Real Median Household Income in North Dakota
MEHOINUSNDA672N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
76,960.00
Year-over-Year Change
3.96%
Date Range
1/1/1984 - 1/1/2023
Summary
The Real Median Household Income in North Dakota measures the median inflation-adjusted income of households in the state. This metric is a key indicator of economic well-being and living standards for North Dakota 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
The Real Median Household Income in North Dakota represents the midpoint of the income distribution, where half of households earn more and half earn less. Economists and policymakers monitor this trend to assess the financial health and purchasing power of North Dakota families.
Methodology
The U.S. Census Bureau collects household income data through surveys and adjusts the values for inflation to calculate this real median metric.
Historical Context
Trends in real household income inform policy decisions and shape market strategies related to consumer spending, taxation, and social programs in North Dakota.
Key Facts
- North Dakota's real median household income was $65,315 in 2021.
- Real incomes in North Dakota have grown by over 15% since 2010.
- North Dakota has one of the highest real median incomes among U.S. states.
FAQs
Q: What does this economic trend measure?
A: The Real Median Household Income in North Dakota measures the midpoint of the income distribution for households in the state, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of the financial well-being and purchasing power of North Dakota families, which is relevant for consumers, businesses, and policymakers.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects household income data through surveys and adjusts the values for inflation to calculate the real median metric.
Q: How is this trend used in economic policy?
A: Trends in real median household income inform policy decisions and shape market strategies related to consumer spending, taxation, and social programs in North Dakota.
Q: Are there update delays or limitations?
A: The real median household income data is published annually with a lag, so the most recent year may not be immediately available.
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Citation
U.S. Federal Reserve, Real Median Household Income in North Dakota (MEHOINUSNDA672N), retrieved from FRED.