The numbers are in: in 2016, the median income for U.S. households hit a record high at $59,039 (+9.1% over the last 20 years).
But before you wind up for that high-five, let’s take a closer look:
Some economists suggest these data are misleading, arguing that new Census Bureau metrics for median income aren’t comparable to those before 2014. In fact, it’s entirely possible the previous record (set in 1999) still stands.
Other analysts say the figure underestimates true purchasing power, now that the average household has fewer people.
Meanwhile, income inequality remains a problem. U.S. households in the 10th percentile earned $13,200 (+0.2% in last 20 years), while those in the 95th percentile earned $225,000 (+23.6% in last 20 years).
But there’s good news: the poverty rate has dropped from 14.8% to 12.7% over the last two years.