The median household income is commonly used to provide data about geographic areas and divides households into two equal segments with the first half of households The household is "the basic residential unit in which economic production, consumption, inheritance, child rearing, and shelter are organized and carried out"; [the household] "may or may not be synonymous with family" earning less than the median In probability theory and statistics, a median is described as the numeric value separating the higher half of a sample, a population, or a probability distribution, from the lower half. The median of a finite list of numbers can be found by arranging all the observations from lowest value to highest value and picking the middle one. If there is household income and the other half earning more.[1] The median income is considered by many statisticians Statisticians work with theoretical and applied statistics in both the private and public sectors. The core of that work is to measure, interpret, and describe the world and human activity patterns within it. The field shares much common history with positivist social science, but often with a greater emphasis on advanced mathematical methods to be a better indicator than the average In mathematics, an average, central tendency of a data set is a measure of the "middle" or "expected" value of the data set household income as it is not dramatically affected by unusually high or low values."[2] The U.S. Census Bureau uses the following definitions of median and mean income:

“

Median In probability theory and statistics, a median is described as the numeric value separating the higher half of a sample, a population, or a probability distribution, from the lower half. The median of a finite list of numbers can be found by arranging all the observations from lowest value to highest value and picking the middle one. If there is income is the amount which divides the income distribution In economics, income distribution is how a nation’s total economy is distributed amongst its population. .Income distribution has always been a central concern of economic theory and economic policy. Classical economists such as Adam Smith, Thomas Malthus and David Ricardo were mainly concerned with factor income distribution, that is, the into two equal groups, half having income above that amount, and half having income below that amount. Mean There are other statistical measures that use samples that some people confuse with averages - including 'median' and 'mode'. Other simple statistical analyses use measures of spread, such as range, interquartile range, or standard deviation. For a real-valued random variable X, the mean is the expectation of X. Note that not every probability income (average In mathematics, an average, central tendency of a data set is a measure of the "middle" or "expected" value of the data set) is the amount obtained by dividing the total aggregate income of a group by the number of units in that group. The means and medians for households and families are based on all households and families. Means and medians for people are based on people 15 years old and over with income.[1]

 ”

Household income is not to be confused with family or personal income Personal income is a measure of individual income used by the United States government, particularly the Department of Commerce. It is most often only applied to those who are either above the age of 15, 18, or 25 and are considered to be members of the labor force. The personal income figures of individuals in the United States are dependent on. Household income is often the combination of two income earners pooling the resources and should therefore not be confused with an individual's earnings. Even though the term family income may sometimes be used as a synonym for household income, the U.S. Census Bureau defines the two differently. While household income takes all households into account, family income only takes households with two or more persons related through blood, marriage or adoption into account.

Contents

International statistics

Median household income for selected countries is shown in the table below. The data for each country has been converted to U.S. dollars using purchasing power parity Purchasing power parity is a theory of long-term equilibrium exchange rates based on relative price levels of two countries. The idea originated with the School of Salamanca in the 16th century and was developed in its modern form by Gustav Cassel in 1918. The concept is founded on the law of one price; the idea that in absence of transaction (PPP) (obtained from the Organisation for Economic Co-operation and Development The Organisation for Economic Co-operation and Development is an international economic organisation of 31 countries. It defines itself as a forum of countries committed to democracy and the market economy, providing a setting to compare policy experiences, seeking answers to common problems, identifying good practices, and co-ordinating domestic).[3] Note that PPP-adjusted household income is not reflective of relative buying power (or prosperity) between countries because different governments subsidize different services.

Country Median household income national currency units Year PPP rate (OECD) Median household income (PPP)
Switzerland Switzerland , officially the Swiss Confederation (Confœderatio Helvetica in Latin, hence its ISO country codes CH and CHE), is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe[note 4] where it is bordered by Germany to the north, France to the west, Italy to[4] (gross) 107,748 CHF The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen (the sole legal currency is the euro), it is widely used on a day-to-day basis. The Swiss National Bank issues banknotes and the federal, $99,482 2007 1.787236 $60,288
California California's geography ranges from the Pacific coast to the Sierra Nevada mountain range in the east, to Mojave desert areas in the southeast and the Redwood–Douglas fir forests of the northwest. The center of the state is dominated by the Central Valley, one of the most productive agricultural areas in the world. California is the most, US[5] 55,450 USD The United States dollar is the official currency of the United States, Zimbabwe, Palau, Marshall Islands, El Salvador, British Virgin Islands, Ecuador, and Federated States of Micronesia. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that 2007 1.00 $55,450
United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language 50,233 USD The United States dollar is the official currency of the United States, Zimbabwe, Palau, Marshall Islands, El Salvador, British Virgin Islands, Ecuador, and Federated States of Micronesia. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that 2007 1.00 $50,233
Canada The land occupied by Canada was inhabited for millennia by various groups of Aboriginal peoples. Beginning in the late 15th century, British and French expeditions explored, and later settled, along the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three [6] 53,634 CAD The Canadian dollar is the currency of Canada. It is normally abbreviated with the Dollar/Peso sign $, or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. As of 2007, the Canadian dollar was the 7th most traded currency in the world, behind the US dollar, the euro, the yen, the pound sterling, the Swiss 2005 1.21 $44,000
Switzerland Switzerland , officially the Swiss Confederation (Confœderatio Helvetica in Latin, hence its ISO country codes CH and CHE), is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe[note 4] where it is bordered by Germany to the north, France to the west, Italy to[4] (after taxes and health insurance) 75,312 CHF The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen (the sole legal currency is the euro), it is widely used on a day-to-day basis. The Swiss National Bank issues banknotes and the federal, $69,534 2007 1.723465 $43,698
New Zealand New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses , and numerous smaller islands, most notably Stewart Island/Rakiura and the Chatham Islands. The indigenous Māori language name for New Zealand is Aotearoa, commonly translated as The Land of the Long White Cloud. The Realm of New Zealand also [7] 62,556 NZD The New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands (see also Cook Islands dollar), Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents 2007 1.54 $41,000
United Kingdom The United Kingdom of Great Britain and Northern Ireland[note 7] is a sovereign state located off the northwestern coast of continental Europe. It is an island country, spanning an archipelago including Great Britain, the northeastern part of the island of Ireland, and many small islands. Northern Ireland is the only part of the UK with a land [8] 24,700 GBP The pound sterling , commonly called the pound, is the currency of the United Kingdom, its Crown dependencies (the Isle of Man and the Channel Islands) and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence (singular: penny) 2004 0.632 $39,000
Australia For at least 40,000 years before European settlement in the late 18th century, Australia was inhabited by indigenous Australians, who belonged to one or more of the roughly 250 language groups. After sporadic visits by fishermen from the immediate north and discovery by Dutch explorers in 1606, Australia's eastern half was claimed by the British[9] 53,404 AUD The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu. Within Australia it is almost always abbreviated with the dollar sign ($), with A$ or AU$ sometimes used informally to 2006 1.41 $38,000
Israel Israel , officially the State of Israel (Hebrew: מְדִינַת יִשְׂרָאֵל (help·info), Medīnat Yisrā'el; Arabic: دَوْلَةُ إِسْرَائِيلَ‎, Dawlat Isrā'īl), is a country in Western Asia located on the eastern shore of the Mediterranean Sea. It borders Lebanon in the north, Syria in the northeast, Jordan and the[10] 107,820 ILS The Israeli New shekel (sign: ₪; acronym: ש״ח and in English NIS; code: ILS) (also spelled sheqel; pl. shekalim pronounced shkalim - שקלים, Arabic: شيقل جديد, shiqel jadid or شيكل جديد shikel jadid) is the currency of the State of Israel. The shekel is divided into 100 agorot (אגורות) (sing. agora, Hebrew: אגורה 2006 2.90 $37,000
Ireland Ireland (pronounced /ˈaɪərlənd/ , locally [ˈaɾlənd], Irish: Éire, pronounced [ˈeːɾʲə] ( listen)), described as the Republic of Ireland (Irish: Poblacht na hÉireann), is a country in north-western Europe. The modern sovereign state occupies about five-sixths of the island of Ireland, which was partitioned into two jurisdictions in 1921 35,410 EUR The euro is the official currency of the Eurozone: 16 of the 27 Member States of the European Union (EU) and is the currency used by the EU institutions. The eurozone consists of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Estonia is due to 2005 1.02 $35,000
Scotland Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the southwest. In addition to the mainland, Scotland, United Kingdom[11] 21,892 GBP The pound sterling , commonly called the pound, is the currency of the United Kingdom, its Crown dependencies (the Isle of Man and the Channel Islands) and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence (singular: penny) 2005 0.649 $34,000
West Virginia West Virginia became a state following the Wheeling Conventions, breaking away from Virginia during the American Civil War. The new state was admitted to the Union on June 20, 1863, and was a key Civil War border state. West Virginia was the only state to form by seceding from a Confederate state, and was one of only two states formed during the, US[12] US state $33,000
Hong Kong Hong Kong is one of the two special administrative regions of the People's Republic of China; the other is Macau. Situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour. With land mass of 1,104 km2 (426 sq mi) and a population of seven million[13] 186,000 HKD The Hong Kong dollar is the currency of Hong Kong. It is the 9th most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies. The dollar is subdivided into 100 cents 2005 5.96 $31,000
Singapore Singapore, officially the Republic of Singapore, is an island country off the southern tip of the Malay Peninsula, 137 kilometres north of the equator, in the Southeast Asian region of the Asian continent. It is separated from Malaysia by the Straits of Johor to its north, and from Indonesia's Riau Islands by the Singapore Strait to its south. A[14] 45,960 SGD The dollar is the currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents 2005 1.55 $30,000

Median household income and the economy

Since 1980, U.S. gross domestic product The gross domestic product or gross domestic income (GDI) is a measure of a country's overall economic output. It is the market value of all final goods and services made within the borders of a country in a year. It is often positively correlated with the standard of living, though its use as a stand-in for measuring the standard of living has (GDP) per capita has increased 67%[1], while median household income has only increased by 15%. An economic recession In economics, a recession is a business cycle contraction, a general slowdown in economic activity over a period of time. During recessions, many macroeconomic indicators vary in a similar way. Production as measured by Gross Domestic Product , employment, investment spending, capacity utilization, household incomes, business profits and inflation will normally cause household incomes to decrease, often by as much as 10% (Figure 1).

Median household income is a politically sensitive indicator. Voters' can be critical of their government if they perceive that their cost of living Cost of living is the cost of maintaining a certain standard of living. Changes in the cost of living over time are often operationalized in a cost of living index. Cost of living calculations are also used to compare the cost of maintaining a certain standard of living in different geographic areas. Geographic differences in cost of living can be is rising faster than their income. Figure 1 shows how American incomes have changed since 1970. The last recession was the early 2000s recession The early 2000s recession was a decline in economic activity which occurred mainly in Western countries. It affected the European Union mostly during 2000 and 2001 and the United States mostly in 2002 and 2003. Canada and Australia avoided the recession for the most part, while Russia, a nation that did not experience prosperity during the 1990s, and was started with the bursting of the dot-com bubble The "dot-com bubble" was a speculative bubble covering roughly 1995–2000 (with a climax on March 10, 2000 with the NASDAQ peaking at 5132.52) during which stock markets in industrialized nations saw their equity value rise rapidly from growth in the more recent Internet sector and related fields. While the latter part was a boom and. It affected most advanced economies including the European Union, Japan and the United States.

The current crisis The late-2000s recession is an economic recession that began in the United States in December 2007 (and with much greater intensity since September 2008, according to the National Bureau of Economic Research). It spread to much of the industrialized world, and has caused a pronounced deceleration of economic activity. This global recession has began with the bursting of the U.S. housing bubble The United States housing bubble is an economic bubble affecting many parts of the United States housing market, including areas of California, Florida, Nevada, Arizona, Oregon, Colorado, Michigan, Utah, Idaho, Illinois ,Ohio, Indiana, Tennessee, Virginia , Maryland, Georgia , New Jersey, Rhode Island, Massachusetts and Hawaii; housing prices, which caused a problem in the dangerously exposed subprime mortgage market The subprime mortgage crisis is an ongoing real estate crisis and financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. This in turn has triggered a global financial crisis The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called. American household incomes have only recently recovered from the early 2000s recession The early 2000s recession was a decline in economic activity which occurred mainly in Western countries. It affected the European Union mostly during 2000 and 2001 and the United States mostly in 2002 and 2003. Canada and Australia avoided the recession for the most part, while Russia, a nation that did not experience prosperity during the 1990s, (see Figure 1).

The relationship between economic activity (as measured by GDP) and household income varies substantially from country-to-country. Consider the situation of Equatorial Guinea Equatorial Guinea, officially the Republic of Equatorial Guinea is a country located in Central Africa. With an area of 28,000 square kilometres (11,000 sq mi) it is one of the smallest countries in continental Africa. It is also the most prosperous, however the wealth is concentrated in government and elite hands, with 70% of the population, a small African oil state with one of the world's highest GDP per capita (USD$50,200). Equatorial Guinea's GDP per capita is 50% higher than Australia's, yet life expectancy in Equatorial Guinea is less than 50 years and 47% of citizens live in poverty Poverty is the lack of basic human needs, such as clean water, nutrition, health care, education, clothing and shelter, because of the inability to afford them. This is also referred to as absolute poverty or destitution. Relative poverty is the condition of having fewer resources or less income than others within a society or country, or compared.[15]

The neutrality of this section is disputed. Please see the discussion on the talk page. Please do not remove this message until the dispute is resolved. (September 2009)
Equatorial Guinea Australia Iraq (war torn)
GDP per capita (PPP) $50,200 $33,300 $1,900
Biggest export Oil Coal Oil
Life expectancy 49.5 80.6 69.3
Infant mortality 87 5 68

A comparison between median household income and GDP per capita for developed countries is shown in the chart below. There is only a weak correlation (R=0.16) between GDP per capita and household income.[16]

See also

Demographics of the United States
Demographic history
Economic and social

Affluence · Educational attainment · Homeownership · Household income · Immigration · Income inequality · Language · Middle classes · Personal income · Poverty · Social class · Unemployment by state · Wealth
Religion

Prominent examples: Buddhist Americans · Christian Americans (Catholic Americans, , etc.) · Hindu Americans · Jewish Americans · Muslim Americans · Neopagan Americans · Non-religious Americans · Sikh Americans
Race, ethnicity, and ancestry

Ethnic groups in the United States · American people by ethnic or national origin · History of the United States by ethnic group · American culture by ethnicity · Race and ethnicity in the United States Census · Race and ethnicity in the United States · Maps of American ancestries · 2000 Census · Race/ethnicity by EEOC · Racism

Major examples: · White Americans (Arab Americans, English Americans, German Americans, Irish Americans, Italian Americans, etc) · Black Americans (African Americans, African immigrants and descendants, Afro-Caribbeans/West Indians, etc.) · Asian Americans (Chinese Americans, Filipino Americans, Indian Americans, Japanese Americans, Pakistani Americans, etc.) · Hispanic and Latino Americans (Mexican Americans, Puerto Ricans in the United States, Cuban Americans, Colombian Americans, etc.) · Jewish Americans · Multiracial Americans · Native Americans and Alaska Natives · Pacific Islander Americans (Chamorro Americans, Native Hawaiians, Samoan Americans, etc)

References

  1. ^ a b "US Government, the different between =2006-06-29". http://www.business.gov/topics/research_resources/market_research/census_bureau_faq.html.
  2. ^ "U.S. Census Bureau on the nature the median in determining wealth". http://www.census.gov/prod/2003pubs/p70-88.pdf. Retrieved 2006-06-29.
  3. ^ "OECD, PPP conversion rates". http://stats.oecd.org/Index.aspx?datasetcode=SNA_TABLE4. Retrieved 2010-03-01.
  4. ^ a b "Household income and expenditure 2007". http://www.bfs.admin.ch/bfs/portal/en/index/themen/20/02/blank/key/einkommen0/niveau.html. Retrieved 2009-07-13.
  5. ^ "California Median Household income, 2007". http://www.dof.ca.gov/HTML/FS_DATA/LatestEconData/documents/BBMEDIAN.XLS. Retrieved 2009-06-05.
  6. ^ "Canada median household income". http://www12.statcan.ca/english/census06/data/topics/RetrieveProductTable.cfm?ALEVEL=3&APATH=3&CATNO=97-563-XCB2006045&DETAIL=0&DIM=&DS=99&FL=0&FREE=0&GAL=0&GC=99&GK=NA&GRP=1&IPS=97-563-XCB2006045&METH=0&ORDER=1&PID=94592&PTYPE=88971&RL=0&S=1&ShowAll=No&StartRow=1&SUB=0&Temporal=2006&Theme=81&VID=0&VNAMEE=&VNAMEF=. Retrieved 2008-5-2.
  7. ^ "New Zealand income survey showing median household income". http://www.stats.govt.nz/products-and-services/hot-off-the-press/nz-income-survey/new-zealand-income-survey-jun-07-qtr-hotp.htm?page=para002Master. Retrieved 2007-10-04.
  8. ^ "UK parliament discussion showing median household income". http://www.parliament.the-stationery-office.co.uk/pa/cm200506/cmhansrd/cm060719/text/60719w1831.htm. Retrieved 2006-12-31.
  9. ^ "Census QuickStats". http://www.censusdata.abs.gov.au/ABSNavigation/prenav/ViewData?action=402&documentproductno=SSC12037&documenttype=Main%20Features&order=1&tabname=Summary&areacode=SSC12037&issue=2006&producttype=QuickStats&javascript=true&textversion=false&navmapdisplayed=true&breadcrumb=LPD&&collection=Census&period=2006&producttype=QuickStats&-. Retrieved 2007-10-07.
  10. ^ "israeli median household income, 2006". http://www1.cbs.gov.il/www/publications/households06/pdf/t03_1.pdf. Retrieved 2008-01-15.
  11. ^ "Scottish Economic Statistics 2007". http://www.scotland.gov.uk/Publications/2007/07/18083820/71. Retrieved 2007-10-09.
  12. ^ "West Virginia, Median Household Income, 2005". http://www.census.gov/hhes/www/income/income04/statemhi.html. Retrieved 2007-03-22.
  13. ^ "Hong Kong median household income, 2005". http://www.adb.org/Documents/Books/ADO/2005/hkg.asp. Retrieved 2007-01-19.
  14. ^ "Singapore median household income, 2005". http://www.singstat.gov.sg/keystats/annual/ghs/r2/chap3.pdf. Retrieved 2007-01-19.
  15. ^ Population below poverty line (most recent) by country, Nationmaster
  16. ^ IMF GDP per capita

Related links

Categories: Income in the United States

 

The above information uses material from Wikipedia and is licensed under the GNU Free Documentation License.
Some facts may not have been fully verified for accuracy. [Disclaimers]
This page was last archived by our server on Tue Jul 27 09:56:20 2010. [ refresh local cache ]
Displaying this page or its contents does not use any Wikimedia Foundation's resources.
The owners of this site proudly support the Wikimedia Foundation.

[Hide]▼
'Median Income' News
Stimulus Money Brings Water To Areas Without - WSMV
news.google.com
Stimulus Money Brings Water To Areas Without

WSMV

"Our median income in Sumner County sometimes excludes us from the grants, and money goes to a smaller county," McDonald said. Some progress has been made ...
Google News Search: median income,
Tue Jul 27 09:56:22 2010
'Median Income' Images
median household income 2000 co 250pxl gif
oseda.missouri.edu
median household income 2000 co 250pxl gif
193px x 250px | 8.20kB

[source page]

median family income 2000 co typ gif 19 Nov 2002 15 49 22k median household income 2000 co gif 14 Jun 2002 10 17 20k median household income 2000 co 250pxl gif 14 Jun 2002 10 17 8k pchgperinc 1993 2003 co jpg 01 Jun 2006 15 14 110k

Yahoo Images Search: median income,
Tue Jul 27 09:56:22 2010
'Median Income' Blogs
Chicago TIF funds not creating affordable housing, new report says
illinoislegaladvocate.org
Chicago TIF funds not creating affordable housing, new report says

unknown

Wed, 26 Aug 2009 23:30:01 GM

The data shows that in a quarter of all wards where TIFsubsidized affordable housing was constructed forsale units were priced for households earning as much as 2.5 times the communityrsquo;​s . median income. . In another quarter of those ...

Google Blogs Search: median income,
Tue Jul 27 09:56:22 2010
[Hide]▲