Real Median Household Income in Virginia
MEHOINUSVAA672N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96,490.00
Year-over-Year Change
17.31%
Date Range
1/1/1984 - 1/1/2023
Summary
The Real Median Household Income in Virginia measures the inflation-adjusted median income for households in the state. It is a key economic indicator that reflects the purchasing power and living standards of 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
This series tracks the middle income level for Virginia households, adjusting for inflation. It provides insight into how typical family incomes have changed over time, which is important for understanding consumer spending, economic growth, and income inequality in the state.
Methodology
The data is collected through the U.S. Census Bureau's annual household surveys.
Historical Context
Policymakers and analysts use this metric to assess the financial well-being of Virginia residents and inform decisions around economic and social policies.
Key Facts
- Virginia's real median household income was $74,222 in 2021.
- Real median incomes in Virginia have increased by 23% since 2010.
- Household incomes vary significantly by region within Virginia.
FAQs
Q: What does this economic trend measure?
A: The Real Median Household Income in Virginia measures the inflation-adjusted middle income level for households in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the financial well-being and purchasing power of typical Virginia residents, which is important for understanding consumer spending, economic growth, and income inequality in the state.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's annual household surveys.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the financial health of Virginia residents and inform decisions around economic and social policies.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of approximately one year.
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Citation
U.S. Federal Reserve, Real Median Household Income in Virginia (MEHOINUSVAA672N), retrieved from FRED.