Discussion » Questions » Finance » Allegedly the average income per household now is $56,000 plus. Of course average means some earn hundreds of millions and some earn minimum wage or less. That average is being celebrated. Why?

Allegedly the average income per household now is $56,000 plus. Of course average means some earn hundreds of millions and some earn minimum wage or less. That average is being celebrated. Why?

.

Posted - September 14, 2016

Responses


  • 691

    That is a very high average that is hard to imagine in most of the world. Everyone knows this is where you go to make money.

      September 14, 2016 10:42 AM MDT
    0

  • 17599

    Most likely median rather than average.  If you know how, you can make numbers look any way you want them to.  The census generally speaks in terms of median income levels.  The press will take those figures and call them averages.  Who's surprised?

      September 14, 2016 10:16 PM MDT
    0

  • 113301

    So we have been told.  Thank you for your reply ITpro and Happy Thursday! :)

      September 15, 2016 4:22 AM MDT
    0

  • 691

    Would median not give a much better idea what a person living in the country should expect to make? Average as rosie stated will be influenced by mutli millionaires.

      September 15, 2016 6:00 AM MDT
    0

  • 17599

    That figure stated by Rosie  is the median, not the average.  I saw the Census Bureau's new report.   That's my point.  You said you thought $56K was a high average; well, the average (mean) is actually $79K.  That's why we need to say if we are talking about the mean or median.  The press seems not know the difference and the viewers, by and large, don't either.   But, there is a big difference.

      September 15, 2016 6:10 PM MDT
    0