Median Adjusted Gross Income for Nevada
This dataset tracks median adjusted gross income for nevada over time.
Latest Value
47500.00
Year-over-Year Change
44.54%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Nevada measures the midpoint income level of individual tax filers in the state. This metric provides insight into the economic well-being and purchasing power of Nevada 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 Median Adjusted Gross Income for Nevada represents the central income level for tax filers in the state, where half earn more and half earn less. This figure is a key indicator of the overall prosperity and financial health of Nevada's population.
Methodology
The data is collected and calculated annually by the U.S. Internal Revenue Service based on individual income tax returns.
Historical Context
Economists and policymakers monitor this trend to assess the financial standing of Nevada residents and inform economic and social policies.
Key Facts
- Nevada's median adjusted gross income was $51,923 in 2020.
- The state's median income has increased by 23% over the past decade.
- Nevada's median income is slightly below the national average.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Nevada measures the midpoint income level of individual tax filers in the state. It represents the central income point where half of Nevada residents earn more and half earn less.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the overall financial well-being and purchasing power of Nevada's population, which is useful for economists, policymakers, and analysts assessing the state's economic conditions.
Q: How is this data collected or calculated?
A: The data is collected and calculated annually by the U.S. Internal Revenue Service based on individual income tax returns filed by Nevada residents.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor Nevada's median adjusted gross income to assess the financial standing of residents and inform economic and social policies aimed at supporting household prosperity.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, typically 12-18 months after the end of the tax year. There may also be limitations in capturing income for certain populations, such as the unbanked or gig workers.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Nevada (MEDAGINV32A052NCEN), retrieved from FRED.