From 2006 to 2008, Vermont households lost an average of $5,757 in income, the second worst in the nation and the largest percentage decrease at 10.3 percent. New Jersey had the highest income drop at $7,214 and the second highest percentage loss at 10.1 percent. Georgia was third worst ($3,404, -6.4 percent). The biggest factor appears to be in investment income as the stock market fell precipitously from its high in October 2007 through the end of 2008 and beyond. On October 12, 2007 when the Dow Jones average closed at a record 14,903 to October 10, 2008, when it closed 8,451, is the worst one-year performance since the Great Depression. Vermont counts on "unearned" income more than most states when calculating household income. This would seem to indicate that when 2009 numbers come out in about a year, Vermont should see a marked improvement as the Dow now stands at 9,789 (9.29.2009).
Having said that, looking at just 2007 to 2008, even as the recession worsened and stocks plunged, income in Vermont actually rose marginally by 0.7 percent to $52,104, ranking Vermont just above the national average. Real median household income in the United States fell between the 2007 American Community Survey and the 2008 ACS, as household income decreased 1.2 percent to $52,029.
Median household income estimates
in the 2008 ACS ranged from a median of $70,545 for Maryland to $37,790 for Mississippi. Real median household income rose between the 2007 ACS and the 2008 ACS in 5 states compared to 33 states that showed an increase between the 2006 ACS and the 2007 ACS. For the states that experienced increases, two states were in the South, Louisiana and Texas; two were in the Northeast, New York and New Jersey; and one was in the Midwest, Kansas.
Real median household income decreased between the 2007 ACS and 2008 ACS in five states Arizona, Indiana, Michigan, California, and Florida compared to only one state, Michigan, which experienced a decline between the 2006 ACS and the 2007 ACS. In 40 states and the District of Columbia, real median household income in the 2008 ACS was not statistically different from that in the 2007 ACS. Median household incomes in 18 states and the District of Columbia were above the U.S. median, while 29 state medians were below it. Three states had median household incomes that were not statistically different from the U.S. median.
By comparison, monthly housing costs from 2007 to 2008 followed a similar trend with median household income by rising in Vermont (1.9 percent, $1,471) while falling nationally (-0.3 percent, $1,514). Again, the 2009 numbers could look significantly different by this time next year as home prices have fallen dramatically across the country as foreclosures have risen over the last few years. Even Vermont, which has had the lowest foreclosure rate in the nation, has seen that number increase. Home values nationally increased this past summer as first-time homebuyers took advantage of the federal $8,000 tax credit. But recently home values have fallen as the stimulus measure seems to have played out.
Income 2008
Two-Year-Average Median Household Income by State: 2006 to 2008 (Income in 2008 dollars. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see
2005-2006 Median money income
2007-2008 Median money income
Dollar Change
Percentage change
United States
51,283
51,233
-50
-0.1
Alabama
40,751
44,155
3,405
8.4
Alaska
60,945
64,701
3,756
6.2
Arizona
49,863
47,972
-1,891
-3.8
Arkansas
40,001
40,974
973
2.4
California
58,078
57,445
-633
-1.1
Colorado
57,559
62,217
4,658
8.1
Connecticut
64,662
65,644
983
1.5
Delaware
56,252
53,695
-2,558
-4.5
District of Columbia
50,695
54,162
3,467
6.8
Florida
48,095
46,206
-1,890
-3.9
Georgia
51,673
48,369
-3,304
-6.4
Hawaii
65,146
64,002
-1,145
-1.8
Idaho
49,036
49,247
211
0.4
Illinois
52,677
53,889
1,212
2.3
Indiana
47,647
47,898
252
0.5
Iowa
51,339
50,465
-875
-1.7
Kansas
47,498
49,119
1,621
3.4
Kentucky
41,320
41,058
-262
-0.6
Louisiana
40,016
41,232
1,216
3.0
Maine
48,592
48,481
-111
-0.2
Maryland
67,364
65,932
-1,433
-2.1
Massachusetts
60,434
60,515
81
0.1
Michigan
51,305
50,528
-777
-1.5
Minnesota
59,910
57,607
-2,303
-3.8
Mississippi
36,674
37,579
905
2.5
Missouri
47,507
46,906
-602
-1.3
Montana
42,524
44,116
1,592
3.7
Nebraska
52,134
50,896
-1,238
-2.4
Nevada
54,500
55,440
940
1.7
New Hampshire
64,512
68,175
3,663
5.7
New Jersey
71,284
64,070
-7,214
-10.1
New Mexico
42,850
44,081
1,231
2.9
New York
51,763
50,643
-1,120
-2.2
North Carolina
44,441
44,058
-384
-0.9
North Dakota
45,184
49,325
4,142
9.2
Ohio
48,884
48,960
77
0.2
Oklahoma
41,497
45,494
3,998
9.6
Oregon
49,495
51,947
2,452
5.0
Pennsylvania
51,416
50,850
-566
-1.1
Rhode Island
55,980
54,767
-1,213
-2.2
South Carolina
43,338
44,034
696
1.6
South Dakota
48,051
49,901
1,850
3.9
Tennessee
43,458
41,240
-2,218
-5.1
Texas
45,966
47,157
1,191
2.6
Utah
59,395
59,062
-333
-0.6
Vermont
55,716
49,959
-5,757
-10.3
Virginia
59,126
61,710
2,584
4.4
Washington
57,148
58,472
1,324
2.3
West Virginia
40,611
40,851
240
0.6
Wisconsin
52,223
52,224
1
0.0
Wyoming
49,777
51,977
2,200
4.4
* Statistically different from zero at the 90-percent confidence level.
1 The 2-year-average median is the sum of two inflation-adjusted single-year medians divided by 2.
2A 90-percent confidence interval is a measure of an estimate's variability. The larger the confidence interval in relation to the size of the estimate, the less reliable the estimate. For more information see "Standard errors and their use" at
Source: U.S. Census Bureau, Current Population Survey, 2006 to 2009 Annual Social and Economic Supplements.