Average salary in the USA in 2024 – An ultimate guide

The United States of America (USA) is undoubtedly the largest economy in the world. The country, due to its free-market system, welcoming of new ideas, and nurturing budding entrepreneurs, is known as a land of boundless opportunities and welcomes expats across the globe with open arms. The USA is a country offering diverse career possibilities and living conditions. The idea that the USA is a gateway to a better life has driven millions of people over the decades to this amazing country.

So, if you are ready to chase the American Dream, there are a few things that you must consider. Although checking on the visa and other mandatory requirements is essential, it is equally vital to know the average pay scale in the USA. Having an idea about USA salary trends and provincial salary variations can put you in a well-informed position at the time of salary negotiation.

Key Statistics:

• According to the Working Abroad Index of the Expat Insider 2023 survey, the USA secures the first position amongst 53 international destinations in the Career and Prospects sub-category. The same report also puts the US in the 7th position for Work Culture and Satisfaction.
• As per the US Bureau of Labor Statistics report dated 18th October 2023, the median weekly earnings of full-time workers were $1,118 in the third quarter of 2023.
• According to the July Salary Budget Planning Survey by WTW, a leading global advisory and broking firm, the expected average increase in salary in the US is 4.0% in 2024.

Factors Affecting Salaries

The pay scale in the USA differs from one individual to another based on different factors. Individuals working in the same industry for the same profile may also be different in most cases. Here’s looking at some key factors determining an individual’s salary in the USA:

• Salary by education level: Your education plays a vital role in how much you earn. This holds more weight, especially for entry-level applicants. The level and quality of education is a deciding factor for your salary.
• Experience: Second on our list is the experience level. Typically, with higher relevant experience, an individual’s average salary in the USA increases.
• Working hours: Per-hour salary in the USA for part-time employees is less than the ones who work full-time in the same job profile.
• Geographical location: Individuals working in the cities usually earn more compared to the ones working in the suburbs. Also, there are provincial salary variations in the USA, which we shall discuss later in the article.
• Economic factors affecting salaries: Factors like demand and supply of the workforce, inflation rate, government regulations, etc., also impact your salary. These are some of the economic factors affecting salaries. For example, if a profession is high in demand and the supply doesn’t match up to the demand, the salaries tend to increase, and vice versa. With the change in government regulations, for example, changes in minimum wages can also impact the salary structure.
• Employer: The employer’s ability to pay, the type of clientele an employer has, and similar other factors also affect your income in the USA.
• Labour unions: Some industries or organizations also depend on the bargaining strength of labour unions.

Industry Wise Average Per Hour Salary in the USA

The average industry-wise basic salary in the USA for all employees on a weekly and hourly basis is as follows. This can help you determine USA salary comparison across industries. 

Source: U.S. Bureau of Labor Statistics

Also Read: Part-time Jobs for Students in USA

Average Salary for Full-Time Workers in the USA (Top Sectors)

The USA, being the largest economy globally, comprises various sectors like medical or healthcare, engineering, legal, finance, travel and tourism, etc. Since the income in the USA is influenced by several factors discussed above, it is important to understand the average salary expectation in your relevant field. The table below shows the top 5 sectors that offer the highest average salaries in the USA and are hence a lot in demand.

Source: Talent

Also Read: Cost of living in USA

Let us now look at the average salary in the USA in the top 5 jobs in each of these sectors.

Sector 1: Engineering

Source: Talent

Sector 2: Science

Source: Talent

Sector 3: Information Technology

Source: Talent

Sector 4: Healthcare, Pharmaceutical & Social Services

Source: Talent

Sector 5: Banking, Finance & Insurance

Source: Talent

Also Read: U.S. Citizenship for Indians 2024

Average Salary for Part-Time Workers in the USA

Living in the US is a dream for many as the country boasts of a high standard of living, world-class education, excellent healthcare, ample work opportunities, exposure to diverse cultures, etc. However, since the cost of living in this country is also one of the highest in the world, people look for employment in several ways to increase their average income in the USA. Part-time work is also a common sight in the US. Students, homemakers, or even individuals with regular jobs opt for part-time work for various reasons.

Top sector offering part-time jobs in the US.

• Retail
• Foodservice
• Charity and voluntary work
• Services-producing sector
• Transportation and warehousing

The above sectors offer plenty of part-time opportunities to students and others. In the USA, many individuals also prefer working multiple part-time jobs to make ends meet. Students mostly prefer part-time jobs as they offer monetary benefits, work experience, an understanding of different cultures, along with flexibility in their schedules.

The average part-time per-hour salary in the USA is $15 or $31,200 annually. This average wage in the USA may vary depending on the sector, position, expertise, hours allotted and various other factors.

Let us divide this segment into the top 5 highest-paying part-time jobs in the USA for students and non-students.

Top 5 highest-paying part-time jobs in the USA for students

Top 5 highest-paying part-time jobs in the USA for non-students

Average Salary in the USA: States Wise

As per the US Bureau, the salary data in the USA shows the USA median income (weekly) for full-time employees at $1,118 in the 3rd quarter of 2023.

Below are the provincial salary variations or state-wise weekly average salary in the USA.

Highest Paying Jobs in the USA

Choosing a career path that interests you and offers good pay is something everyone dreams of. Medical and related profiles offer the highest pay in terms of average salary in the USA per month. Here is a look at some of the highest-paying jobs in the USA (medical and others).

Highest-paying medical jobs in the USA:

Highest-paying jobs in the USA (non-medical)

Source: Indeed

Also Read: Ultimate guide to US visa requirements for expats

Lowest/Minimum Paying Jobs in the USA

The federal minimum per-hour wage in the USA has been $7.25 since 2009. The minimum wage in the US is set by the Fair Labor Standards Act (FLSA) and enforced by the US Department of Labor. Since the federal minimum wage is too low, the Raise the Wage Act of 2023 was introduced on 25th July 2023 to gradually increase the federal minimum wage to $17 an hour by 2028.

In the USA, many states have the liberty to set their respective State Minimum Wage Laws and wages independent of the federal government. Most of the states have minimum wages above $7.25.

The top 5 states with the highest minimum wages in the USA are:

• Washington: $15.74/hr.
• California: $15.50/hr.
• Massachusetts: $15/hr.
• Connecticut: $15/hr.
• New York: $14.20/hr.

Some of the lowest-paying jobs in the US are:

Salary for Experience

As discussed in the article earlier, an employee’s salary is based on different factors, and experience is undoubtedly one of the major factors affecting your income in the USA. Typically, employers look for the average salary in the USA for a particular role and then consider candidates who are likely to possess the required skills. Employers who are willing to pay employees based on experience are looking for candidates with proven track records for a particular role. This role may be challenging and may require the ability to handle complicated tasks.

Individuals with more experience can handle complex tasks with ease, become more efficient, and tend to develop new skills or polish their existing skills. Thus, employees expect that with more experience, the pay scale also increases.

For example, entry-level software engineers get paid $99,996 annually on average, while experienced workers may earn up to $164,762 per year. This holds for all the job profiles across most of the sectors.

Before you go…

If you wish to take your career to the next level, consider a few things. One among them is leaping and opting for an international assignment. However, choosing the right country to work and settle in may be difficult. Still, the US surely tops the list when it comes to welcoming expats for better job opportunities and overall living experience. While you will surely take care of all the requirements and procedures and learn about the average salary in the USA before flying to realize your American Dream, knowing the best ways to transfer money from the US to your loved ones is also essential.

If you are looking for an affordable#, fast*, easy-to-use and secure way to transfer money overseas, Instarem is the right choice. With money transfer facilities to more than 60 locations, better exchange rates, no hidden charges and complete transparency in the transaction, Insatrem ensures that money transfer becomes simple and hassle-free.

*rates are for display purposes only

Try Instarem for your next transfer.

Download the app or sign up here.

Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with the products or vendors mentioned.