Estimate of Median Household Income for Arizona
MHIAZ04000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
77,158.00
Year-over-Year Change
65.19%
Date Range
1/1/1989 - 1/1/2023
Summary
The Estimate of Median Household Income for Arizona measures the midpoint of the income distribution in the state. This trend is a key indicator of economic well-being and purchasing power 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
The Estimate of Median Household Income for Arizona represents the income level at which half of households in the state have higher incomes and half have lower incomes. It is a widely referenced statistic for assessing the overall standard of living and financial health of Arizona's population.
Methodology
This estimate is calculated annually by the U.S. Census Bureau based on survey data.
Historical Context
Policymakers and analysts use this metric to gauge the economic vitality and income distribution within Arizona.
Key Facts
- Arizona's median household income was $61,529 in 2021.
- Median income in Arizona has increased by 24% over the past decade.
- Arizona's median income is 96% of the national median household income.
FAQs
Q: What does this economic trend measure?
A: The Estimate of Median Household Income for Arizona measures the midpoint of the income distribution within the state, indicating 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: This metric is a key indicator of the overall economic well-being and purchasing power of Arizona residents, providing important insights into the state's standard of living and income distribution.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau calculates this estimate annually based on survey data.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use the Estimate of Median Household Income for Arizona to gauge the economic vitality and income distribution within the state, informing policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The Estimate of Median Household Income for Arizona is published annually with a lag, and may be subject to sampling and estimation uncertainties inherent in survey-based data.
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Citation
U.S. Federal Reserve, Estimate of Median Household Income for Arizona (MHIAZ04000A052NCEN), retrieved from FRED.