Median Household Income in North Dakota
MEHOINUSNDA646N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
76,960.00
Year-over-Year Change
36.55%
Date Range
1/1/1984 - 1/1/2023
Summary
The Median Household Income in North Dakota metric tracks the midpoint of the income distribution for households in the state. It provides insight into overall economic well-being and living standards.
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 Household Income in North Dakota represents the income level at which half of households have higher incomes and half have lower incomes. It is a key economic indicator used to analyze household purchasing power, consumer spending, and standards of living within the state.
Methodology
The data is collected through the U.S. Census Bureau's annual household surveys.
Historical Context
Policymakers and analysts monitor this metric to gauge the financial health of North Dakota residents and inform economic and social policies.
Key Facts
- North Dakota has one of the highest median household incomes in the U.S.
- Median household income in North Dakota was $65,315 in 2021.
- North Dakota's median household income has grown significantly over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Median Household Income in North Dakota metric measures the midpoint of the income distribution for households in the state. It provides insight into overall economic well-being and living standards.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of household purchasing power, consumer spending, and standards of living within North Dakota. It is closely monitored by policymakers and analysts to gauge the financial health of residents and inform economic and social policies.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's annual household surveys.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the overall economic well-being and living standards of North Dakota residents, which informs decisions on economic and social policies.
Q: Are there update delays or limitations?
A: The data is published annually by the U.S. Census Bureau, with a typical delay of 1-2 years between the reference year and the publication date.
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Citation
U.S. Federal Reserve, Median Household Income in North Dakota (MEHOINUSNDA646N), retrieved from FRED.