Mean Family Income in the United States
This dataset tracks mean family income in the united states over time.
Latest Value
135700.00
Year-over-Year Change
67.51%
Date Range
1/1/1953 - 1/1/2023
Summary
Mean family income tracks the average economic earnings of U.S. households. This metric provides critical insight into national economic health and household financial well-being.
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
Mean family income represents the total income averaged across all families in the United States. It captures earnings from wages, investments, and other income sources.
Methodology
Data collected through comprehensive U.S. Census Bureau household surveys and economic assessments.
Historical Context
Used by policymakers to evaluate economic inequality and standard of living trends.
Key Facts
- Reflects total household economic resources
- Includes multiple income streams beyond salary
- Critical for understanding national economic trends
FAQs
Q: How is mean family income calculated?
A: Total family income is summed and divided by total number of families. Includes all income sources.
Q: Why does mean family income matter?
A: Provides insight into overall economic health and household financial capacity across the United States.
Q: How often is this data updated?
A: Typically updated annually by government economic research institutions.
Q: Does mean income differ from median income?
A: Mean includes all values, potentially skewed by extreme high or low incomes. Median represents the middle point.
Q: Can mean family income predict economic trends?
A: Serves as a key indicator of economic performance and potential future consumer spending patterns.
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Citation
U.S. Federal Reserve, Mean Family Income in the United States (MAFAINUSA646N), retrieved from FRED.