Median Adjusted Gross Income for Washington
This dataset tracks median adjusted gross income for washington over time.
Latest Value
65000.00
Year-over-Year Change
59.15%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Washington measures the middle point of reported incomes for individual taxpayers in the state. This key economic indicator provides insights into the financial well-being and spending power of Washington 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 (AGI) for Washington reflects the midpoint of all reported AGI values for individual income tax filers in the state. AGI represents total income minus allowable deductions and serves as a widely-used proxy for household earnings and consumption trends.
Methodology
The data is compiled annually by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
Economists and policymakers monitor trends in state-level median AGI to assess regional economic conditions and the potential for consumer spending and investment.
Key Facts
- The median AGI for Washington was $57,957 in 2020.
- AGI has grown by 23% in Washington over the past decade.
- Median incomes are highest in King and Snohomish counties.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Washington measures the midpoint of reported incomes for individual taxpayers in the state.
Q: Why is this trend relevant for users or analysts?
A: Median AGI provides insights into the financial well-being and spending power of Washington residents, which is crucial information for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is compiled annually by the U.S. Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor trends in state-level median AGI to assess regional economic conditions and the potential for consumer spending and investment.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, and may not capture all income sources or reflect regional variations within the state.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Washington (MEDAGIWA53A052NCEN), retrieved from FRED.