Real Median Family Income in West Census Region
This dataset tracks real median family income in west census region over time.
Latest Value
105300.00
Year-over-Year Change
28.35%
Date Range
1/1/1953 - 1/1/2023
Summary
The Real Median Family Income in West Census Region measures the inflation-adjusted median income for families living in the Western United States. This metric is a key indicator of economic well-being and purchasing power in the region.
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 Real Median Family Income in West Census Region represents the midpoint of the income distribution for family households in the West, after adjusting for inflation. This statistic provides insight into the typical living standards and financial security of families in the region.
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 closely monitor this trend to gauge regional economic conditions and the relative prosperity of Western families.
Key Facts
- The median family income in the West was $98,305 in 2021.
- Incomes in the West have increased by 21% since 2000, after adjusting for inflation.
- The West has the highest median family income of any U.S. census region.
FAQs
Q: What does this economic trend measure?
A: The Real Median Family Income in West Census Region measures the inflation-adjusted midpoint of the income distribution for family households in the Western United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the typical living standards and financial security of families in the Western region, which is crucial for understanding regional economic conditions and household well-being.
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 closely monitor this trend to gauge regional economic conditions and the relative prosperity of Western families, which informs policy decisions and economic forecasting.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of several months, and may be subject to revisions based on updated population estimates or methodology changes.
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Citation
U.S. Federal Reserve, Real Median Family Income in West Census Region (MEFAINUSWEA672N), retrieved from FRED.