Estimate of Median Household Income for Massachusetts
MHIMA25000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99,750.00
Year-over-Year Change
58.02%
Date Range
1/1/1989 - 1/1/2023
Summary
The Estimate of Median Household Income for Massachusetts measures the midpoint of income distribution in the state, providing insight into economic well-being and standard of living.
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 represents the inflation-adjusted median household income in Massachusetts, which is a key indicator of the typical family's financial resources and purchasing power. Economists and policymakers use this data to analyze income trends and inform decisions related to economic policies and social programs.
Methodology
The U.S. Census Bureau collects this data through household surveys and applies statistical methods to estimate the median income level.
Historical Context
Median household income is widely used to assess the economic health of a region and inform policy decisions that affect household finances.
Key Facts
- Massachusetts median household income was $81,215 in 2019.
- Median income in Massachusetts is consistently higher than the national average.
- Household income data is a key input for policymakers and researchers studying economic inequality.
FAQs
Q: What does this economic trend measure?
A: The Estimate of Median Household Income for Massachusetts measures the midpoint of the income distribution in the state, providing insight into the typical household's financial resources and standard of living.
Q: Why is this trend relevant for users or analysts?
A: Median household income is a widely used indicator of economic well-being and purchasing power. Analyzing income trends in Massachusetts helps economists and policymakers understand the state's economic conditions and make informed decisions about policies and programs.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects this data through household surveys and applies statistical methods to estimate the median income level for Massachusetts.
Q: How is this trend used in economic policy?
A: Median household income data is used by policymakers, market analysts, and researchers to assess the economic health of a region and inform decisions related to economic policies, social programs, and household financial well-being.
Q: Are there update delays or limitations?
A: The Estimate of Median Household Income for Massachusetts is updated annually, with a slight delay due to the time required for data collection and processing by the U.S. Census Bureau.
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Citation
U.S. Federal Reserve, Estimate of Median Household Income for Massachusetts (MHIMA25000A052NCEN), retrieved from FRED.