Median family income in Vermont fell in 2009 for the second consecutive year and now stands at $64,900, according to The Vermont Economy Newsletter’s annual analysis of just-released Vermont Tax Department data. After adjusting for inflation, the income earned by the median family (half of all families earn more and half earn less than the median) fell by $1,275 or 1.9% in 2009.
‘The decline in median income shows the extent to which the recession has affected the average Vermont family,’ said Art Woolf, co-author of the study and editor of The Vermont Economy Newsletter. ‘Moreover, it comes on the heels of a 2.7% decline in 2008. From 2007 to 2009, median family in Vermont income has fallen by $3,100 and is now back to where it was in 2001.’
‘Vermont suffered significant job losses in 2008 and 2009, which contributed to the income decline,’ noted Richard Heaps, the study’s other co-author. ‘We expect that real median family income rose slightly in 2010, based on a better jobs situation and a rise in state payroll tax withholding receipts. And 2011 should be a much better year for the average Vermont family for two reasons,’ he continued. ‘ One is that the economy will strengthen in 2011. And secondly, Vermonters will all get a significant boost in take home pay due to the two percentage point reduction, from 6.2% to 4.2%, in Social Security taxes that was part of the latest stimulus bill.’
The Vermont Tax Department data are the most comprehensive data available on Vermont family income. All other U.S. government data sources are based on a small sample of Vermonters. The Tax Department data is based on the complete universe of more than 125,000 Vermont families with both a husband and wife present.
Source: Art Woolf, Vermont Economy Newsletter. 1.10.2011
Actual Data:
Actual $
Inflation Adjusted $
1975
$12,036
$42,647
1976
$13,440
$45,038
1977
$14,466
$45,568
1978
$16,533
$49,884
1979
$17,967
$49,472
1980
$19,193
$47,567
1981
$20,622
$46,666
1982
$21,019
$44,858
1983
$22,510
$46,073
1984
$23,609
$46,422
1985
$25,343
$48,178
1986
$27,347
$51,063
1987
$30,618
$55,302
1988
$32,750
$57,059
1989
$34,680
$57,923
1990
$35,399
$56,317
1991
$35,460
$54,461
1992
$36,953
$55,350
1993
$37,557
$54,898
1994
$38,755
$55,465
1995
$40,407
$56,469
1996
$42,262
$57,530
1997
$44,516
$59,317
1998
$47,309
$62,171
1999
$49,578
$63,821
2000
$52,387
$65,251
2001
$53,609
$64,949
2002
$53,790
$64,133
2003
$54,958
$64,094
2004
$57,677
$65,495
2005
$59,959
$65,878
2006
$62,912
$66,928
2007
$65,786
$68,054
2008
$66,444
$66,192
2009
$64,918
$64,918
2010F
$65,892
$65,175
2011F
$67,869
$66,138