Mean Family Income in Midwest Census Region
This dataset tracks mean family income in midwest census region over time.
Latest Value
135400.00
Year-over-Year Change
72.02%
Date Range
1/1/1967 - 1/1/2023
Summary
The Mean Family Income in Midwest Census Region tracks the average inflation-adjusted income of families living in the Midwest U.S. This metric provides insight into the economic well-being and purchasing power of Midwestern households.
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
This data series measures the mean, or average, inflation-adjusted income of family households located in the Midwest region of the United States. It is a key indicator of the overall prosperity and financial health of Midwestern families and communities.
Methodology
The data is collected through the U.S. Census Bureau's Current Population Survey and adjusted for inflation using the Personal Consumption Expenditures Price Index.
Historical Context
Policymakers and economists monitor this trend to assess the Midwest's economic conditions and inform decisions around tax, spending, and social programs.
Key Facts
- The Midwest region includes 12 states: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin.
- In 2021, the mean family income in the Midwest was $97,462.
- Real mean family income in the Midwest has grown by 14% over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Mean Family Income in Midwest Census Region tracks the average inflation-adjusted income of family households located in the 12-state Midwest region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the overall economic well-being and purchasing power of Midwestern families, which is valuable information for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's Current Population Survey and adjusted for inflation using the Personal Consumption Expenditures Price Index.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess the Midwest's economic conditions and inform decisions around tax, spending, and social programs that impact Midwestern households.
Q: Are there update delays or limitations?
A: The data is released annually with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Mean Family Income in Midwest Census Region (MAFAINUSMWA646N), retrieved from FRED.