Estimate of Median Household Income for Ohio
MHIOH39000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
67,873.00
Year-over-Year Change
48.18%
Date Range
1/1/1989 - 1/1/2023
Summary
The Estimate of Median Household Income for Ohio measures the middle household income level in the state, providing insight into the economic well-being and purchasing power of Ohioans.
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 economic indicator represents the midpoint of the income distribution for all Ohio households, meaning half of households have incomes above and half have incomes below this level. It is a widely used metric for evaluating regional economic conditions and inequality.
Methodology
The data is calculated by the U.S. Census Bureau based on survey responses.
Historical Context
Policymakers and analysts monitor this trend to understand Ohio's economic landscape and inform decisions around tax, spending, and social welfare policies.
Key Facts
- Ohio's median household income was $58,642 in 2020.
- The state's median income is below the national average of $67,521.
- Income levels vary significantly by region within Ohio.
FAQs
Q: What does this economic trend measure?
A: The Estimate of Median Household Income for Ohio measures the middle household income level in the state, providing insight into the economic well-being and purchasing power of Ohioans.
Q: Why is this trend relevant for users or analysts?
A: This metric is widely used to evaluate regional economic conditions and inequality, informing policy decisions around taxation, social programs, and economic development.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Census Bureau based on survey responses.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to understand Ohio's economic landscape and inform decisions around tax, spending, and social welfare policies.
Q: Are there update delays or limitations?
A: The data is published annually with a slight delay, and may not fully capture short-term income fluctuations.
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Citation
U.S. Federal Reserve, Estimate of Median Household Income for Ohio (MHIOH39000A052NCEN), retrieved from FRED.