Estimate of Median Household Income for Maryland
MHIMD24000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98,568.00
Year-over-Year Change
40.66%
Date Range
1/1/1989 - 1/1/2023
Summary
The Estimate of Median Household Income for Maryland measures the midpoint of the income distribution for households in the state. It is a key economic indicator used to assess the financial well-being and purchasing power of Maryland 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 Maryland represents the middle value in the range of household incomes across the state, with half of households earning more and half earning less. This statistic is widely referenced by economists, policymakers, and market analysts to understand economic trends and living standards in Maryland.
Methodology
This estimate is calculated annually by the U.S. Census Bureau based on survey data collected from Maryland households.
Historical Context
The Maryland median household income figure informs policy decisions and helps businesses evaluate market conditions and consumer demand.
Key Facts
- Median household income in Maryland was $82,003 in 2021.
- Maryland's median income is significantly higher than the national median of $70,784.
- Incomes vary widely across Maryland, with urban areas tending to have higher medians.
FAQs
Q: What does this economic trend measure?
A: The Estimate of Median Household Income for Maryland measures the midpoint of the income distribution for households in the state. It represents the middle value, with half of households earning more and half earning less.
Q: Why is this trend relevant for users or analysts?
A: The Maryland median household income statistic is a key economic indicator used to assess the financial well-being and purchasing power of residents. It informs policy decisions and helps businesses evaluate market conditions and consumer demand in the state.
Q: How is this data collected or calculated?
A: This estimate is calculated annually by the U.S. Census Bureau based on survey data collected from Maryland households.
Q: How is this trend used in economic policy?
A: The Maryland median household income figure informs policy decisions and helps businesses evaluate market conditions and consumer demand in the state.
Q: Are there update delays or limitations?
A: The Estimate of Median Household Income for Maryland is published annually with a slight delay, as the Census Bureau collects and processes the underlying survey data.
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Citation
U.S. Federal Reserve, Estimate of Median Household Income for Maryland (MHIMD24000A052NCEN), retrieved from FRED.