Not all salaries are equal across the country. If your moving or just need to know how your income compares, we got all the average income stats for you.
The Big Picture:
- Average Income in California (CA) — Median $71,181
- Average Income in Texas (TX) — Median $59,206
- Average Income in Florida (FL) — Median $52,594
- Average Income in Mexico — Median $16,298
- Average Income in China- Median $9,944
- Average Income in India- Median $616
Average and Median Explained
The median represents the middle number of a set of numbers. Half of the numbers are below this arbitrary number and the other half is higher. The mean — or average — represents the quotient of a set of numbers divided by the number of items in that set. While the average and the median income levels can be similar, they can also be significantly different, with the average typically being statistically higher.
For example, when looking at homes in a prospective neighborhood, it’s important to recognize if you are looking at medians or averages. If the average number is significantly higher than the median for the same period, then the initiated home buyer will recognize that the area contains significantly higher-priced homes even though sales were strong in the lower range.
The median price in the neighborhood is more useful. That is because averages can be skewed by sales that are either extremely high or extremely low for that particular time. While averages have their functions, they can skew perceptions of a particular neighborhood. For this reason when looking at income, it’s better to use the median as it’s less skewed.
Household Income In The USA
Age and Education Factors
There are other indicators signal the economic robustness of a neighborhood. Comparing current median family incomes across adults who got no more than a high school education versus those who have achieved post-secondary education shows that a county will have a higher proportion of adults that will have a higher median family income than the state average. The data was illustrated using scatter plots, showing the relationship between the two variables.
There’s also the role of taxes and the rate at which homes appreciate. The role of taxes is a complex subject, with a statistical analysis comparing recent appreciation rates and home value data with local properties within the United States. Historical home values and present information show that high taxes can have a detrimental effect on home appreciation. Those in middle markets where the effective tax rates are more modest experience more robust home appreciation over time. Homes that are located in neighborhoods with a lower effective tax rate will see their homes appreciate faster.