What Is the Average Income in Missouri?

Understanding income statistics provides insight into the economic well-being of a region and its residents. These figures offer a picture of financial health and can help individuals grasp the broader economic landscape.

Key Income Metrics Explained

When discussing income, two common terms provide different perspectives: mean income and median income.

Mean income, also known as the arithmetic average, is calculated by summing all incomes and dividing by the total number of earners or households. This metric reflects the overall economic output distributed among the population. However, the mean can be significantly influenced by extremely high incomes, potentially skewing the perception of typical earnings.

Median income, by contrast, represents the exact middle point of all incomes when arranged from lowest to highest. Half of the incomes fall above this figure, and half fall below it. The median offers a more accurate representation of the typical income for individuals or households, as it is not distorted by a few exceptionally high or low values. Both mean and median incomes are important for a comprehensive understanding of financial distribution, as they highlight different aspects of economic reality.

Missouri’s Latest Income Figures

Missouri’s income statistics provide a current snapshot of the state’s financial standing.

The median household income in Missouri was reported as $68,920 for 2023. This figure reflects the income of a household, which can include multiple earners or a single individual. The U.S. Census Bureau’s American Community Survey is a primary source for these comprehensive economic measurements.

For individual earnings, the median individual income in Missouri for 2023 was $37,170. Additionally, the average household income in Missouri was approximately $93,797.

Factors Affecting Income Variation in Missouri

Several factors contribute to the variations in income levels observed throughout Missouri.

Geographic location plays a role, with urban centers often presenting different economic opportunities compared to rural areas. The concentration of specific industries in different parts of the state can also influence local wage structures. For instance, regions with a strong presence of high-paying sectors may exhibit higher average incomes.

Educational attainment is another significant determinant of earning potential. Individuals with higher levels of education typically command higher salaries due to specialized skills and knowledge. Income also tends to progress with age and professional experience, as workers gain expertise and advance in their careers.