Estimate of Median Household Income for Virginia
MHIVA51000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
89,864.00
Year-over-Year Change
45.23%
Date Range
1/1/1989 - 1/1/2023
Summary
The Estimate of Median Household Income for Virginia measures the middle household income level in the state. This metric is a key economic indicator used by policymakers and analysts to gauge Virginia's standard of living and consumer spending patterns.
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 Estimate of Median Household Income for Virginia represents the midpoint of the income distribution, where half of households earn more and half earn less. This series provides important context on the economic well-being of Virginians and how it compares to national trends.
Methodology
The U.S. Census Bureau collects this data through the American Community Survey.
Historical Context
Median household income is a widely referenced data point for evaluating economic conditions and the efficacy of policy initiatives.
Key Facts
- Virginia's median household income was $74,222 in 2021.
- This was 13% higher than the national median of $63,343.
- Median income in Virginia has risen 31% since 2011.
FAQs
Q: What does this economic trend measure?
A: The Estimate of Median Household Income for Virginia represents the midpoint of the income distribution in the state, where half of households earn more and half earn less.
Q: Why is this trend relevant for users or analysts?
A: Median household income is a key indicator of economic well-being and consumer spending power, providing important context for policymakers and market analysts.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects this data through the American Community Survey.
Q: How is this trend used in economic policy?
A: Median household income is widely referenced by economists and policymakers to evaluate economic conditions and the effectiveness of policy initiatives.
Q: Are there update delays or limitations?
A: The Estimate of Median Household Income for Virginia is updated annually, with the latest data typically released in September of the following year.
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Citation
U.S. Federal Reserve, Estimate of Median Household Income for Virginia (MHIVA51000A052NCEN), retrieved from FRED.