What is the median income in Miami and what does it mean? First of all, the median income is the income amount that divides a population into two equal groups. One half is having an income above that amount. The other half of the population is having an income below that amount. It may differ from the mean (or average) income. Both of these are ways of understanding income distribution.
Median Income in Miami vs Average Household Income
On the other hand, the average (or mean) household income is calculated by dividing the total household income in the target geography by the number of households. Average household income is the income that all households would have if the total income of all households combined was equally distributed among all households. But the 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. This would definitely be the case in Miami
Median Income in Miami
According to Miami Dade Matters the Median household income in Miami n 2022 was $62,500.
Median Income in Miami vs Median Income in State of Florida
In comparison the median household income in the state of Florida was $66,251.
Median Household Income in the State of Florida – $66,251
To give you a better feel to understand the median household income in Miami, check the median household income in Florida in detail here!
- Median Household Income of Asians in Florida: $85,534
- Median Household Income of Whites in Florida: $69,946
- Median Household Income of Pacific Islanders in Florida: $61,807
- Median Household Income of American Indians in Florida: $56,904
- Median Household Income of African Americans in Florida: $48,998
Median Income in Miami vs Average Household Income in Miami
The average household income in Miami-Dade County was $92,005. In comparison the average household income in the State of Florida was $93,952.
A Word from healthylifestyleflorida.com
Are you curious to learn some more wealth statistics about Florida? Check where the most billionaires live and the richest neighborhoods in Florida.
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