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Vermont Median Household Income Takes a Hit

September 19, 2023  |  Staff  
Jobs Brief |Economic Security

Vermont Inflation-Adjusted Income Fell

The typical Vermont family saw modest income growth last year, but it was not enough to keep up with inflation. According to new data from the U.S. Census, Vermont median household income 1 rose to $73,991 in 2022. That was a 2.2 percent increase from 2021, the second smallest increase in the country. Only New Hampshire had a smaller increase.

Bar graph of Vermont median household income, 2017-2022, adjusted for inflation

The picture looks a little bleaker when inflation is taken into account. Vermont median household income actually fell last year, by 5.5 percent, after adjusting for inflation.

The 2022 change was something of a reversal for Vermont—and New Hampshire—from the previous year. The Census released no state income data for 2020, the first year of the Covid pandemic. But between 2019 and 2021, Vermont and New Hampshire were ranked 1st and 2nd in the growth of median household income. In 2022, they ranked 49th and 50th.

This Month

The number of Vermonters employed has continued to rise in 2023. The count for August was still below the pre-pandemic level. But if the pace of growth continues through the rest of the year, there will be more Vermonters employed in December 2023 than in December 2019.

LATEST BLS DATA - SEPTEMBER 19, 2023Steady growth in people working Employed Vermonters, Jan-Aug 2023, seasonally adjusted

  1. Median household income is the middle amount: half of Vermont households earn less than the median and half earn more. []

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