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Rating:The household is "the basic residential unit in which economic production, consumption, inheritance, child rearing, and shelter are organized and carried out"; "may or may not be synonymous with family". The household is the basic unit of analysis in many social, microeconomic and government models.
read moreThe median household income is commonly used to generate data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more. The median income is considered by many statisticians to be a better indicator than the average household income as it is not dramatically affected by unusually high or low values." The U.S. Census Bureau uses the following definitions of median and mean income: Household income is not to be confused with family or personal income. Household income is often the combination of two income earners pooling the resources and should therefore not be confused with an individual's earnings.
read moreHousehold income is a measure commonly used by the United States government and private institutions. Each household is measured by the income of every resident over the age of 18. Income includes wages and salaries, unemployment insurance, disability payments, child support payments received, regular rental receipts, as well as any personal business, investment, or other kinds of income received routinely.
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