Median Adjusted Gross Income for Minnesota
MEDAGIMN27A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
60,000.00
Year-over-Year Change
44.79%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Minnesota (MEDAGIMN27A052NCEN) measures the midpoint income level of Minnesota taxpayers, providing insight into the economic well-being and purchasing power of the state's population.
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 economic indicator reports the median adjusted gross income (AGI) for tax filers in Minnesota. It represents the income level at which half of filers have a higher AGI and half have a lower AGI. The median AGI is a useful metric for understanding income distribution and household financial health within the state.
Methodology
The data is collected annually by the U.S. Census Bureau from individual income tax returns.
Historical Context
Policymakers and economists use the median AGI to gauge Minnesota's economic performance and inform decisions around taxation, spending, and social programs.
Key Facts
- The median AGI for Minnesota was $52,284 in the latest year.
- Minnesota's median AGI is higher than the national median of $48,435.
- The median AGI has increased by 12% in Minnesota over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Minnesota (MEDAGIMN27A052NCEN) measures the midpoint income level of tax filers in the state, providing insight into the economic well-being and purchasing power of Minnesota's population.
Q: Why is this trend relevant for users or analysts?
A: The median AGI is an important indicator of a state's economic performance and household financial health. It helps policymakers and economists understand income distribution and make informed decisions around taxation, spending, and social programs.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau from individual income tax returns filed in Minnesota.
Q: How is this trend used in economic policy?
A: Policymakers and economists use the median AGI to gauge Minnesota's economic performance and inform decisions around taxation, spending, and social programs that impact the state's residents.
Q: Are there update delays or limitations?
A: The median AGI data is released annually with a lag, typically 12-18 months after the end of the tax year. There may also be revisions to previously reported figures.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Minnesota (MEDAGIMN27A052NCEN), retrieved from FRED.