College Degree Nearly Doubles Annual Earnings

Just in case you still had some doubts as to the power of a college degree, the U.S. Census Bureau has released data proving the substantial value of a college education in the United States. Workers 18 and over sporting bachelors degrees earn an average of $51,206 a year, while those with a high school diploma earn $27,915. But wait, theres more. Workers with an advanced degree make an average of $74,602, and those without a high school diploma average $18,734. According to a new census report titled Educational Attainment in the United States: 2004, 85 percent of those age 25 or older reported they had completed at least high school and 28 percent had attained at least a bachelorÂ’s degree Ââ€" both record highs. Other highlights for the population 25 years and over in 2004: Minnesota, Montana, Wyoming and Nebraska had the highest proportions of people with at least a high school diploma, all around 91 percent.The District of ColumbiaÂ’s population had the highest proportion with a bachelorÂ’s degree or higher at 45.7 percent, followed by Massachusetts (36.7 percent), Colorado (35.5 percent), New Hampshire (35.4 percent) and Maryland (35.2 percent).At the regional level, the Midwest had the highest proportion of high school graduates (88.3 percent), followed by the Northeast (86.5 percent), the West (84.3 percent) and the South (83.0 percent).The Northeast had the highest proportion of college graduates (30.9 percent), followed by the West (30.2 percent), the Midwest (26.0 percent) and the South (25.5 percent).High school graduation rates for women continued to exceed those of men, 85.4 percent and 84.8 percent, respectively. On the other hand, men continued to have a higher proportion of their population with a bachelorÂ’s degree or higher (29. 4 percent compared with 26.1 percent).Non-Hispanic whites had the highest proportion with a high school diploma or higher (90.0 percent), followed by Asians (86.8 percent), African-Americans (80.6 percent) and Hispanics (58.4 percent).Asians had the highest proportion with a bachelorÂ’s degree or higher (49.4 percent), followed by Non-Hispanic whites (30.6 percent), African-Americans (17.6 percent) and Hispanics (12.1 percent).The proportion of the foreign-born population with a high school diploma (67.2 percent) was lower than that of the native population (88.3 percent). However, the percentages with a bachelorÂ’s degree or more were not statistically different (27.3 percent and 27.8 percent, respectively).The data on educational trends and attainment levels are shown by characteristics such as age, sex, race, Hispanic origin, marital status, occupation, industry, nativity and, if foreign-born, when they entered the country. The tables also describe the relationship between earnings and educational attainment. Although the statistics are primarily at the national level, some data are shown for regions and states.Source: U.S. Census Bureau Education Also Effects Unemployment Just as income increases, unemployment decreases with higher educational attainment. According to the U.S. Bureau of Labor Statistics, the nationwide unemployment rate based on educational attainment in 2017 dropped from 6.3 percent among those who did not complete high school, to 4.6 percent among high school graduates, to 2.5 percent among persons with a bachelor’s degree, to only 1.5 percent among persons with doctoral or professional degrees. In addition, higher levels of education tends to reduce the time required for persons who find themselves between jobs to find new employment at equal or better wages.