US population to continue aging; household income growth to slow

The US population is expected to reach nearly 336.2 million in 2024 and grow 2.4% to 344.2 million by 2029, according to data from Claritas Pop-Facts 2024.

Projected demographics show that the number of people in the US aged 65 or older will remain on an upward track. Median household income is also anticipated to continue increasing, albeit at a slower pace.

The 65-and-over population is predicted to increase 13.7% to 71.2 million in 2029 from 62.7 million in 2024 — a faster growth rate than that forecast for the US population and the fastest among the age groups. The group is also expected to account for 20.7% of the US population by 2029, compared to 18.6% in 2024.

By contrast, the number of people aged 17 or younger is expected to decline 2.5% to 69.2 million in 2029 from 70.9 million in 2024. Forecasts show this demographic will account for 20.1% of the population in 2029, compared to 21.1% in 2024.

Oldest state

Maine is expected to be the oldest state, with the average age of the population anticipated to be 44.6 years in 2024 and 45.5 years in 2029. Utah will be the youngest state, with the average age of the population forecast to be 35 years in 2024 and 36 years in 2029.

Regarding median household income, projections for the 2024–2029 period indicate a slowdown in growth relative to previous years. Median household income is expected to rise 10.1% to $83,550 in 2029 from $75,874 in 2024, compared to the 13.4% increase forecast for the 2023–2028 period.

About 20 states are expected to post double-digit percentage increases, with Idaho leading the group. The median household income in the state is projected to rise 12.6% to $82,107 over the next five years. Alaska is expected to see the lowest increase, with median household income in the state forecast to rise 5.2% to $90,761.

The District of Columbia will have the highest median household income of $106,117 in 2029, an increase of 7.3% from 2024. Mississippi will have the lowest median household income of $60,551 in 2029, up from $55,030 in 2024.

For the fastest-growing states in terms of population during the 2024-2029 period, Idaho is expected to top the list, with a growth rate of 6.5%, followed by Utah and Florida, where growth rates are anticipated to exceed 5%. Rounding out the top five are Texas and South Carolina, which are forecast to see their populations rise 4.7%.

Among counties, the top five by highest projected growth in population are Kaufman, Comal, Rockwall, Hays and Liberty, which are all in Texas.