The good news: Americans are much more likely to have higher incomes than their parents. But just how much more depends greatly on their race, education and their parents' income level, according to new Pew Economic Mobility Project data.
Some 83% exceed their parents' income by at least $1,000.
Those born rich are more likely to greatly out earn their parents. For instance, 27% of those raised in the highest-income families made $50,000 more than their folks. Only 11% in the lowest-income group beat their parents by that amount.
At the same time, starting off rich makes it that much tougher to exceed your parents – they were much more likely to earn less than mom and dad than those who started poor. Some 30% of those from rich families earned at least $1,000 below their parents.
When it comes to race, whites were more likely than blacks to earn at least $1,000 more than their parents, no matter how much their parents' income was.
When it comes to wealth, fewer Americans are exceeding their parents' nest eggs. "This generation has more income, but are not necessarily more financially secure," said Erin Currier, the project's director.
To learn more about Americans' mobility across generations by income level, race, education and more, access Pew's interactive here.
Median weekly earnings in the U.S. for wage and salary workers were $775 at the end of 2012.
But just how much you make depends on a number of factors, including your race and gender,
CNNMoney gives you a snapshot into what Americans earn:
The more schooling you have, the more you get in your paycheck.
And your profession has a big impact:
It's well-known that women make less than men...but the size of the MORETami Luhby - Jan 23, 2013 9:43 AM ET
Average health insurance premiums for employer-sponsored family coverage soared 62% between 2003 and 2011, far outpacing the rise in wages, a new study found.
By 2011, there were 35 states in which the annual premium equaled 20% or more of income, according to a study issued Wednesday by The Commonwealth Fund. This compares to just one state in 2003.
Premiums in the south and south-central United States were the highest relative to MORETami Luhby - Dec 12, 2012 12:16 PM ET
More and more Americans are living in neighborhoods surrounded by people who earn about as much as them ... whether they are rich or poor.
Segregation by income is growing, according to a Pew Research Center analysis released Wednesday.
Some 28% of low-income households lived in low-income neighborhoods in 2010, up from 23% three decades earlier. And the number of upper-income households living in upper-income neighborhoods doubled to 18% over that period.
Pew MORETami Luhby - Aug 1, 2012 12:01 PM ET
The number of millionaires in the U.S. is moving on up.
There were nearly 268,000 tax filers who reported more than $1 million in adjusted gross income in 2010, according to a Tax Foundation analysis of Internal Revenue Service data.
That's about 31,000 more than the previous year, but is still lower than the boom times. Between 2005 and 2008, the number of millionaires topped 300,000 annually.
The vast majority of millionaire taxpayers MORETami Luhby - Jun 18, 2012 7:53 AM ET
Who makes the big bucks in America?
Middle-aged white couples.
We all know that income is concentrated in the United States, but Sentier Research has crunched the data to show just who has the money.
Take a look at the breakdown by race:
White households have an aggregate income of $6.2 trillion, while Hispanics have an aggregate income of $710 billion and blacks $641 billion. Asians, meanwhile, have $419 billion.
To be sure, there are MORETami Luhby - May 31, 2012 2:00 PM ET
Even though the national economy is on the upswing, many Americans haven't been reaping the benefits.
In fact, the median household income in January was $50,020, or 5.4% lower than it was in June 2009, the beginning of the economic recovery, according to a new estimate from Sentier Research, based on Census data.
This decline in income comes despite improvements in the job market. The unemployment rate stood to 8.3% in January, MORETami Luhby - Mar 6, 2012 12:16 PM ET
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