STANDARD OF LIVING IN THE UNITED STATES

The 'standard of living in the United States' is one of the top 15 in the world by the standard economist measure of standard of living. Per capita income is high but also less evenly distributed than in most other developed countries; as a result, the United States fares particularly well in measures of average material well being that do not place weight on equality aspects.
On comprehensive measures such as the UN Human Development Index the United States is always in the top ten, currently ranking number eight. Scandinavian countries, Ireland, Belgium, Canada, Australia, and (until recently) Japan; Canada and Norway have alternately held the top spot for some time. On the Human Poverty Index the United States ranked 16^th, one rank below the United Kingdom and one rank above Ireland.^[4] On the Economist's quality-of-life index the United States ranked 13, inbetween Finland and Canada, scoring 7.6 out of a possible 10. The highest given score of 8.3 was applied to Ireland. This particular index takes into account a variety of socio-economic variables ranging from GDP per capita and life expectancy to political stability and unemployment.^[5]
The homeownership rate is relatively high compared to other post-industrial nations. In 2005, 69% of Americans resided in the their own homes, roughly the same percentage as in the United Kingdom, Belgium, Israel and Canada.^{[6] [7] [8]} Residents of the United States also enjoy a high access to consumer goods. Americans enjoy more radios per capita than any other nation ^[9] and more televisions and personal computers per capita than any other large nation.^{[10] [11]}
The median income is $43,318 per household ($26,000 per household member)^[1] with 42% of households having two income earners.^[13] Meanwhile, the median income of the average American age 25+ was roughly $32,000^[2] ($39,000 if only counting those employed full-time between the ages of 25 to 64) in 2005.^[3] According to the CIA the gini index which measures income inequality (the higher the less equal the income distribution) was clocked at 45.0 in 2005,^[16] compared to 32.0 in the European Union^[17] and 28.3 in Germany.^[18]
The United States has one of the widest rich-poor gap of any high-income nation today, and that gap continues to grow.^[19] In recent times, some prominent economists including Alan Greenspan have warned that the widening rich-poor gap in the U.S. population is a problem that could undermine and destabilize the country's economy and standard of living.^[20]

Country	Austria	Belgium	Denmark	France	Germany	Ireland	Norway	Spain	Portugal	UK	US	Slovenia	Israel	Canada
Homeownership rate[6]	56%	71%	51%	55%	42%	77%	77%	85%	64%	69%	69%	82%	71%	67%

Contents

International household income comparison

Social class

See also

US related topics

References

International household income comparison

Main articles: Household income in the United States

Median household income for other countries is shown in the table below. The data for each country has been converted to US dollars using Purchasing Power Parity (obtained from the OECD).^[22]

Social class

Main articles: Social class in the United States

Standard of living in the United States varies considerably with socio-economic status. The table below gives a summarization of prominent academic theories on the socio-economic stratification of the United States:

See also

★ Affluence in the United States

★ Personal income in the United States

★ Household income in the United States

★ Economy of the United States

★ Human development index

★ Gross domestic product

★ Federal assistance in the United States

★ Male-female income disparity in the USA

US related topics

References

1. US Census Bureau news release in regards to median income
2. US Census Bureau, personal income distribution, age 25+, 2006
3. US Census Bureau, income distribution of individuals, employed full-time, year round, age 25-64, 2006
4. Human Poverty Index
5. Economist, quality of life index
6. EU homeownership rates, 2002
7. OWNED DWELLINGS, Israel
8. Home Ownership Rate Soars in Canada
9. Median radios per capita
10. Median TVs per capita
11. Median PCs per capita
12. US Census Bureau news release in regards to median income
13. US Census Bureau, income quintile and top 5% household income distribution and demographic characteristics, 2006
14. US Census Bureau, personal income distribution, age 25+, 2006
15. US Census Bureau, income distribution of individuals, employed full-time, year round, age 25-64, 2006
16. CIA factbook, US gini index
17. CIA factbook, EU gini index
18. CIA factbook, Germany gini index
19. Rich-Poor Gap Widening
20. Rich-poor gap gaining attention
21. EU homeownership rates, 2002
22. OECD, PPP conversion rates