Median vs Average Household Income: What is the Difference Between These Indicators, and How to Interpret Them
On our income maps in the MBCDP, both median and average household data are frequently presented. These terms can be confusing if you don’t know the difference between them, how they are calculated, and how to compare and use them.
Median household income is a more robust and accurate measure for summarizing income at the geographic level as compared to average household income since it is not affected by a small number of extremely high or low income outlier households.
Take a look at the article, What the difference between mean and median tells us about income inequality. This article provides concrete examples of how mean and median are calculated and how to interpret them.
3/10/2022 05:25:47 am
This is very good, thank you
5/17/2022 01:38:05 pm
Thanks I guess
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