Estimate of Median Household Income for Hawaii
MHIHI15000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96,716.00
Year-over-Year Change
55.82%
Date Range
1/1/1989 - 1/1/2023
Summary
The Estimate of Median Household Income for Hawaii measures the midpoint of the income distribution in the state, providing insight into the typical household's economic well-being.
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 trend represents the median household income level in Hawaii, which is a key indicator of the state's standard of living and overall economic conditions. Policymakers and economists analyze this data to assess the financial health and purchasing power of Hawaiian households.
Methodology
The data is collected through the U.S. Census Bureau's annual American Community Survey.
Historical Context
This metric is closely watched by policymakers to inform decisions around taxation, social programs, and economic development initiatives in Hawaii.
Key Facts
- Hawaii has the highest median household income of any U.S. state.
- Median household income in Hawaii has increased by over 20% since 2010.
- Honolulu has the highest median household income of any major U.S. city.
FAQs
Q: What does this economic trend measure?
A: The Estimate of Median Household Income for Hawaii measures the middle point of the income distribution in the state, representing the income level at which half of households earn more and half earn less.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the overall standard of living and financial well-being of Hawaiian households, which is a key consideration for policymakers, businesses, and economists analyzing the state's economic conditions.
Q: How is this data collected or calculated?
A: The data is collected annually through the U.S. Census Bureau's American Community Survey, which samples a representative population to estimate median household income levels.
Q: How is this trend used in economic policy?
A: Policymakers in Hawaii closely monitor this metric to inform decisions around taxation, social programs, minimum wage, and other policies aimed at supporting household financial security and economic development in the state.
Q: Are there update delays or limitations?
A: The data is released with a 1-year lag, so the most recent estimate reflects conditions from the prior year. Additionally, the survey-based methodology may not fully capture income changes in the most recent periods.
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Citation
U.S. Federal Reserve, Estimate of Median Household Income for Hawaii (MHIHI15000A052NCEN), retrieved from FRED.