North Carolina's Median Household Income Reaches $74K in 2024

In 2024, North Carolina's median household income rose to $73,958, marking a significant increase from $70,804 in 2023. This growth outpaces the national median income, which remained relatively stable at $83,730 during the same period. The state's income growth reflects a positive economic trend, yet it still lags behind the national median by approximately $9,772.

Despite the rise in income, North Carolina's poverty rate remained unchanged at 12.8% in 2024, slightly above the national average of 10.6%. Child poverty in the state stood at 16%, ranking 15th highest nationwide. Notably, Latino residents experienced the highest poverty rate at 20%, followed by Black residents at 19%, and American Indian residents at 17%.

Housing costs have also seen an uptick. The median home price in North Carolina reached $381,000 in 2024, compared to the national median of $436,000. Renters faced a median monthly rent of $1,727, surpassing the national median of $1,529. These increases place additional financial pressure on residents, particularly in urban areas.

In the realm of health insurance, North Carolina made strides in 2024. The state's uninsured rate decreased from 9.4% in 2023 to 8.6% in 2024, a statistically significant improvement attributed primarily to Medicaid expansion. This expansion increased the state's Medicaid coverage rate by about one percentage point to 20%.

However, challenges persist. The state faces a child care crisis, with insufficient child care costing North Carolina's economy $5.65 billion annually. Nearly 30% of child care centers are at risk of closing without financial support, highlighting the urgent need for policy interventions to support working families.

Additionally, home insurance premiums are set to increase. A settlement between the state Insurance Department and the insurance industry will result in an average increase of about 15% by mid-2026. This agreement contrasts with a previous request for a 42.2% increase, reflecting ongoing negotiations to balance industry needs with consumer protection.

While North Carolina's rising median household income is a positive indicator, the state must address these accompanying challenges to ensure sustainable economic growth and improved quality of life for its residents.

Why did the scarecrow win an award in North Carolina?

Because he was outstanding in his field!