Average Salary in the USA Per Month 2020
We’ve got you covered if you want to learn more about workers’ income in the United States. Today, we will delve into the topic of average monthly salaries for American employees in 2020. This should give you a better understanding of what to expect regarding compensation in various industries and regions nationwide.
Methodology
To compile the necessary information for this article, we thoroughly analyzed various sources, including the Bureau of Labor Statistics, PayScale, and Glassdoor. Our research was explicitly geared towards full-time employees, with part-time, temporary, and self-employed individuals excluded from our data pool. This gave us a more accurate and representative picture of current affairs.
Overall Average Salary in the United States
The Bureau of Labor Statistics has reported that the average monthly salary for full-time employees in the United States was $4,290 in 2020. However, it’s important to note that this figure can differ significantly based on numerous factors, including occupation, location, gender, age, education level, industry, and company size. Therefore, it’s crucial to consider these various elements when assessing salary expectations and negotiations.
Here are the key statistics on the average salary in the U.S. per month in 2020:
• Median usual weekly earnings for all full-time workers in the U.S. in 2020 is $936 per week or $4,051 per month. This is according to the Bureau of Labor Statistics.
• The average yearly salary in the U.S. for 2020 is around $51,916. This works out to around $4,326 per month.
• The average U.S. household income in 2020 is $68,703 yearly or around $5,725 monthly.
• Some of the highest-paying jobs in the U.S. include physician ($208,000 annually), lawyer ($147,000), nurse anesthetist ($174,000), software developer ($107,500), and pharmacist ($126,000).
• Salaries differ significantly between states. The highest average salaries in 2020 were in Massachusetts ($70,815), Connecticut ($70,462), California ($69,680), and New Jersey ($67,870). The lowest average salaries were in West Virginia ($44,860), Mississippi ($45,094), and Arkansas ($47,352).
• Cost of living also differs between states and cities, which needs to be factored in to determine spending power and disposable income.
An average monthly salary in the U.S. in 2020 ranged between roughly $4,051 to $5,725 per month, depending on if you look at median full-time worker earnings or average household income. Many factors influence actual income levels for individuals and families.
Average Salary by Occupation
The highest-paying occupations in the United States in 2020 were physicians and surgeons, who earned an average of $10,100 per month, followed by orthodontists, dentists, and pharmacists. On the other hand, the lowest-paying occupations included fast food workers, retail sales associates, and childcare workers.
Average Salary by State
The state you live in can also impact your salary. According to PayScale, the top-paying states in the United States in 2020 were California, New York, and Massachusetts, while the lowest-paying conditions were Mississippi, Arkansas, and West Virginia.
Average Salary by Gender
Gender continues to be a factor in salary discrepancies. On average, men earn more than women in the United States, with the gender pay gap around 18%. However, this number varies depending on the occupation and industry.
Average Salary by Age
As individuals progress in their careers, it is common for their salaries to increase. According to recent data provided by Glassdoor, the average monthly wage for employees in the age range of 18 to 24 was reported to be around $3,000. In contrast, employees aged 45 to 54 earned an average of $5,000 monthly. This suggests that as one gains more experience and expertise in their respective field, they are more likely to be compensated at a higher rate.
Average Salary by Education Level
According to data provided by the Bureau of Labor Statistics, there is a significant correlation between one’s level of education and their monthly salary. Individuals with bachelor’s degrees earned an average monthly salary of $4,980 in 2020, notably higher than the monthly average wage earned by those with only a high school diploma, which was $3,310. This highlights the importance of pursuing higher education to increase their earning potential.
Average Salary by Industry
The financial and insurance sectors in the United States were the most lucrative in 2020, with professionals earning the highest salaries. The professional, scientific, and technical services sector follows closely, with top earners in computer systems design and engineering. Conversely, workers in the accommodation and food services industry and those in retail trade and agriculture earn relatively lower salaries. It’s important to note that salaries vary significantly within each sector and depend on job title, location, and experience level.
Average Salary by Company Size
The size of a company can significantly impact an employee’s salary; as per the findings of PayScale, individuals working at larger organizations generally earn more than those working at smaller ones. For instance, the average monthly salary for employees at companies that employ more than 10,000 individuals was found to be $5,400. On the other hand, the average wage for employees working at companies with 1-49 employees was $3,500. This suggests that the size of a company is a crucial factor to consider when evaluating salary expectations.
What is a good salary in the USA per month?
There is no single “good” salary in the U.S., as income levels vary widely across the country based on cost of living, industry, occupation, and other factors. However, here are some general guidelines for monthly salaries in the U.S.:
• Lower income: Less than $2,500 per month ($30,000 annually)
This would be considered a lower-income salary, especially in expensive metropolitan areas. This income level may qualify for government assistance programs.
• Middle income: $2,500 to $10,000 per month ($30,000 to $120,000 annually)
Most Americans fall within this broad range. An individual’s “decent” salary would likely be at least $3,500 to $5,000 per month ($42,000 to $60,000 annually).
• Higher income: Over $10,000 per month (over $120,000 annually)
Salaries over $10,000 per month would generally be considered “high income” in the U.S., putting a household in the top 20% or higher.
The cost of living and other factors where you live will impact what salary you need to be comfortable. In expensive cities like New York or San Francisco, median household incomes are significantly higher than the national average. So there are no hard and fast rules, but the ranges above can provide some general guidance for “good” monthly salaries in the U.S.
FAQs
Q: What is the average salary for software engineers in the United States?
A: According to Glassdoor, the average monthly salary for software engineers in the United States was $7,000 in 2020.
Q: What is the average salary for teachers in the United States?
A: According to the Bureau of Labor Statistics, the average monthly salary for elementary and middle school teachers in the United States was $4,020 in 2020.
Q: Does the cost of living impact average salaries?
A: Yes, the cost of living can impact average salaries. For example, individuals living in cities with a higher cost of living may earn a higher salary than those living in rural areas.
Q: What is the average salary for nurses in the United States?
A: According to PayScale, the average monthly salary for registered nurses in the United States was $5,400 in 2020.
Q: What is the gender pay gap in the United States?
A: According to the National Women’s Law Center, the gender pay gap in the United States is around 82 cents to every dollar men earn. However, this number varies depending on the occupation and industry.
Conclusion
After analyzing the available data, it can be concluded that the mean monthly earnings for full-time workers in the United States in 2020 amounted to $4,290. Nonetheless, it is essential to acknowledge that this amount can vary considerably due to factors such as job position, geographic location, gender, age, educational background, industry, and the company’s size. Therefore, it is highly recommended to consider these variables when negotiating your salary or exploring new career opportunities.
