Estimate of Median Household Income for Illinois
MHIIL17000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
80,346.00
Year-over-Year Change
50.83%
Date Range
1/1/1989 - 1/1/2023
Summary
The Estimate of Median Household Income for Illinois measures the midpoint of the income distribution in the state, providing insights into the economic well-being of Illinois 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 represents the median household income level in Illinois, where half of households earn more and half earn less. It is a widely-used indicator of a state's overall economic conditions and standard of living.
Methodology
The data is collected through the U.S. Census Bureau's American Community Survey.
Historical Context
Policymakers and economists analyze this trend to assess income equality, consumer purchasing power, and the overall economic health of Illinois.
Key Facts
- Illinois median household income was $68,428 in 2021.
- Median incomes vary significantly by county within Illinois.
- Real median household income in Illinois has increased by 7.8% since 2016.
FAQs
Q: What does this economic trend measure?
A: The Estimate of Median Household Income for Illinois measures the midpoint of the income distribution in the state, indicating the level at which half of households earn more and half earn less.
Q: Why is this trend relevant for users or analysts?
A: This trend provides key insights into the overall economic well-being and standard of living for Illinois residents, which is useful 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 American Community Survey.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess income equality, consumer purchasing power, and the overall economic health of Illinois, informing decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, and may not capture rapid, short-term changes in household incomes.
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Citation
U.S. Federal Reserve, Estimate of Median Household Income for Illinois (MHIIL17000A052NCEN), retrieved from FRED.