Definitions for "Median Income"
The income value that falls in the middle of the income distribution ranked from lowest to highest. That is, it determines two equal groups, one having incomes above the median, and the other having incomes below the median. The medians for households, families and unrelated individuals are based on all households, families and unrelated individuals. The medians for persons are based on persons aged 15 or over with income.
The median represents the middle of the income, dividing the income distribution into two equal parts, one having income above the median and the other having income below the median.
A determination made through statistical methods establishing a middle point for determining income limits. Median is the amount that divides the distribution into two equal groups: one group having income above the median and the other group having income below the median.