Median Adjusted Gross Income for West Virginia
This dataset tracks median adjusted gross income for west virginia over time.
Latest Value
44000.00
Year-over-Year Change
39.48%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for West Virginia measures the midpoint of income levels for individual taxpayers in the state. This metric is a key indicator of economic well-being and standard of living for West Virginia 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 West Virginia represents the middle value of income amounts reported on federal tax returns filed by individuals living in the state. It is a widely used statistic for evaluating income trends and inequality within a geographic region.
Methodology
The data is calculated annually by the U.S. Census Bureau based on individual income tax return filings.
Historical Context
Policymakers and analysts use this metric to assess the economic conditions and financial security of West Virginia households.
Key Facts
- The median AGI for West Virginia was $47,275 in 2019.
- West Virginia's median AGI is consistently lower than the national average.
- Income levels vary significantly by county within the state.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for West Virginia measures the midpoint of individual income levels reported on federal tax returns by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides key insights into the overall economic standing and financial security of West Virginia households, which is useful for policymakers, researchers, and residents.
Q: How is this data collected or calculated?
A: The data is calculated annually by the U.S. Census Bureau based on individual income tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the economic conditions and financial security of West Virginia households, informing decisions around taxation, social programs, and economic development initiatives.
Q: Are there update delays or limitations?
A: The data is published with a 1-2 year lag due to the time required to process individual tax return information.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for West Virginia (MEDAGIWV54A052NCEN), retrieved from FRED.