Median Adjusted Gross Income for Michigan
MEDAGIMI26A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
48,000.00
Year-over-Year Change
45.05%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income (AGI) for Michigan measures the midpoint income level for individual tax filers in the state. This key economic statistic is used to analyze income distribution and household financial well-being.
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 AGI for Michigan represents the middle value in the distribution of reported incomes for individual tax returns filed from the state. It is a commonly used metric to gauge typical income levels and track changes in household finances over time.
Methodology
The data is compiled annually by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
Median AGI is a valuable indicator for policymakers, economists, and market analysts assessing economic conditions and the financial health of state populations.
Key Facts
- Median AGI for Michigan was $53,362 in 2020.
- Michigan's median income is 7% below the national median of $57,661.
- Median AGI has increased by 25% in Michigan over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income (AGI) for Michigan measures the midpoint income level for individual tax filers in the state.
Q: Why is this trend relevant for users or analysts?
A: Median AGI is a key indicator of household financial well-being and income distribution that is widely used by policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is compiled annually by the U.S. Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: Median AGI is used to assess the financial health of state populations and inform policy decisions related to taxation, social programs, and economic development.
Q: Are there update delays or limitations?
A: The Median AGI data is released with a one-year lag, so the most recent figure may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Michigan (MEDAGIMI26A052NCEN), retrieved from FRED.