By David N Bass for the CAROLINA JOURNAL
Median household income stood at $73,958 in North Carolina in 2024, compared to a median of $83,730 for the nation as a whole, according to numbers released Sept. 9 by the United States Census Bureau. North Carolina’s median household income in 2023 was $70,804, about $3,000 less.
Nationally, the bureau reported a slight decline in the official poverty rate to 11% — about 35.9 million people — and said 92% of the US population had health insurance for at least part of 2024. Private coverage remained more common than public coverage — 66% versus 36% — with employer-sponsored insurance covering 54% of the population for some or all of the year.
The findings come from three new bureau reports.
The official poverty rate in North Carolina was 13% in 2024, essentially unchanged from 2023 and the 17th-highest rate among states. Child poverty stood at 16%, the 15th-highest nationwide. The bureau noted racial differences: Latino North Carolinians had the highest poverty rate at 20%, followed by black residents at 19% and American Indian residents at 17%.
“Unfortunately, too many North Carolinians continue to struggle with poverty,” said Brian Balfour, senior vice president of research for the John Locke Foundation. “Research shows, however, a nearly surefire way to escape it. Those who follow the so-called success sequence — which involves staying in school, waiting until marriage to have children, and working full-time — will escape poverty 97% of the time. Similarly high rates are enjoyed by those who grew up poor and across races. Moreover, children in North Carolina living in a single parent home are five times as likely to live in poverty than those living with two parents. Policymakers concerned with poverty would be wise to take these facts into consideration.”
While incomes and poverty rates were largely flat, North Carolina was one of only two states to see a measurable increase in Medicaid coverage in 2024, the report said. The state’s uninsured rate fell from 9.4% in 2023 to 8.6% in 2024, a statistically significant drop. The Census attributed the improvement primarily to the state’s Medicaid expansion, which increased the state’s Medicaid coverage rate by about one percentage point to 20%.
But coverage trends varied across the country: The national uninsured rate was essentially stable at 8.0%, even as it rose significantly in 18 states and Washington, DC. North Carolina’s improvement stood in contrast to those increases and to the national pattern.
Between 2023 and 2024, median income rose 5% for Asian households and 6% for Hispanic households, while it fell 3% for black households. Median income did not change significantly for white households in general or for white, non-Hispanic households. At the top end, household income at the 90th percentile increased 4%, while the 10th and 50th percentiles showed no significant change.
The national poverty rate slightly decreased by 0.4 percentage points to 10.6%, translating to approximately 35.9 million people living in poverty. The Supplemental Poverty Measure was noted at 12.9%, also indicating no significant change from the previous year.
The Census Bureau also released a housing report showing that shelter costs continued to rise in 2024.
Median monthly owner costs for homeowners with a mortgage rose to $2,035 (up 3.8% from 2023), driven mainly by higher mortgage and insurance costs; the median share of income spent by mortgaged homeowners was 21.4%. More than half of owned homes (59.7%) had a mortgage payment, while the number of homes owned free and clear increased by about 900,000. Median monthly condo/HOA fees were $135 overall ($120 for mortgaged homes, $184 for paid-off homes). Nevada, Florida and Arizona had the highest shares of homeowners paying such fees.
Rents also rose: Median gross rent increased 2.7% to $1,487 in 2024, though the median share of income spent on rent remained 31%.