How Does Your Salary Compare To the Average Income in Minnesota?

Salaries continue to increase across the country and we now know just how much the average Minnesota earns each year. How does your salary compare?

While they may not be increasing as much as inflation has increased costs recently, many of us in the labor force here in the Land of 10,000 Lakes will see some sort of salary increase in 2024.

That's according to this CNBC story which says salary increases will likely be smaller in 2024:

U.S. companies plan to give salary increases of 4%, on average, this year, down from 4.4% in 2023, according to a survey by Willis Towers Watson.

Meanwhile, the story goes on to say that those increases might be closer to 3 or 3.5%-- if at all-- for some sectors of the economy. All of those increases for this year, though, are on top of the median income American workers earned last year.

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And we now know just how much that figure is, not only here in Minnesota but across the United States. The U.S. Bureau of Labor Statistics said the average median income in 2023 was $48,060. That means that half of U.S. workers earned less than that, while half earned more than that amount.

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Of course, the median income figure varies by different regions of the country and state by state, with the Northeast and West areas earning higher incomes, compared to the South and Midwest.

According to this CNBC story, Massachusetts tops the rankings with the highest median wage of $60,690 for individual workers, while Mississippi has the lowest median wage in the country at $37,500.

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So just what was the average median income in the Bold North last year-- and how does YOUR salary measure up? MSNBC says that Minnesota's average median income in 2023 was $50,880.

Over in Wisconsin, the average median income was lower, at $47,590, while down in Iowa the average median income was even lower, at $46,460 in 2023. (You can check the full list HERE.)

Of course, the following families don't have to worry about raises, or about what the average median income is-- because they're some of the richest people on the planet. Keep scrolling to see who they are!