Median household income fell by 2.3% in 2022 on an inflation-adjusted basis, the Census Bureau reported Tuesday.

The report, which is released on an annual basis and is taken from the Census's Current Population Survey Annual Social and Economic Supplement, shows real median incomes falling for the third year in a row.

Median household incomes peaked at $78,250 in 2019, the year before the pandemic. They declined in 2022 to $74,580, a year that saw inflation soar, undercutting household purchasing power.

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