Median Income

What is the indicator?

The estimated median household income and estimated median family income are two separate measures: every family is a household, but not every household is a family. According to the U.S. Census  Bureau definitions of the terms, a family “includes a householder and one or more people living in the same household who are related to the householder by birth, marriage, or adoption,”[1] while a household “includes all the people who occupy a housing unit,” including households of just one person[2].

 

What does the data say? Are there any notable trends?

 

Median Income

 Champaign County   
Median Household IncomeMedian Family Income
Estimate ($)Margin of ErrorEstimate ($)Margin of Error
200539,1293,05559,1882,534
200643,2902,59159,9165,084
200743,4072,83365,8014,528
200843,9853,74962,4774,125
200941,1982,12162,9073,506
201045,2542,73569,5803,963
201139,5913,54664,9104,133
201246,3752,21569,1324,087
201345,6822,94267,3124,505
201446,7763,14167,1973,310
201550,2523,76577,0863,154

 

Both estimated median household income and estimated median family income were higher in 2015 than in 2005. The two figures show similar, but not identical, trends across the 2005-2015 period of measure. The estimated median household income dipped between 2008 and 2009, and both income estimates declined between 2010 and 2011, recovering the following year.  Both estimated median family income and estimated median household income increased between 2014 and 2015. Estimated median family income is consistently higher than estimated median household income, largely due to the definitions of each term, and the types of household that are measured and not measured in each one.

 

Why is this important?/Why did we include it in our set of indicators?

When evaluated together, the estimated median household income and estimated median family income provide a thorough picture of household-level economics in Champaign County.

 

Where did we get the data, and how often is it released?

Median income data was sourced from the U.S. Census Bureau’s American Community Survey 1-Year Estimates, which are released annually.

As with any datasets that are estimates rather than exact counts, it is important to take into account the margins of error (listed in the column beside each figure) when drawing conclusions from the data.

[1] U.S. Census Bureau. (Date unknown). Glossary. “Family Household.” http://www.census.gov/glossary/#term_Familyhousehold. (Accessed 19 April 2016).

[2] U.S. Census Bureau. (Date unknown). Glossary. “Household.” http://www.census.gov/glossary/#term_Household. (Accessed 19 April 2016).

 

Sources: U.S. Census Bureau; American Community Survey, 2015 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (19 September 2016).; U.S. Census Bureau; American Community Survey, 2014 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).; U.S. Census Bureau; American Community Survey, 2013 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).; U.S. Census Bureau; American Community Survey, 2012 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).; U.S. Census Bureau; American Community Survey, 2011 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).; U.S. Census Bureau; American Community Survey, 2010 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).; U.S. Census Bureau; American Community Survey, 2009 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).; U.S. Census Bureau; American Community Survey, 2008 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).; U.S. Census Bureau; American Community Survey, 2007 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).; U.S. Census Bureau; American Community Survey, 2006 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).; U.S. Census Bureau; American Community Survey, 2005 American Community Survey 1-Year Estimates, Table S1903; generated by CCRPC staff; using American FactFinder; <http://factfinder2.census.gov>; (16 March 2016).