Estimate of Median Household Income for Montana
MHIMT30000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
70,939.00
Year-over-Year Change
61.18%
Date Range
1/1/1989 - 1/1/2023
Summary
The Estimate of Median Household Income for Montana tracks the midpoint of the income distribution for households in the state. This key economic indicator provides insights into Montanans' standard of living 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
The Estimate of Median Household Income for Montana represents the income level at which half of Montana households have higher incomes and half have lower incomes. Economists and policymakers use this metric to assess economic well-being and guide decisions around taxation, social programs, and economic development.
Methodology
The U.S. Census Bureau collects this data through the American Community Survey.
Historical Context
This trend is widely referenced by government agencies, research institutions, and media outlets to understand Montana's economic health and living standards.
Key Facts
- Median household income in Montana was $57,153 in 2020.
- Montana's median income is slightly below the national average.
- Income levels vary significantly by region within the state.
FAQs
Q: What does this economic trend measure?
A: The Estimate of Median Household Income for Montana measures the midpoint of the income distribution for households in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic well-being and purchasing power of Montanans, which is valuable information for policymakers, researchers, and the general public.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects this data through the American Community Survey.
Q: How is this trend used in economic policy?
A: Government agencies, research institutions, and media outlets use this metric to assess Montana's economic health and living standards, which informs decisions around taxation, social programs, and economic development.
Q: Are there update delays or limitations?
A: The data is updated annually, with a delay of approximately one year between the reference period and publication.
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Citation
U.S. Federal Reserve, Estimate of Median Household Income for Montana (MHIMT30000A052NCEN), retrieved from FRED.