Estimate of Median Household Income for Utah
MHIUT49000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
93,030.00
Year-over-Year Change
66.71%
Date Range
1/1/1989 - 1/1/2023
Summary
The Estimate of Median Household Income for Utah measures the midpoint of the income distribution for households in the state of Utah. This economic indicator is important for understanding the overall financial well-being and purchasing power of Utah 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 Utah represents the middle value in the distribution of household incomes in the state, with half of households earning more and half earning less. This metric provides insight into the typical standard of living and economic conditions experienced by Utah families.
Methodology
The U.S. Census Bureau collects this data annually through the American Community Survey.
Historical Context
Policymakers and economists use this metric to assess economic trends and guide decisions affecting Utah's residents and economy.
Key Facts
- The median household income in Utah was $74,797 in 2020.
- Utah's median household income is higher than the national average.
- Household incomes in Utah have grown steadily over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Estimate of Median Household Income for Utah measures the midpoint of the income distribution for households in the state, with half of households earning more and half earning less.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the typical standard of living and economic conditions experienced by Utah families, which is relevant for policymakers, economists, and others analyzing the state's economy.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects this data annually through the American Community Survey.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess economic trends and guide decisions affecting Utah's residents and economy.
Q: Are there update delays or limitations?
A: The data is updated annually, with a typical release delay of around one year.
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Citation
U.S. Federal Reserve, Estimate of Median Household Income for Utah (MHIUT49000A052NCEN), retrieved from FRED.