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Average Family Income Up 4 Percent in 1962 (Preliminary data from March 1963 sample survey)

Report Number P60-40

Average (median) family income in the United States was estimated at $6,000 in 1962, a gain of about $220, or 4 percent, over the previous year, according to estimates released today by the Bureau of the Census, Department of Commerce. For persons, the median income was $2,800; this was $100, or 4 percent, higher than a year earlier. Since consumer prices rose approximately 1 percent during this period, not all of the increase in the average family income represented a net gain in real income.1

An estimated 9 1/2 million families, or 20 percent of the 47 million families in the Nation, received money incomes under $3,000 in 1962. The number of families in this income range declined by approximately one-half million from the previous year. About 9 million, or 19 percent, received incomes between $3,000 and $5,000 last year; and 10 1/2 million, or 22 percent, had incomes between $5,000 and $7,000. The remaining 18 million families, or 39 percent, are estimated to have received incomes of $7,000 or more, representing an increase of about 1 million families over 1961.

1 See Monthly Labor Review, March 1963, Vol. 86, No. 3, table D-1, p. 358.

A Note on Language

Census statistics date back to 1790 and reflect the growth and change of the United States. Past census reports contain some terms that today’s readers may consider obsolete and inappropriate. As part of our goal to be open and transparent with the public, we are improving access to all Census Bureau original publications and statistics, which serve as a guide to the nation's history.

Page Last Revised - October 8, 2021
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