Median Household Income in Arizona
MEHOINUSAZA646N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
82,660.00
Year-over-Year Change
70.01%
Date Range
1/1/1984 - 1/1/2023
Summary
The Median Household Income in Arizona trend measures the middle household income level in the state. This economic indicator provides insights into the purchasing power and standard of living for Arizona residents.
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
Median Household Income represents the midpoint of all household incomes in a given geographic area. It is a widely used metric for evaluating economic well-being and comparing income distributions across states and regions.
Methodology
The U.S. Census Bureau collects this data through the annual American Community Survey.
Historical Context
Policymakers and analysts track median household incomes to understand consumer spending patterns and make informed decisions about economic and social policies.
Key Facts
- Arizona's median household income was $62,055 in 2021.
- Median incomes in Arizona have increased by 17% over the past decade.
- Income inequality remains a concern, with significant disparities across demographic groups.
FAQs
Q: What does this economic trend measure?
A: The Median Household Income in Arizona trend measures the middle income level for all households in the state. It provides a gauge of the overall economic well-being and purchasing power of Arizona residents.
Q: Why is this trend relevant for users or analysts?
A: Median household income is a key indicator of a region's standard of living and economic prosperity. Tracking this metric helps policymakers, businesses, and consumers understand consumer spending patterns and make informed decisions.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects this data through the annual American Community Survey, which samples a representative portion of the population.
Q: How is this trend used in economic policy?
A: Median household income data informs economic and social policies related to taxation, public assistance programs, infrastructure investment, and other initiatives aimed at improving living standards and economic opportunity.
Q: Are there update delays or limitations?
A: The most recent data is typically published with a 1-2 year lag. Additionally, sample size limitations may result in larger margins of error for smaller geographic areas.
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Citation
U.S. Federal Reserve, Median Household Income in Arizona (MEHOINUSAZA646N), retrieved from FRED.