New figures from the Central Statistics Office show that the median annual household disposable income in 2018 was €42,865, an increase of 8.5% on 2017's figure of €39,499.
The CSO's Survey on Income and Living Conditions for 2018 also reveals that the mean household disposable income increased 6.2% from €48,476 in 2017 to €51,458.
The survey is the official source of data on household and individual income.
It also provides national poverty indicators, including the at risk of poverty rate, the rate of enforced deprivation and the consistent poverty rate.
The 2018 survey shows that the at risk of poverty rate, which is the share of people whose income was less than 60% of the national median, fell to 14% from 15.7% in 2017.
The percentage of people considered to be experiencing enforced deprivation fell to 15.1% from 18.8% in 2017.
This is where people are not able to afford two or more deprivation indicators such as keeping the home adequately warm or buying presents for family/friends at least once a year.
The most common types of deprivation included not being able to afford to replace worn out furniture (17.8%), not affording to have family or friends for a drink or a meal once a month (11.7%) and not affording a morning, afternoon or evening out in the last fortnight (10.3%).
Meanwhile, the consistent poverty rate, which includes people who are defined as being both at risk of poverty and who are also experiencing enforced deprivation, dropped to 5.6% from 6.7% in 2017.