Median Household Income by Census Tract - 2005 to 2010 5 Year ACS Estimates
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MEDIAN INCOME
Definition: Median income is the value which divides the income distribution into two equal groups: 1) half with income above the median, and 2) half with income below the median. The calculations reflect the three year averages for total household income earned in a single year. The estimates provided for 2007 were adjusted for inflation so that the median income values for all data are comparable and represent the same purchasing power in 2010.
Rationale: Median income is a better measure than average income because it is influenced much less by outliers. For example, a rise in average household income could be unequally shared across groups, benefiting only a few households and masking problems among low-income households. While average income is a meaningful statistic, it does not provide a complete picture about living standards without being accompanied by indicators that reflect their distribution. Therefore, median income provides a better measure of what is happening to the “typical” household than reporting average household income (Stiglitz, Sen, & Fituoussi, 2009).
Analysis: When compared to Michigan and the United States, it is evident that the average household in the county earns considerably less. The trend is also worrisome as the median household income in 2010 was significantly lower than in 2007. Against benchmarks, median household income was significantly lower in Newaygo County in 2010 as compared to the United States and the state of Michigan.
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| Measure | ACS 3 Year Estimate | Trend | |
|---|---|---|---|
| 2005 to 2007 | 2008 to 2010 | ||
| Median Household Income | $42,881 | $40,874 |  |
| Comparision Groups | ACS 2008 – 2010 Estimate | Newaygo County Compared to Benchmark |
|---|---|---|
| Median Household Income | $40,874 | |
| US | $51,222 |  |
| Michigan | $46,861 | |
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Median Household Income: United States, Michigan and Newaygo County – 2007 & 2010 Estimates
