
2009-03-01	$ 186,035.85	$ 224,397.67
2009-04-01	$ 186,333.80	$ 224,197.38
2009-05-01	$ 187,477.54	$ 224,923.78
2009-06-01	$ 188,198.38	$ 223,865.62
2009-07-01	$ 187,515.98	$ 223,408.13
2009-08-01	$ 186,766.30	$ 222,017.00
2009-09-01	$ 185,824.40	$ 220,759.24
2009-10-01	$ 185,757.12	$ 220,466.98
2009-11-01	$ 185,536.06	$ 220,048.87
2009-12-01	$ 182,364.34	$ 216,668.75
2010-01-01	$ 181,547.38	$ 214,963.49
2010-02-01	$ 181,143.71	$ 214,432.07
2010-03-01	$ 181,681.94	$ 214,189.69
2010-04-01	$ 183,354.30	$ 215,786.49
2010-05-01	$ 184,988.22	$ 217,540.78
2010-06-01	$ 184,046.31	$ 216,644.63
2010-07-01	$ 182,691.12	$ 215,004.03
2010-08-01	$ 182,133.67	$ 214,052.45
2010-09-01	$ 179,471.35	$ 210,800.92
2010-10-01	$ 179,211.84	$ 210,234.33
2010-11-01	$ 177,943.15	$ 208,658.26
2010-12-01	$ 175,194.33	$ 205,082.53
2011-01-01	$ 173,406.63	$ 202,027.55
2011-02-01	$ 171,811.16	$ 199,186.48
2011-03-01	$ 170,974.98	$ 196,302.90
2011-04-01	$ 172,762.68	$ 197,086.30
2011-05-01	$ 173,954.47	$ 197,516.74
2011-06-01	$ 175,665.28	$ 199,673.12
2011-07-01	$ 176,030.51	$ 199,911.14
2011-08-01	$ 174,819.49	$ 197,989.85
2011-09-01	$ 175,021.32	$ 197,917.91
2011-10-01	$ 173,368.19	$ 196,453.72
2011-11-01	$ 173,608.47	$ 196,892.09
2011-12-01	$ 172,733.84	$ 196,384.55
2012-01-01	$ 171,215.26	$ 193,805.27
2012-02-01	$ 171,474.76	$ 193,248.14
2012-03-01	$ 174,108.25	$ 194,737.08
2012-04-01	$ 176,578.35	$ 196,904.99
2012-05-01	$ 179,480.96	$ 200,376.86
2012-06-01	$ 181,316.71	$ 202,723.61
2012-07-01	$ 181,672.33	$ 203,452.80
2012-08-01	$ 181,979.89	$ 202,669.35
2012-09-01	$ 181,633.88	$ 201,385.38
2012-10-01	$ 181,835.72	$ 201,687.61
2012-11-01	$ 182,133.67	$ 202,979.82
2012-12-01	$ 181,681.94	$ 203,023.14
2013-01-01	$ 181,864.55	$ 202,627.98
2013-02-01	$ 183,123.63	$ 202,373.36
2013-03-01	$ 186,391.46	$ 205,447.56
2013-04-01	$ 189,024.95	$ 208,567.12
2013-05-01	$ 192,456.18	$ 211,975.68
2013-06-01	$ 194,762.88	$ 214,002.79
2013-07-01	$ 195,858.57	$ 215,121.96
2013-08-01	$ 195,454.90	$ 214,420.65
2013-09-01	$ 195,416.45	$ 214,129.44
2013-10-01	$ 194,955.11	$ 214,175.48
2013-11-01	$ 194,532.21	$ 214,148.28
2013-12-01	$ 194,061.26	$ 213,648.17
2014-01-01	$ 193,763.31	$ 212,529.48
2014-02-01	$ 194,820.55	$ 212,901.83
2014-03-01	$ 197,223.37	$ 214,148.53
2014-04-01	$ 199,501.24	$ 215,910.08
2014-05-01	$ 201,683.00	$ 217,511.60
2014-06-01	$ 203,864.76	$ 219,455.93
2014-07-01	$ 204,566.39	$ 220,297.18
2014-08-01	$ 204,489.50	$ 220,582.86
2014-09-01	$ 203,537.98	$ 219,391.35
2014-10-01	$ 203,778.26	$ 220,203.56
2014-11-01	$ 203,970.49	$ 221,607.83
2014-12-01	$ 204,037.77	$ 222,945.05
2015-01-01	$ 202,999.75	$ 222,859.60
2015-02-01	$ 204,864.33	$ 223,934.05
2015-03-01	$ 207,584.33	$ 225,564.73
2015-04-01	$ 209,794.92	$ 227,504.31
2015-05-01	$ 212,832.08	$ 229,627.38
2015-06-01	$ 214,840.84	$ 230,985.55
2015-07-01	$ 215,715.46	$ 231,910.35
2015-08-01	$ 215,004.23	$ 231,473.55
2015-09-01	$ 215,206.07	$ 232,052.10
2015-10-01	$ 215,186.84	$ 232,135.76
2015-11-01	$ 215,734.69	$ 233,219.00
2015-12-01	$ 215,379.07	$ 233,632.91
2016-01-01	$ 215,407.90	$ 233,278.55
2016-02-01	$ 216,253.70	$ 234,001.91
2016-03-01	$ 219,732.98	$ 236,747.31
2016-04-01	$ 222,183.85	$ 238,258.36
2016-05-01	$ 224,971.12	$ 240,275.18
2016-06-01	$ 227,008.71	$ 241,657.69
2016-07-01	$ 228,056.34	$ 243,166.40
2016-08-01	$ 228,114.01	$ 243,004.70
2016-09-01	$ 228,431.18	$ 242,758.99
2016-10-01	$ 228,479.24	$ 242,507.71
2016-11-01	$ 229,180.86	$ 243,631.37
2016-12-01	$ 228,979.02	$ 243,337.16
2017-01-01	$ 227,854.51	$ 240,739.17
2017-02-01	$ 230,420.72	$ 242,686.97
2017-03-01	$ 233,803.89	$ 246,050.25
2017-04-01	$ 237,033.27	$ 248,711.23
2017-05-01	$ 239,820.54	$ 251,420.92
2017-06-01	$ 241,387.18	$ 252,833.99
2017-07-01	$ 242,800.04	$ 254,489.43
2017-08-01	$ 243,607.39	$ 254,573.33
2017-09-01	$ 243,472.83	$ 253,092.62
2017-10-01	$ 243,818.83	$ 253,612.59
2017-11-01	$ 244,635.79	$ 254,456.17
2017-12-01	$ 244,309.01	$ 254,265.74
2018-01-01	$ 244,943.35	$ 253,544.69
2018-02-01	$ 247,807.51	$ 255,351.48
2018-03-01	$ 250,748.56	$ 257,799.15
2018-04-01	$ 253,132.16	$ 259,219.35
2018-05-01	$ 256,034.76	$ 261,105.84
2018-06-01	$ 257,937.80	$ 262,627.97
2018-07-01	$ 258,927.76	$ 263,618.14
2018-08-01	$ 259,264.15	$ 263,814.07
2018-09-01	$ 258,975.82	$ 263,214.81
2018-10-01	$ 258,870.09	$ 262,643.33
2018-11-01	$ 259,331.43	$ 263,995.61
2018-12-01	$ 258,946.98	$ 264,448.88
2019-01-01	$ 259,168.04	$ 264,170.97
2019-02-01	$ 260,926.90	$ 264,844.28
2019-03-01	$ 264,050.57	$ 266,511.35
2019-04-01	$ 266,943.56	$ 268,012.18
2019-05-01	$ 269,567.44	$ 270,071.65
2019-06-01	$ 270,576.62	$ 271,028.74
2019-07-01	$ 271,768.42	$ 271,768.42

Methodology on US Historical Home Prices

For this historical data, I mashed up a few sets (and used a couple proxies) to show you these median home prices.

The NAR has a restrictive sharing license for non-REALTOR®s (like yours truly). We can use the data only if we also substantially transform it; we’ll do that by sampling over a year.

First, take the overlap of the NAR’s data and the FHFA index to come up with an average “multiple.” For the first revision of this post, that was a 12-month overlap and a 961.13 average multiple.

Second, use the average ratio in the overlap of the FHFA index and Shiller’s NSA home data. That averaged to 1.319 over 337 samples.

Finally, for data back to 1991, multiply the FHFA index by 961.13. Between 1953 and 1991, multiple by (961.13*1.319).

If you want to adjust for inflation, I used NSA CPI-U. It’s a bit dubious (CPI-U includes shelter), but should do a decent job of showing price level. Use the raw data and your favorite deflator if you’re hardcore.

How do I cite this data?

Credit Don’t Quit Your Day Job… and link back to this page. Note the underlying sources, too (The National Association of Realtors, The Federal Housing Finance Agency, Robert Shiller, and the U.S. Bureau of Labor Statistics).

Can you get US median home price data before 1953?

Yes, but maybe not monthly median home values.

Shiller’s monthly data started in 1953; before then, we have a yearly home value resolution. If you clamor enough, I’ll extend the series further back with linear interpolation (and ironically, by adding some seasonality).

Why are you deriving historical median home values and not average?

Home prices have an extensive span, and there are some wildly expensive properties in the United States. They sell rarely… rarely enough that median is a better representation of home sales than average.

Why look at single-family home prices?

Some of it is personal interest, and my sense of what the “American Dream” might be (or was, as the case may be).

I don’t know the condo, co-op, townhome, or multi-family market well enough to try to create proxies. Single-family homes are mostly comparable countrywide, so this feels like a good series.

Is this data reasonable?

Yes, arguably.

In a sense, looking at home-price data for a country as large as the United States is weird on its face.

Small local markets are mostly blended away. Still, if California, Texas, or New York change housing policies, it can move the whole country’s median home price.

So, it’s about as reasonable as looking at any US-aggregate data. I trust the underlying indices to get us in the ballpark of the actual market, too.

Consider: we look at recessions on a country-level, but also recognize that some regions or industries might be in contraction while others are expanding.

Apply the same skepticism to this aggregated data as you do other aggregates.

United States Home Price History

Median home prices were an interesting data set to proxy. I’ll soon be mashing it up with other long-term values (such as the mortgage rate) for a few posts on the housing market.

One thing I noted is how much the market has changed since around 1998.

The Great Recession’s bottom in 2009 only took inflation-adjusted home prices back to the peak of 1991. From the (admittedly limited) data, we’re in outlier times right now – only matched by the recent peak in 2006.

Let me know if you have any theories, requests, or comments in the… comments.

Why Did the Fed Lower Interest Rates?

Personal Finance September 10, 2019 by CameronDaniels

Back on Wednesday, July 31st, 2019, the Federal Reserve lowered the federal funds rate for the first time in eleven years.

In future articles, I will discuss why I find this move and its timing peculiar. For now though, I wanted to lay out some short-term implications and how I think this impacts the economy.

Balancing Inflation with Unemployment

The federal funds rate is the primary interest rate that banks charge each other for excess deposits.

A lower federal funds rate, in general, encourages investment and business spending by lowering the cost of borrowing from other banks. Another way of saying this: a bank’s reward for maintaining excess deposits decreases, so they will look for riskier investments.

If the interest rate is higher – say 5% – then a bank will need a very high return to beat their risk-free rate. If the interest rate is lower, then riskier bets that return only a couple percentage points may still be worth it.

The primary purpose for lowering interest rates is to spur the economy.

Spending and investing more should lead to higher wage growth and lower unemployment. All of this has a drawback: it risks creating more inflation.

The current inflation rate (measured by CPI) is low but in range, hovering in the 1.5%-2.5% annualized range.

The Fed, then, had to lower rates on different grounds.

China Trade Concerns, Stock Market and Uncertainty

The Fed gave a few reasons for why they cut. From their minutes:

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 2 to 2-1/4 percent. This action supports the Committee’s view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain. As the Committee contemplates the future path of the target range for the federal funds rate, it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective.
Federal Reserve Minutes from 07/31/2019

As tariffs trade back and forth between the USA and China, manufacturers and consumers may decide to cut back on their spending due to the wealth effect. The wealth effect shows that as prices increase, a household’s actual wealth and income goes down.

You can see this move as a move in advance of future spending – and declining consumer confidence.

What about the stock market and GDP?

Another reason for a rate increase? Likely uncertainty in both the stock market and real GDP, the ultimate measure of the total output of an economy. (Although I should mention, both stock market mentions in the minutes were bullish points.)

From 2016 to late 2018, GDP growth was positive and increasing. Not only was the US economy growing but it was also accelerating.

That sort of growth may eventually lead to inflation, but so far we don’t see it in the data. The GDP growth rate has decreased in recent quarters, however, which may be a sign of an economy on the edge of a slowdown.

The rationale goes: if the Federal Reserve can encourage spending in advance of a recession, the impact will be lessened. Whether this is true is yet to be seen.

Was the July rate cut too premature?

In this author’s opinion, the decrease in interest rates was premature.

Recent expectations suggest that there may be another interest rate cut in the near future, potentially in the September 2019 meeting next week.

There has not been a significant increase in inflation recently. The S&P 500 in mid-September is still trading near it’s all time high while and GDP growth continues to grow – most recently at a rate of 2% annually.

This 2% is higher than the GDP growth during 2016 when rates were beginning to increase.

So, premature. The only major reason that I saw for the timing of this interest rate decrease is the political pressure of one man’s Twitter account. It will be very interesting to see how the Federal Reserve’s logic continues to pivot going forward, but this interest rate cut gets a failing grade from me.

Cheers,

Cameron Daniels

FFMI Calculator (Fat-Free Mass Index)

Health September 3, 2019 by PK

On this page is a FFMI Calculator. FFMI, or Fat Free Mass Index, factors in a person’s body fat percentage, height, and weight to arrive at a lean mass ratio.

Using that number you can compare your relative muscularity versus benchmarks for large populations of men and women.

Fat Free Mass Index Calculator

What is FFMI?

FFMI, or Fat Free Mass Index is a measurement of your lean mass compared to your height. As opposed to other measures like BMI (body mass index), FFMI takes your muscularity into consideration, and is better suited to athletes and people who work out.

Lean mass isn’t just muscularity, however.

Lean mass is everything in your body that isn’t fat: muscles, water, undigested food, organs, bones, and so on. Of course, those don’t actually change too much for a typical male or female with two exceptions:

Height: Taller people have larger organs and bones. The basic FFMI formula doesn’t fully account for this – in ‘Adjusted FFMI’ below, the equation normalizes FFMI to a 5’11” male.
Weight: If you have a higher body fat percentage you can support higher musculature…. up to a point. When you diet without steroids or other artificial help, you’ll lose muscle as well as fat. The benchmarks below apply to people with under 10% body fat.

FFMI Formula

To calculate your FFMI, there is a two-step process… assuming you know your body fat percentage (Estimate it from your waist and height measurements. Use the caliper reading from the tool.).

Calculate your lean weight (in kilograms):
Total Weight * (100% – Body Fat) = Lean Weight (kg)
Divide your Lean Weight by your Height (in meters), squared

FFMI = Lean Weight (kg) / (Height (m) * Height (m))

Normalized FFMI Formula

Since height does affect FFMI and the original 1995 FFMI study from Elena Kouri Ph.D., Harrison Pope Jr. M.D., David Katz M.D., J.D. and Paul Oliva B.A. wanted to better isolate muscle, they also proposed a normalized FFMI formula.

The normalized FFMI formula adjusts the FFMI reading from the above for a 1.8 meter tall (5′ 10.87″) male:

Normalized FFMI = FFMI + (6.1 * (1.8 – Height (m) ) )

Natural Muscle Limit vs. FFMI

Testosterone, a naturally occurring anabolic steroid was first isolated in 1935. Steroids were used in clinical trials shortly thereafter, and were almost certainly part of German and Allied military experiments during World War II.

I tell you this because steroids almost certainly entered athletics shortly after.

And (of course) steroids are pervasive today. In every sport you can assume that the vast majority of top athletes have some sort of chemical assistance.

I’m not judging. I’m just saying that if you are lifting at the gym and have no interest in steroids, taking hints from muscle magazine covers or athletes on TV isn’t realistic.

No matter how perfect your diet, sleep, vitamin regimen, and workout routine – your maximum muscle weight won’t be close to the players you see on TV.

How big can you get without steroids?

In Kouri et. al’s original paper on FFMI, they theorized that all bodybuilders who won the Mr. America bodybuilding competition after 1960 are suspect.

They took height, weight, and bodyfat percentage estimates for all the winners before 1960 and estimated normalized FFMIs:

FFMI estimates of early Mr. America Winners.
Kouri EM1, Pope HG Jr, Katz DL, Oliva P., *Fat-free mass index in users and nonusers of anabolic-androgenic steroids.*

You’ll note that the average Mr. America winner clocked in at around an FFMI of 25 (25.4 to be exact). The “non-steroid” winners ranged between Roland Essmaker’s winning 22.6 FFMI in 1939 and Jack Delinger‘s huge FFMI of 28.0 in 1949.

You probably note the timeline too. If the first steroid was isolated in 1935, potentially everyone above had chemical assistance. It’s hard to believe that after World War II – with various armies experimenting – that steroids didn’t factor into the contests from 1946-1960.

(Also, what was John Grimek’s 1940 off-season like?)

Anyway, let’s take the early winners at their word. If Mr. America winners have both superior genetics and come close to perfect with diet and workouts they are a good benchmark for what “might” be possible without steroids.

(Probable) Genetic Max Musculature Based on FFMI

If you are a male and don’t take steroids:

22-23: Likely attainable
24-25: Possible
26-28: Theoretically possible (but suspect)

Of course, your own natural build and genetics enter into play. You can always increase your FFMI from your baseline, but a slender male might only make it to 20 or 21 FFMI.

Man with strong back — A “drop” (ratio of chest to waist) like this requires low body fat and an FFMI of 22-25+

FFMI Benchmarks for Men and Women

Of course, you can go higher than an FFMI of 26-28.

But – other than the absolute top fraction of a percent of athletes (e.g. champion powerlifter Ray Williams) – a higher number will require steroids. Before you choose that path (no judgement!) take a look at what the FFMI scale looks like.

Note that these benchmarks don’t account for body fat percentage. If you are dieting but do not have abs yet, expect lower FFMI as you target lower body fat. And if you have a higher body fat percentage note it makes your muscle look softer.

FFMI Benchmarks for Men

<17: Very low muscle, skinny, “scrawny”
17-20: Average male, probably doesn’t lift weights
20-21: Obviously lifts
21-23: Very well-built
23-25: Extremely muscular
25-28: Superior musculature , “juicy” (and likely not drug-free)
28+: With few exceptions, only attainable with steroids, growth hormone, and/or SARMs

FFMI Benchmarks for Women

<14: Very low muscle
14-16: Average female, likely doesn’t lift weights
16-18: Athletic woman
18-19: Very well-built
19-21: Extremely muscular
20-21+: Hard to obtain without steroids, growth hormone, and/or SARMs

Usefulness of FFMI

FFMI is a useful measure of body composition for both men and women.

It factors in body fat percentage, height, and weight in a smart, normalized way. Importantly, it’s an improvement on BMI – which doesn’t account for people with above or below average musculature.

FFMI is also useful as a guess of what’s possible if you dedicate yourself to drug-free diet and exercise. If you have a slender build (like me), you will likely top out on the lower end of the range. If you are naturally a bit larger, with proper diet, sleep, and exercise you can push 25 or even higher in FFMI.

(For what it’s worth, I’m right around an FFMI of 23. I would likely be ~18 without lifting.)

Does Dollar Cost Averaging Work? How Should You Use It?

Investing August 25, 2019 by PK

Dollar Cost Averaging is a set it and forget it investment strategy that lines up well with how your paycheck works. You’re paid on a periodic basis, and if you use DCA… you turn right around and invest on a periodic basis too.

Today I’ll talk about what dollar cost averaging is, how you should use it, and answer the burning question: does dollar cost averaging work?

What is Dollar Cost Averaging?

Dollar Cost Averaging is a strategy where you invest money into the same investments on a regular basis. You make those purchases without even looking at the price – again, dollar cost averaging is a set it and forget it investing strategy.

Investments rise and fall in value all the time. This means that you’ll buy more of an investment while the price is low and less while the price is high.

On average, though, using DCA you’ll get a middling price – which tends to increase over time.

Benefits of Dollar Cost Averaging

There are quite a few benefits of dollar cost averaging, even beyond your investment in the stock market.

Here are a few benefits of dollar cost averaging:

Reduces cognitive load: Most of you – even if you work in finance – have better things to do than pick stocks every 2 weeks.

Dollar cost averaging lets you set an investment up front and automate it. Then you only need to look at your plan at a scheduled time annually.
Avoids timing the market: Even if you are a very good investor, it’s extremely hard (and others will say impossible) to time the market.

Dollar Cost Averaging just plows ahead mechanically no matter the market conditions. You’ll win some and you’ll lose some, but it’ll all average out over time.
Removes emotions from investing: If your money is on autopilot through a dollar cost averaging plan, you don’t have to worry about your emotions getting in the way of making investments.

You know you should invest, but it can be hard when you’re fearful. If your DCA plan is still running, you don’t have to worry – you’ll buy the lows, highs, and everything in between.

Are There Drawbacks to Dollar Cost Averaging?

Alas, there are some downsides to dollar cost averaging. But: they are mostly avoidable (with the possible exception of management costs inside your 401(k))

Let’s look at how to avoid dollar cost averaging pitfalls.

Avoid Costs when Dollar Cost Averaging

The first trap in dollar cost averaging is cost. Costs mainly appear through transaction costs or investment costs (such as management fees).

When you buy stocks or ETFs through most brokerage accounts, you have to pay a commission.

Commissions vary per brokerage, but assume for most brokerages it’s somewhere between $5 and $100. It depends on factors such as whether you buy online or dial into a company to trade.

Those fees up quickly – especially if you average into multiple stocks or ETFs. And if you purchase mutual funds they might have a load which acts much like a commission.

You also have to watch for management fees.

ETFs and mutual funds come with management costs, and not all funds are created equal. You should look for low cost, no-load mutual funds and ETFs for your DCA plan. And if you only have high cost funds inside your 401(k), you need to appeal to your company to add better options.

Bottom Line: Dollar Cost Averaging is easiest with a no-load mutual fund. Alternatively for ETFs and stocks, look for a broker that has free trades. (Or invest in stocks which have free “Direct Reinvestment Plans” – also called DRIP plans).

Avoid Underperforming Versus Lump Sum Investing

I wrote about how lump sum investing is better for a windfall. That post holds up – if you receive a lump sum, you should generally invest it all at once.

However, there is negative benefit to saving up in order to invest a lump sum. The positive drift of the stock market works against you if you’re out of the market.

Bottom Line: Unless you have foresight the market is about to drop, you will lose if you save your paychecks to make a later lump sum purchase.

How to Dollar Cost Average

Convinced that dollar cost averaging is the right everyday (well… every two week?) investment strategy?

Good – it’s simple to get things going:

Set your target asset allocation for your DCA funds (for example, 80% stock 20% bonds)
- Revisit this on a periodic basis; perhaps once a year. Resist the urge to change too often.
Apply your allocation across all your accounts where you DCA
- For example, set your allocation across your 401(k) and an IRA
Automatically send money to your accounts
- For some accounts (such as your 401(k)) you can push money automatically. For other accounts such as an IRA or 529, you might need to deposit your paycheck in a bank account first then pull money.
That’s it. Go back to step 1 once a year or so.

Set up your dollar cost averaging. Evaluate once a year. Profit 📈

Does Dollar Cost Averaging Work?

The subtext here is: “will I make money from dollar cost averaging?”.

And the answer? Almost certainly, yes. Dollar cost averaging works over time.

The few scenarios where the answer is no involve population collapse, famine, war and other societal issues. In these pessimistic situations you have bigger problems than your retirement portfolio, however.

So, back to yes.

You’re on Don’t Quit Your Day Job… I’ll prove it to you.

These next few calculators have periodic investing features. Using your own choice of inputs, you can see the effect of continuous investments into something:

*We don’t – yet – have a mutual fund return calculator

Please use a long enough time period in your scenario. Dollar Cost Averaging is a strategy you employ over a career, not a few paychecks.

Dollar Cost Averaging Worked in the United States. What About Japan?

It’s true – Japan’s stock markets have been range-bound for a ridiculously long time. And since World War II Japan has had a relatively strong economy and avoided wars.

However, the stock market hasn’t collapsed entirely. It’s just that Nikkei lump sum investments in the 1980s have failed to keep up with inflation.

If you started your career in Japan in the late 1980s and continued to periodically invest, you would have also invested after the fall. You didn’t perform as well as investors in the United States, but dollar cost averaging is viable even in Japan.

In Conclusion: You Should Dollar Cost Average Where You Can

You probably see a fair number of lump sums annually.

RSUs, ESPPs, bonuses, tax returns, asset sales, and (sadly) inheritances will all leave you with windfalls and require a different investment strategy.

But for your own peace of mind, the majority of your investing should be automatic. Wherever possible, plan your investing once a year – in advance – and put it on autopilot using dollar cost averaging.

And I’m not a hypocrite here.

I max my 401(k) annually, and time it to finish in December (to catch the full match). I send funds to my daughters’ 529s twice a month, and once a month send money to a brokerage and a couple roboadvisor accounts.

I’d rather talk about efficiency here with you all than worry about where to put my money every two weeks. Even if DCA doesn’t cover my entire investing strategy.

And don’t you enjoy our time together? Let me know how you employ dollar cost averaging in the comments.