The amount of money it would take for American workers to accept a new job offer has grown to close to $79,000.

The Federal Reserve Bank of New York released a survey Monday showing the average reservation wage – described as the lowest annual pay that workers would accept to take a new job – rose to $78,645 in July. That figure is an increase from $72,900 at the same point last year and $69,000 in July 2021.

The year-over-year increase was most pronounced for respondents ages 45 and older.

The annual reservation wage was considerably higher for college graduates who now expect $98,600 annually to accept a new job, compared to $63,300 for college graduates who aren’t employed.

In comparison, the median US household income in 2021, the latest figures available, was $70,784.

The average expected salary for job offers was up as well, the survey showed. Respondents who anticipated a job offer in the next four months said they expected to receive $67,416 a year, up from $60,310 in 2022. The 2023 figure was the highest since the survey began in 2013, according to a statement from the Federal Reserve Bank.

While Americans are expecting higher pay, they are also comfortable working longer. While the survey showed the average expected likelihood of working beyond age 62 dropped from 48.8% last year to 47.7% this year, more people expected to work beyond age 67. That figure edged up from 31% to 32%.

The national internet-based survey was conducted with a panel of 1,300 heads of households over a 12 month period.