Median Household Income in Rhode Island
MEHOINUSRIA646N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
81,860.00
Year-over-Year Change
66.96%
Date Range
1/1/1984 - 1/1/2023
Summary
The Median Household Income in Rhode Island measures the midpoint of the income distribution for all households in the state. It is a key economic indicator that provides insight into the financial well-being and purchasing power of Rhode Island 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 Household Income in Rhode Island represents the income level at which half of households in the state earn more and half earn less. It is an important metric used by policymakers, economists, and analysts to assess economic conditions and trends over time.
Methodology
The data is collected through the U.S. Census Bureau's annual American Community Survey.
Historical Context
Median household income is a vital statistic for evaluating the overall economic health and standard of living in Rhode Island.
Key Facts
- Rhode Island's median household income was $69,588 in 2021.
- Median household income in Rhode Island is lower than the national average.
- Incomes have steadily increased in Rhode Island over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Median Household Income in Rhode Island measures the midpoint of the income distribution for all households in the state.
Q: Why is this trend relevant for users or analysts?
A: Median household income is a key indicator of the overall economic well-being and purchasing power of Rhode Island residents, making it crucial for policymakers, economists, and market analysts.
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: Median household income is used by policymakers and analysts to assess the economic conditions and standard of living in Rhode Island, which informs decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is updated annually, with a slight delay due to the time required for the Census Bureau to collect and process the information.
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Citation
U.S. Federal Reserve, Median Household Income in Rhode Island (MEHOINUSRIA646N), retrieved from FRED.