Median Household Income in Utah
MEHOINUSUTA646N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101,200.00
Year-over-Year Change
82.38%
Date Range
1/1/1984 - 1/1/2023
Summary
The Median Household Income in Utah measures the midpoint of income distribution for households in the state. It is a key economic indicator used to assess living standards and purchasing power.
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 metric represents the median, or middle, income level for Utah households. It is widely used by policymakers, economists, and researchers to analyze income trends, cost of living, and economic well-being across the state.
Methodology
The data is collected through the U.S. Census Bureau's annual American Community Survey.
Historical Context
Median household income is an important input for policy decisions and market analysis related to taxation, social programs, and consumer demand.
Key Facts
- Utah's median household income was $74,947 in 2021.
- Incomes in Utah are above the national median.
- Median income has grown steadily in Utah over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Median Household Income in Utah measures the midpoint of the income distribution for households in the state. It represents the income level at which half of households have higher incomes and half have lower incomes.
Q: Why is this trend relevant for users or analysts?
A: Median household income is a key indicator of economic well-being and living standards. It is widely used by policymakers, economists, and market analysts to assess income trends, cost of living, and consumer purchasing power in Utah.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's annual American Community Survey, which gathers detailed socioeconomic information from a representative sample of U.S. households.
Q: How is this trend used in economic policy?
A: Median household income is an important input for policy decisions related to taxation, social programs, and consumer demand. Economists and policymakers use this metric to analyze income distribution, cost of living, and the purchasing power of Utah residents.
Q: Are there update delays or limitations?
A: The Median Household Income in Utah data is published annually with a slight delay, as it is based on the Census Bureau's American Community Survey. There may be some limitations in capturing the full income distribution, as the survey is based on a sample of households.
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Citation
U.S. Federal Reserve, Median Household Income in Utah (MEHOINUSUTA646N), retrieved from FRED.