Median Adjusted Gross Income for Massachusetts
MEDAGIMA25A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
65,000.00
Year-over-Year Change
46.83%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Massachusetts measures the midpoint of income reported on federal tax returns filed by Massachusetts residents. This key economic indicator provides insight into the financial well-being and spending power of the state's population.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Median Adjusted Gross Income (AGI) for Massachusetts represents the middle value of all AGI amounts reported on individual tax returns from the state. It is a useful metric for understanding income distribution and trends over time, rather than relying solely on average income which can be skewed by outliers.
Methodology
The data is collected and calculated annually by the U.S. Census Bureau based on federal tax return filings.
Historical Context
Policymakers and economists monitor trends in median state income to gauge consumer demand, tax revenues, and the overall economic health of a region.
Key Facts
- Median AGI in Massachusetts was $69,800 in 2020.
- Massachusetts median income is 24% higher than the national median.
- Incomes have risen by 16% in Massachusetts over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Massachusetts measures the midpoint of income reported on federal tax returns filed by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: Median income is a key indicator of the financial well-being and spending power of a state's population, providing important insights for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated annually by the U.S. Census Bureau based on federal tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor trends in median state income to gauge consumer demand, tax revenues, and the overall economic health of a region.
Q: Are there update delays or limitations?
A: The data is reported annually with a lag, and may not capture the full impact of certain economic events or policy changes.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Massachusetts (MEDAGIMA25A052NCEN), retrieved from FRED.