Median Household Income in Ohio
MEHOINUSOHA646N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
73,770.00
Year-over-Year Change
65.22%
Date Range
1/1/1984 - 1/1/2023
Summary
The Median Household Income in Ohio trend measures the middle income level for households in the state of Ohio. This statistic is a key economic indicator that helps assess the financial well-being and purchasing power of Ohio 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
Median Household Income represents the midpoint of the income distribution, with half of households earning more and half earning less. This metric provides insight into typical living standards and spending patterns across the state's population.
Methodology
The data is collected through the U.S. Census Bureau's annual American Community Survey.
Historical Context
Policymakers and analysts use median household income to evaluate economic conditions and guide decisions on tax, spending, and social programs.
Key Facts
- Ohio's median household income was $58,642 in 2021.
- Incomes vary significantly by region within Ohio.
- Median incomes have risen in Ohio over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Median Household Income in Ohio trend measures the middle income level for households across the state. It represents the midpoint of the income distribution.
Q: Why is this trend relevant for users or analysts?
A: Median household income is a key indicator of typical living standards and purchasing power within Ohio. It provides important insights for policymakers, economists, and the public.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's annual American Community Survey.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use median household income to evaluate economic conditions and guide decisions on tax, spending, and social programs in Ohio.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, reflecting the most recent full year's figures.
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Citation
U.S. Federal Reserve, Median Household Income in Ohio (MEHOINUSOHA646N), retrieved from FRED.