Wanderlust World Wanderlust World According to the Bureau of Economic Analysis (BEA), the average annual income in Iowa stands at $60,625. This figure represents a 2.7% increase since 2019, reflecting steady economic growth in the state.
The median household income in Iowa is $67,321, meaning half of all households earn less than this amount while the other half earn more. Since 2019, the median household income has risen by 3.1%, outpacing the average individual income growth.
Iowa's poverty rate is currently 12.2%, indicating that 12.2% of the state's population lives below the federal poverty line. Encouragingly, this rate has decreased by 0.9% since 2019, suggesting improvement in economic well-being for lower-income residents.
The combination of rising incomes and a declining poverty rate points to a strengthening economy. However, the gap between average individual income and median household income highlights the importance of dual-income households in maintaining financial stability. Policymakers and community leaders can use this data to target support programs where they're needed most.