Good news for American earners: Despite how broke many of us feel, the average salary in the U.S. has increased 41.0% over the past decade, from $46,440 in 2013 to $65,470 in 2023. (To be transparent, inflation has taken a giant chunk of these increases.)
LendingTree researchers comprehensively looked at average salary data by state, profession, age, sex and more. Below, we’ll look in depth at these fascinating findings.
Key findings
- The average salary in the U.S. in 2023 was $65,470, up 5.8% from $61,900 in 2022. The average salary was up 41.0% from $46,440 in 2013.
- Massachusetts residents have the highest average annual salary, at $80,330. Coast to coast, the Bay State is followed by New York ($78,620) and Washington ($78,130). Southern states Mississippi ($47,570), Arkansas ($51,250) and West Virginia ($52,200) have the lowest average yearly salaries.
- Across available occupations, average annual salaries range from $29,260 (shampooers) to $449,320 (pediatric surgeons). Other average annual salary highlights include dentists ($191,750), lawyers ($176,470), registered nurses ($94,480) and secondary school teachers ($73,800).
- Registered nurses in California earn $137,690 a year — 45.7% higher than the national average for the profession. Meanwhile, they make an average of $69,030 in South Dakota — 26.9% lower. Additionally, secondary school teachers in California top that occupation’s list, at $105,540 — 43.0% higher than the national average for them.
- Americans ages 45 to 54 have the highest median salary, at $67,756 a year. Those ages 25 to 34 — generally at the start of their careers — earn 19.0% less ($54,912) than those peak earners.
- Men earn 20.2% more annually than women. The median salary for men in the U.S. is $63,804, versus $53,092 for women. By race, Asian Americans (at $78,260 annually) earn 71.2% more than Hispanics or Latinos ($45,708). By education level, those with a bachelor’s degree earn a significantly higher median salary, at $87,360 yearly, than their counterparts.
Average salary in U.S.
Though many Americans have felt the pinch thanks to pandemic inflation — which has been easing — average earnings data could provide some (OK, maybe just a little) comfort.
According to U.S. Bureau of Labor Statistics (BLS) National Occupational Employment and Wage Estimates data, the average salary in the U.S. rose 5.8% between May 2022 ($61,900) and May 2023 ($65,470). It’s risen every year since 2013, when the average salary was $46,440. That equates to a 41.0% increase between 2013 and 2023.
Average and median annual salaries in past decade
| Year | Average annual salary | Median annual salary | Year-over-year change (%) |
|---|---|---|---|
| 2023 | $65,470 | $48,060 | 5.8% |
| 2022 | $61,900 | $46,310 | 6.2% |
| 2021 | $58,260 | $45,760 | 3.5% |
| 2020 | $56,310 | $41,950 | 5.3% |
| 2019 | $53,490 | $39,810 | 2.9% |
| 2018 | $51,960 | $38,640 | 2.6% |
| 2017 | $50,620 | $37,690 | 2.0% |
| 2016 | $49,630 | $37,040 | 2.7% |
| 2015 | $48,320 | $36,200 | 2.3% |
| 2014 | $47,230 | $35,540 | 1.7% |
| 2013 | $46,440 | $35,080 | N/A |
Source: LendingTree analysis of U.S. Bureau of Labor Statistics (BLS) May 2013 to May 2023 National Occupational Employment and Wage Estimates data. Note: The year-over-year change is based on average annual salaries.
“Coming off the darkest days of the pandemic, a strong job market emboldened people to leave their current job in search of higher-paying gigs,” he points out. “Millions of Americans did just that, and companies had little choice but to up their salary offerings to remain competitive for the best talent.”
Further, people over the past 10 years have become more open to talking about salaries — which “used to be an absolute taboo,” Schulz says. “It’s a great thing. More open discussion means people have much more information about an appropriate salary.”
The result, he says: “Today, people are more likely to do their homework, understand their worth and value to a company” — and ask for what they believe they deserve.
Average salary in U.S., by state
Like cost of living, average salaries vary substantially depending on where earners live. According to May 2023 BLS National Occupational Employment and Wage Estimates data, the states with the highest average annual wages are Massachusetts ($80,330), New York ($78,620) and Washington ($78,130).
It may not be surprising that the Bay State — known for its colleges and universities, including research and tech-focused bastions like Harvard University and the Massachusetts Institute of Technology — tops the list. According to MassEcon, industries like aerospace, defense and robotics technologies are among the leading industries in the state, along with information technology and financial services.
New York’s appearance also is probably not surprising, given its continued status as one of America’s major economic and industrial hubs. And the presence of major technology companies including Amazon and Microsoft may bolster Washington’s status.
Average and median annual salaries, by state
| Rank | State | Average annual salary | Median annual salary |
|---|---|---|---|
| 1 | Massachusetts | $80,330 | $60,690 |
| 2 | New York | $78,620 | $56,840 |
| 3 | Washington | $78,130 | $59,920 |
| 4 | California | $76,960 | $54,030 |
| 5 | New Jersey | $73,980 | $54,860 |
| 6 | Connecticut | $73,740 | $56,130 |
| 7 | Maryland | $73,620 | $55,810 |
| 8 | Colorado | $71,960 | $54,050 |
| 9 | Virginia | $70,050 | $49,920 |
| 10 | Alaska | $69,880 | $56,140 |
| 11 | Illinois | $67,130 | $48,730 |
| 12 | Oregon | $66,710 | $50,010 |
| 13 | Minnesota | $66,700 | $50,880 |
| 14 | Rhode Island | $66,610 | $50,970 |
| 15 | New Hampshire | $66,110 | $49,980 |
| 16 | Delaware | $65,990 | $49,280 |
| 17 | Hawaii | $65,030 | $50,510 |
| 18 | Arizona | $63,040 | $47,680 |
| 19 | Vermont | $62,780 | $49,630 |
| 20 | Pennsylvania | $61,920 | $47,430 |
| 21 | Georgia | $61,250 | $45,480 |
| 22 | Texas | $61,240 | $45,970 |
| 23 | Utah | $61,070 | $47,020 |
| 24 | Michigan | $60,600 | $46,940 |
| 25 | Florida | $60,210 | $45,070 |
| 26 | Maine | $60,000 | $47,590 |
| 27 | Ohio | $59,890 | $46,690 |
| 28 | North Carolina | $59,730 | $45,440 |
| 29 | Wisconsin | $59,500 | $47,590 |
| 30 | North Dakota | $59,050 | $48,830 |
| 31 | Nevada | $58,900 | $44,810 |
| 32 | Nebraska | $58,080 | $46,440 |
| 33 | Wyoming | $57,930 | $47,250 |
| 34 | Missouri | $57,580 | $45,080 |
| 35 | New Mexico | $57,520 | $43,620 |
| 36 | Indiana | $56,420 | $45,470 |
| 37 | Iowa | $56,400 | $46,460 |
| 38 | Kansas | $56,270 | $45,250 |
| 39 | Tennessee | $56,030 | $43,820 |
| 40 | Montana | $55,920 | $45,690 |
| 41 | Idaho | $55,640 | $44,240 |
| 42 | South Carolina | $54,250 | $42,220 |
| 43 | Kentucky | $54,030 | $43,730 |
| 44 | Oklahoma | $53,450 | $41,480 |
| 45 | Louisiana | $53,440 | $41,320 |
| 46 | Alabama | $53,400 | $41,350 |
| 47 | South Dakota | $53,230 | $43,680 |
| 48 | West Virginia | $52,200 | $39,770 |
| 49 | Arkansas | $51,250 | $39,060 |
| 50 | Mississippi | $47,570 | $37,500 |
Source: LendingTree analysis of U.S. BLS May 2023 National Occupational Employment and Wage Estimates data. Note: Rankings are based on average annual salaries.
The lowest-earning states are Mississippi ($47,570), Arkansas ($51,250) and West Virginia ($52,200).
Mississippi’s average annual salary is 40.8% lower than in Massachusetts. The Magnolia State has the second-highest poverty rate in the U.S. (19.2%), according to 2021 data via the U.S. Department of Agriculture (USDA).
Other states at the bottom, like West Virginia and South Dakota, with traditional industries such as mining and agriculture, are often outstripped by tech-forward states.
Many states with lower average salaries are also among the most affordable in which to live, according to the latest data via the Missouri Economic Research and Information Center (MERIC). After Oklahoma, Mississippi has the lowest cost of living in the nation. West Virginia and Alabama have the fourth- and fifth-lowest costs of living.
Average salary in U.S., by profession
Average annual salaries are, of course, highly relative depending on an earner’s specific role. Using the same May 2023 National Occupational Employment and Wage Estimates data, we found that average annual salaries range from $29,260 (shampooers, who are responsible for washing customers’ hair in salon and barbershop settings) to $449,320 (pediatric surgeons).
Cardiologists are the second-highest-paid professionals, with an average annual salary of $423,250. Meanwhile, after shampooers, fast-food cooks and counter workers have the next-lowest average annual earnings, at $29,760 and $30,110 a year.
Although not all medical professionals are as well compensated as pediatric surgeons or cardiologists, many earn well above the national average. Here’s a sampling:
- Physicians ($263,840)
- Dentists ($191,750)
- Veterinarians ($136,300)
- Pharmacists ($134,790)
- Physical therapists ($100,440)
- Registered nurses ($94,480)
But while it might be tempting to assume that those whose jobs involve taking responsibility for others’ lives (rightly) get the highest paychecks, the average annual salary of taxi drivers is a mere $35,120, scuttling the trend. (That figure is 46.4% below the national average.)
A bright spot: Despite stereotypes, secondary school teachers make more than the national average, at $73,800 a year. (Elementary and middle school teachers come in just behind at $70,740 and $71,460, respectively.)
Average and median annual salaries, by various professions
| Profession | Average annual salary | % above or below average | Median annual salary |
|---|---|---|---|
| All occupations | $65,470 | N/A | $48,060 |
| Physicians | $263,840 | 303.0% | Not available |
| Dentists | $191,750 | 192.9% | $166,300 |
| Lawyers | $176,470 | 169.5% | $145,760 |
| Marketing managers | $166,410 | 154.2% | $157,620 |
| Commercial pilots | $138,010 | 110.8% | $113,080 |
| Veterinarians | $136,300 | 108.2% | $119,100 |
| Pharmacists | $134,790 | 105.9% | $136,030 |
| Data scientists | $119,040 | 81.8% | $108,020 |
| Physical therapists | $100,440 | 53.4% | $99,710 |
| Registered nurses | $94,480 | 44.3% | $86,070 |
| Accountants and auditors | $90,780 | 38.7% | $79,880 |
| Secondary school teachers | $73,800 | 12.7% | $65,220 |
| Flight attendants | $70,980 | 8.4% | $68,370 |
| Light-truck drivers | $46,090 | -29.6% | $42,470 |
| Taxi drivers | $35,120 | -46.4% | $34,680 |
Source: LendingTree analysis of U.S. BLS May 2023 National Occupational Employment and Wage Estimates data.
As already mentioned, not all average salaries are created equally — even in the same profession. Pay can be much higher or lower than the national average depending on where you live, which might play into why workers earn an average of 11% more when they move and switch jobs at the same time.
Case in point: The average annual salary for dentists in Vermont ($260,380) is almost double that of those who practice in Mississippi ($130,550).
Average annual salaries for dentists, by state
| Rank | State | Average annual salary, dentists | % above or below average |
|---|---|---|---|
| 1 | Vermont | $260,380 | 35.8% |
| 2 | Maryland | $234,670 | 22.4% |
| 3 | Arizona | $231,890 | 20.9% |
| 4 | Delaware | $227,200 | 18.5% |
| 5 | Texas | $220,000 | 14.7% |
| 6 | Washington | $216,280 | 12.8% |
| 7 | Connecticut | $215,340 | 12.3% |
| 8 | Maine | $214,810 | 12.0% |
| 9 | Minnesota | $211,100 | 10.1% |
| 10 | Georgia | $208,560 | 8.8% |
| 11 | Oklahoma | $208,450 | 8.7% |
| 12 | North Carolina | $204,980 | 6.9% |
| 13 | Montana | $204,410 | 6.6% |
| 14 | Alaska | $201,720 | 5.2% |
| 15 | Indiana | $200,000 | 4.3% |
| 16 | Michigan | $198,440 | 3.5% |
| 17 | New Hampshire | $197,450 | 3.0% |
| 18 | Rhode Island | $196,540 | 2.5% |
| 19 | New Mexico | $190,530 | -0.6% |
| 20 | Wyoming | $188,280 | -1.8% |
| 21 | Virginia | $187,950 | -2.0% |
| 22 | Pennsylvania | $187,850 | -2.0% |
| 23 | Ohio | $186,880 | -2.5% |
| 24 | Kentucky | $186,480 | -2.7% |
| 25 | Iowa | $186,420 | -2.8% |
| 26 | South Carolina | $182,970 | -4.6% |
| 27 | North Dakota | $182,840 | -4.6% |
| 28 | West Virginia | $181,980 | -5.1% |
| 29 | Florida | $181,950 | -5.1% |
| 30 | California | $181,720 | -5.2% |
| 31 | Wisconsin | $179,260 | -6.5% |
| 32 | Alabama | $179,000 | -6.6% |
| 33 | Oregon | $177,440 | -7.5% |
| 34 | Kansas | $175,480 | -8.5% |
| 35 | Idaho | $171,880 | -10.4% |
| 36 | Arkansas | $168,760 | -12.0% |
| 37 | Nebraska | $167,990 | -12.4% |
| 38 | Illinois | $165,760 | -13.6% |
| 39 | Tennessee | $164,410 | -14.3% |
| 40 | Louisiana | $164,340 | -14.3% |
| 41 | New York | $158,130 | -17.5% |
| 42 | Hawaii | $154,860 | -19.2% |
| 43 | Colorado | $149,810 | -21.9% |
| 44 | Nevada | $144,420 | -24.7% |
| 45 | South Dakota | $142,830 | -25.5% |
| 46 | Utah | $139,970 | -27.0% |
| 47 | Mississippi | $130,550 | -31.9% |
Source: LendingTree analysis of U.S. BLS May 2023 National Occupational Employment and Wage Estimates data. Notes: Data was not available for Massachusetts, Missouri and New Jersey. Rankings are based on average annual salaries.
Meanwhile, lawyers who practice in California make an average of $111,380 more than those who practice in Montana — more than double those Montana attorneys’ salaries (which stand at $102,480 on average). Californians also have the highest average monthly mortgage payments in the nation, which boosts expenses there.
Average annual salaries for lawyers, by state
| Rank | State | Average annual salary, lawyers | % above or below average |
|---|---|---|---|
| 1 | California | $213,860 | 21.2% |
| 2 | Delaware | $212,360 | 20.3% |
| 3 | New York | $208,480 | 18.1% |
| 4 | Connecticut | $195,730 | 10.9% |
| 5 | Colorado | $194,760 | 10.4% |
| 6 | Massachusetts | $188,960 | 7.1% |
| 7 | Virginia | $181,410 | 2.8% |
| 8 | Illinois | $178,380 | 1.1% |
| 9 | Texas | $177,890 | 0.8% |
| 10 | New Jersey | $177,230 | 0.4% |
| 11 | Georgia | $169,870 | -3.7% |
| 12 | North Carolina | $165,410 | -6.3% |
| 13 | Minnesota | $163,560 | -7.3% |
| 14 | Nevada | $159,840 | -9.4% |
| 15 | Maryland | $159,510 | -9.6% |
| 16 | Pennsylvania | $159,290 | -9.7% |
| 17 | Tennessee | $155,100 | -12.1% |
| 18 | Arizona | $152,690 | -13.5% |
| 19 | Oregon | $151,770 | -14.0% |
| 20 | Rhode Island | $150,810 | -14.5% |
| 21 | Wisconsin | $150,370 | -14.8% |
| 22 | Utah | $147,900 | -16.2% |
| 23 | Florida | $147,320 | -16.5% |
| 24 | Missouri | $146,870 | -16.8% |
| 25 | New Hampshire | $146,840 | -16.8% |
| 26 | Indiana | $144,500 | -18.1% |
| 27 | Ohio | $139,790 | -20.8% |
| 28 | Michigan | $137,960 | -21.8% |
| 29 | Alaska | $136,740 | -22.5% |
| 30 | Louisiana | $135,780 | -23.1% |
| 31 | Alabama | $135,680 | -23.1% |
| 32 | North Dakota | $128,030 | -27.4% |
| 33 | Oklahoma | $127,010 | -28.0% |
| 34 | Iowa | $125,090 | -29.1% |
| 35 | Nebraska | $124,780 | -29.3% |
| 36 | Kansas | $124,700 | -29.3% |
| 37 | South Carolina | $119,230 | -32.4% |
| 38 | Idaho | $118,500 | -32.8% |
| 39 | Maine | $117,960 | -33.2% |
| 40 | Hawaii | $117,620 | -33.3% |
| 41 | New Mexico | $117,340 | -33.5% |
| 42 | West Virginia | $114,460 | -35.1% |
| 43 | Mississippi | $114,400 | -35.2% |
| 44 | Arkansas | $113,860 | -35.5% |
| 45 | Kentucky | $112,900 | -36.0% |
| 46 | Vermont | $111,490 | -36.8% |
| 47 | Montana | $102,480 | -41.9% |
Source: LendingTree analysis of U.S. BLS May 2023 National Occupational Employment and Wage Estimates data. Notes: Data was not available for South Dakota, Washington and Wyoming. Rankings are based on average annual salaries.
California also tops the list of average annual salaries for registered nurses and secondary school teachers, who earn 45.7% and 43.0% more than their colleagues in other states, respectively. (For both professions, South Dakota offers the lowest earning potential.)
Average annual salaries for registered nurses, by state
| Rank | State | Average annual salary, registered nurses | % above or below average |
|---|---|---|---|
| 1 | California | $137,690 | 45.7% |
| 2 | Hawaii | $119,710 | 26.7% |
| 3 | Oregon | $113,440 | 20.1% |
| 4 | Washington | $111,030 | 17.5% |
| 5 | Alaska | $109,210 | 15.6% |
| 6 | Massachusetts | $108,850 | 15.2% |
| 7 | New York | $106,620 | 12.8% |
| 8 | New Jersey | $101,960 | 7.9% |
| 9 | Connecticut | $101,840 | 7.8% |
| 10 | Nevada | $97,700 | 3.4% |
| 11 | Rhode Island | $95,070 | 0.6% |
| 12 | Minnesota | $94,830 | 0.4% |
| 13 | Delaware | $94,670 | 0.2% |
| 14 | New Mexico | $92,140 | -2.5% |
| 15 | Maryland | $92,090 | -2.5% |
| 16 | Colorado | $91,730 | -2.9% |
| 17 | Arizona | $91,430 | -3.2% |
| 18 | Texas | $90,210 | -4.5% |
| 19 | Georgia | $90,000 | -4.7% |
| 20 | New Hampshire | $89,410 | -5.4% |
| 21 | Vermont | $88,380 | -6.5% |
| 22 | Virginia | $88,350 | -6.5% |
| 23 | Illinois | $87,650 | -7.2% |
| 24 | Pennsylvania | $87,530 | -7.4% |
| 25 | Wisconsin | $87,220 | -7.7% |
| 26 | Michigan | $86,210 | -8.8% |
| 27 | Florida | $84,760 | -10.3% |
| 28 | Ohio | $84,430 | -10.6% |
| 29 | Maine | $84,340 | -10.7% |
| 30 | Wyoming | $83,990 | -11.1% |
| 31 | Utah | $83,100 | -12.0% |
| 32 | Idaho | $83,090 | -12.1% |
| 33 | Montana | $82,950 | -12.2% |
| 34 | Indiana | $82,700 | -12.5% |
| 35 | North Carolina | $82,530 | -12.6% |
| 36 | Oklahoma | $82,110 | -13.1% |
| 37 | Kentucky | $81,770 | -13.5% |
| 38 | South Carolina | $81,390 | -13.9% |
| 39 | Louisiana | $80,760 | -14.5% |
| 40 | Nebraska | $79,780 | -15.6% |
| 41 | North Dakota | $79,190 | -16.2% |
| 42 | Tennessee | $78,240 | -17.2% |
| 43 | Missouri | $77,590 | -17.9% |
| 44 | Kansas | $76,240 | -19.3% |
| 45 | West Virginia | $75,990 | -19.6% |
| 46 | Mississippi | $75,510 | -20.1% |
| 47 | Iowa | $74,610 | -21.0% |
| 48 | Arkansas | $72,900 | -22.8% |
| 49 | Alabama | $71,370 | -24.5% |
| 50 | South Dakota | $69,030 | -26.9% |
Source: LendingTree analysis of U.S. BLS May 2023 National Occupational Employment and Wage Estimates data. Note: Rankings are based on average annual salaries.
Average annual salaries for secondary school teachers, by state
| Rank | State | Average annual salary, secondary school teachers | % above or below average |
|---|---|---|---|
| 1 | California | $105,540 | 43.0% |
| 2 | New York | $96,400 | 30.6% |
| 3 | Washington | $94,780 | 28.4% |
| 4 | Massachusetts | $87,000 | 17.9% |
| 5 | Oregon | $86,280 | 16.9% |
| 6 | Connecticut | $84,290 | 14.2% |
| 7 | New Jersey | $83,590 | 13.3% |
| 8 | Alaska | $80,640 | 9.3% |
| 9 | Illinois | $80,200 | 8.7% |
| 10 | Maryland | $78,580 | 6.5% |
| 11 | Rhode Island | $77,870 | 5.5% |
| 12 | Ohio | $76,070 | 3.1% |
| 13 | Pennsylvania | $75,710 | 2.6% |
| 14 | Delaware | $72,960 | -1.1% |
| 15 | Virginia | $72,020 | -2.4% |
| 16 | Georgia | $71,310 | -3.4% |
| 17 | Minnesota | $70,170 | -4.9% |
| 18 | Utah | $70,050 | -5.1% |
| 19 | New Hampshire | $69,560 | -5.7% |
| 20 | Michigan | $69,230 | -6.2% |
| 21 | New Mexico | $68,400 | -7.3% |
| 22 | Nevada | $67,570 | -8.4% |
| 23 | Vermont | $66,940 | -9.3% |
| 24 | Wyoming | $66,640 | -9.7% |
| 25 | Wisconsin | $66,490 | -9.9% |
| 26 | Arizona | $66,290 | -10.2% |
| 27 | Colorado | $66,050 | -10.5% |
| 28 | Florida | $64,390 | -12.8% |
| 29 | Texas | $64,120 | -13.1% |
| 30 | Indiana | $64,010 | -13.3% |
| 31 | Maine | $64,000 | -13.3% |
| 32 | Missouri | $63,500 | -14.0% |
| 33 | Hawaii | $63,320 | -14.2% |
| 34 | Idaho | $62,100 | -15.9% |
| 35 | Nebraska | $61,480 | -16.7% |
| 36 | Iowa | $60,820 | -17.6% |
| 37 | Kentucky | $60,460 | -18.1% |
| 38 | North Dakota | $60,370 | -18.2% |
| 39 | South Carolina | $59,750 | -19.0% |
| 40 | Tennessee | $59,440 | -19.5% |
| 41 | Louisiana | $59,000 | -20.1% |
| 42 | Alabama | $58,460 | -20.8% |
| 43 | Montana | $57,900 | -21.5% |
| 44 | Arkansas | $57,420 | -22.2% |
| 45 | Kansas | $57,350 | -22.3% |
| 46 | Oklahoma | $56,120 | -24.0% |
| 47 | West Virginia | $55,590 | -24.7% |
| 48 | North Carolina | $53,920 | -26.9% |
| 49 | Mississippi | $52,220 | -29.2% |
| 50 | South Dakota | $51,650 | -30.0% |
Source: LendingTree analysis of U.S. BLS May 2023 National Occupational Employment and Wage Estimates data. Note: Rankings are based on average annual salaries.
Median salary in U.S., by age
Location is not the only metric that can impact average annual salary, no matter your job. Age — along with accompanying experience — matters, too.
According to an analysis of U.S. BLS first-quarter 2024 data, Americans ages 45 to 54 have the highest median salary, at $67,756 a year. Perhaps unsurprisingly, the 25-to-34 set, who are closer to the start of their careers, earn almost a fifth less, at a median of $54,912. (Note: Median annual salaries by demographics are converted from median weekly earnings and aren’t seasonally adjusted.)
Median annual salaries, by age
| Age group | Weekly earnings | Median annual salary |
|---|---|---|
| 16 to 19 | $619 | $32,188 |
| 20 to 24 | $757 | $39,364 |
| 25 to 34 | $1,056 | $54,912 |
| 35 to 44 | $1,233 | $64,116 |
| 45 to 54 | $1,303 | $67,756 |
| 55 to 64 | $1,254 | $65,208 |
| 65 and older | $1,175 | $61,100 |
Source: LendingTree analysis of U.S. BLS first-quarter 2024 data. Note: This data isn’t seasonally adjusted.
Obviously, career experience is a large factor in increasing salaries over time. As a professional’s resume grows, often, so too does their paycheck. (The falloff in income later in life may be attributed to professionals retiring and living on a fixed income.)
But Schulz encourages younger workers to negotiate early in their careers because doing so can set the stage for more growth down the line. “Ideally, your earnings should never go backward,” he says. “Every time you bump up your salary, you’re also increasing the amount you should expect to earn in your next job.”
“It also means that every time you settle for a lower salary, you’re potentially costing your future self significant money,” he warns. “Keeping that in mind can help empower you to be brave enough to push a little harder in that next salary negotiation.”
Median salary in the U.S., by sex, race and education level
Along with age, median U.S. salaries also vary substantially by sex, race and education level.
According to the same U.S. BLS first-quarter 2024 data, men substantially outearn women, making an average of $63,804 to women’s $53,092 — a difference of 20.2%.
Some speculate that the gender pay gap may be partially explained by women’s traditionally more active role in parenthood and child-rearing pulling them away from the workplace. But, according to the U.S. Department of Labor, the main measurable contributor to this gap is women’s tendency to be overrepresented in lower-paying jobs — which can also be seen as an undervaluing of women’s labor.
Median annual salaries, by sex
| Gender | Weekly earnings | Median annual salary |
|---|---|---|
| Men | $1,227 | $63,804 |
| Women | $1,021 | $53,092 |
Source: LendingTree analysis of U.S. BLS first-quarter 2024 data. Note: This data isn’t seasonally adjusted.
When it comes to race, Asian Americans lead with a median annual salary of $78,260, which is 71.2% more than Hispanics or Latinos — the lowest-paid racial demographic studied — earn. White Americans are the second-highest earners, making $60,164 a year, with Black or African American earners coming in second-to-last at $47,216.
The substantial jump between the first- and second-highest and the second- and third-highest earners is noteworthy — as is how closely aligned the lowest-earners’ salaries are. According to a Pew Research Center analysis, Black and Hispanic households hold substantially more debt than the national average; this data may point to one of the reasons why.
Median annual salaries, by race and ethnicity
| Race and ethnicity | Weekly earnings | Median annual salary |
|---|---|---|
| Asian | $1,505 | $78,260 |
| White | $1,157 | $60,164 |
| Black or African American | $908 | $47,216 |
| Hispanic or Latino ethnicity | $879 | $45,708 |
Source: LendingTree analysis of U.S. BLS first-quarter 2024 data. Notes: People whose ethnicity is identified as Hispanic or Latino may be of any race. This data isn’t seasonally adjusted.
Finally, education can exponentially increase earning ability. College graduates with a bachelor’s degree or higher earn a median of $87,360 a year. That’s an increase of more than $30,000 over the earnings of those who only attended some college or received their associate degree (their median salary sits at $53,404).
A high school diploma, too, can substantially increase earning potential. Those who’ve earned theirs still make almost $10,000 more than their counterparts without a diploma.
Median annual salaries, by education level
| Education level | Weekly earnings | Median annual salary |
|---|---|---|
| Less than a high school diploma | $718 | $37,336 |
| High school graduates, no college | $901 | $46,852 |
| Some college or associate degree | $1,027 | $53,404 |
| Bachelor’s degree and higher | $1,680 | $87,360 |
Source: LendingTree analysis of U.S. BLS first-quarter 2024 data. Note: This data isn’t seasonally adjusted.
Average salaries in professional sports
It’s not a surprise that some athletes’ salaries are outliers — so much so that, as Schulz puts it, “it doesn’t make much sense to think of their salaries in the same way we think of regular workers.”
The reason? Because that kind of fame can bring serious fortune — and not just to the player. “A star quarterback in the NFL who makes $40 million a year can, in theory at least, bring in far more than that to the team in the form of TV dollars, advertising and partnership money, merchandise sales, season ticket sales and other forms of exposure,” Schulz explains.
Still, pro athlete salaries are “ridiculously high,” says Schulz — certainly high enough to gawk at. Here’s what some of the most beloved athletes make.
Highest salaries in NFL
America is pretty much always ready for some football — and the earnings of the NFL’s star players reflect that enthusiasm. According to Spotrac data on current NFL contracts, Cincinnati Bengals quarterback Joe Burrow leads the charge with an annual salary of $55.0 million. Other extraordinarily well-compensated players include:
- Detroit Lions quarterback Jared Goff: $53.0 million
- Los Angeles Chargers quarterback Justin Herbert: $52.5 million
- Baltimore Ravens quarterback Lamar Jackson: $52.0 million
- Philadelphia Eagles quarterback Jalen Hurts: $51.0 million
- Arizona Cardinals quarterback Kyler Murray: $46.1 million
As an honorable mention, Nick Bosa, a defensive end for the San Francisco 49ers, has the highest average annual salary for a nonquarterback at $34.0 million.
Highest salaries in NBA
While the average NBA player’s salary is, at “just” $9.5 million, substantially lower than what the superstars make, the standouts earn along the same lines as those prized NFL quarterbacks.
According to 2023-24 data on players’ contracts via Basketball Reference, Golden State Warriors point guard Stephen Curry is the highest-paid NBA baller this season, earning $51.9 million. Runners-up include the Phoenix Suns’ Kevin Durant, the Denver Nuggets’ Nikola Jokic, the Philadelphia 76ers’ Joel Embiid and the Los Angeles Lakers’ LeBron James, who each earn $47.6 million a year.
Highest salaries in MLB
Baseball really is America’s pastime — at least if the salaries of the highest-paid players are any indication. While the average salary of MLB players is $4.5 million, according to the Associated Press, the best-paid player — the Los Angeles Dodgers’ Shohei Ohtani — makes $70.0 million a year, according to Spotrac data. (Though, Ohtani is not yet seeing his full earnings because of significant deferrals.)
Other well-compensated baseball stars include:
- Texas Rangers’ Max Scherzer: $43.3 million
- Houston Astros’ Justin Verlander: $43.3 million
- New York Yankees’ Aaron Judge: $40.0 million
- Texas Rangers’ Jacob deGrom: $40.0 million
Highest salary in MLS
Goalllllllll! Inter Miami CF’s Lionel Messi is the highest-paid Major League Soccer (MLS) player, with an annual base salary of $12.0 million and a guaranteed compensation of $20.4 million.
Methodology
LendingTree researchers analyzed various U.S. Bureau of Labor Statistics (BLS) sources, including the National Occupational Employment and Wage Estimates from May 2023 and previous years, dating to May 2013, as well as weekly earnings data from the first quarter of 2024.
This article originally appeared on LendingTree and was syndicated by MediaFeed.
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