Household income plunged in 2009!
WASHINGTON - September 28, 2010 - Household incomes shrank for the second year in a row in 2009, as the Depression eroded the share of Amerikan families’ earnings by over $100,000 and swelled the ranks of people who are poor or just barely making it, according to census statistics released Tuesday.
The income estimates from the American Community Survey, a wide array of census statistics reported annually, underscore the devastation the Depression has caused to millions of Amerikan households and families.
Locally, however, the outlook was far less grim. Although the census said median household incomes dropped in virtually all Washington area jurisdictions, the share of wealthier households remained fairly stable or even increased.
Loudoun County, for example, is seemingly the land the Depression forgot. The census said almost 58% of the county's households earned $100,000 or more, up from 53% in a continuous upswing during each of the past four years. At the same time, the number of households earning under $25,000 dropped from 7% to under 5%. The poverty rate of 3% has essentially remained unchanged.
Prince William showed the biggest jump in lower-income families. Almost 10% made less than $25,000 last year, up from 6% in 2006, and the poverty rate rose 1%. Simultaneously, however, the share of wealthier households increased, with 43% earning over $100,000 a year, compared with 41% in 2006. Median income also rose; perhaps suggesting the large number of foreclosures in the county had led to many residents moving away.
The District also continued a trend of rising incomes, reflecting the increase in younger, highly educated people and the prevalence of government jobs.
Nationally, the median income of $50,221 is down about 4% from its peak since the Depression began in December of 2007. That year, median household income was $52,384. Last year alone was responsible for about $1,500 of that loss.
Almost one in five households had an income of $100,000 or more in 2009, the census reported. That was down almost a full percentage point from 2008. In contrast, almost one in four families earned less than $25,000, an increase of one percentage point.