Median Household Income
What does this measure?
Median household income, inflated to 2014 dollars. Half of incomes are below the median and half are above.
Why is this important?
Median household income is a gauge of overall economic health of the region and the financial resources of households.
How is the region performing?
The median household income in the Mid-Hudson Valley was $68,000 in 2010-14, higher than both the state (excluding NYC) and national median incomes of $62,600 and $53,500 respectively. Dutchess ($72,500) and Orange ($70,800) had median incomes greater than the regional median while Ulster ($58,600) was lower. When adjusted for inflation, the regional median income declined by 5%, or $3,700, from 2000 to 2010-14. This was true for each individual county as well, with the largest decline coming in Orange ($3,200) and the smallest in Ulster ($1,900). These compare to a statewide (excluding NYC) decline of $4,900 and a national decline of $6,200 over the same time period.
The region overall and most of its counties and municipalities saw a pattern from 2000 to 2005-09 of median income rising slightly, followed by a steep drop from 2005-09 to 2010-14, leading to an overall loss from 2000 to 2010-14. This compares to a steady decline for each of the periods for the state (excluding NYC) and the nation.
Among local municipalities, median incomes were highest in the town and village of Woodbury ($120,000 and $124,400 respectively), and Tuxedo Park ($121,200). They were lowest in the cities of Port Jervis ($38,400) and Newburgh ($33,100) and in the village of Kiryas Joel ($25,800).
Notes about the data
Figures for the region were calculated by aggregating county medians based on each county's share of the region's population. Data are presented in 2014 dollars. The multiyear figures are from the Census Bureau's American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. However, because the information came from a survey, the samples responding to the survey were not always large enough to produce reliable results, especially in small geographic areas. CGR has noted on data tables the estimates with relatively large margins of error. Estimates with three asterisks have the largest margins, plus or minus 50% or more of the estimate. Two asterisks mean plus or minus 35%-50%, and one asterisk means plus or minus 20%-35%. For all estimates, the confidence level is 90%, meaning there is 90% probability the true value (if the whole population were surveyed) would be within the margin of error (or confidence interval). The survey provides data on characteristics of the population that used to be collected only during the decennial census. Data for this indicator are expected to be released in the fourth quarter.