Real Median Household Income in Rhode Island
MEHOINUSRIA672N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
81,860.00
Year-over-Year Change
27.09%
Date Range
1/1/1984 - 1/1/2023
Summary
The Real Median Household Income in Rhode Island measures the purchasing power of typical Rhode Island households, adjusting for inflation. It is a key indicator of economic well-being for policymakers and 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
This series tracks the real (inflation-adjusted) median household income for the state of Rhode Island. Median household income is a widely used statistic that represents the middle point of all household incomes, providing insights into the financial status of typical Rhode Island families.
Methodology
The data is collected through the U.S. Census Bureau's annual Current Population Survey.
Historical Context
Trends in real median household income inform policymakers about the standard of living and economic conditions facing Rhode Island residents.
Key Facts
- Rhode Island's real median household income was $66,119 in 2021.
- The state's real median household income has increased by 7.2% since 2011.
- Rhode Island's real median household income is 6.4% lower than the national average.
FAQs
Q: What does this economic trend measure?
A: The Real Median Household Income in Rhode Island measures the inflation-adjusted middle point of all household incomes in the state, providing insights into the financial status of typical Rhode Island families.
Q: Why is this trend relevant for users or analysts?
A: Trends in real median household income are important for understanding the standard of living and economic conditions facing Rhode Island residents, which informs policy decisions and economic analyses.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's annual Current Population Survey.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the financial well-being of Rhode Island households and inform decisions about economic policies, programs, and initiatives.
Q: Are there update delays or limitations?
A: The data is published annually, with a typical one-year lag between the reference year and the release date.
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Citation
U.S. Federal Reserve, Real Median Household Income in Rhode Island (MEHOINUSRIA672N), retrieved from FRED.