1. What Is Median Income?

Median income represents the middle value in a sorted list of incomes, where half the values are above and half are below. It provides a better measure of typical income than average income, as it is less affected by extreme outliers.

2. How Median Income Is Calculated

The median is calculated using the following method:

Calculation Steps:

• Sort all income values in ascending order
• For odd number of values: take the middle value
• For even number of values: average the two middle values
• The result represents the median income

Example: For incomes [30000, 45000, 50000, 60000, 120000], the median is 50000 (middle value).

3. Importance Of Median Income

Details: Median income is widely used in economic analysis, policy making, and demographic studies because it accurately reflects the income of the typical household, unaffected by extremely high or low incomes that can skew averages.

4. Using The Calculator

Tips: Enter income values separated by commas (e.g., "30000, 45000, 50000, 60000, 120000"). The calculator will automatically sort the values and calculate the median income.

5. Frequently Asked Questions (FAQ)

Q1: Why use median instead of average income?
A: Median income is less affected by extreme values (very high or very low incomes) and better represents the typical income level in a dataset.

Q2: What's the difference between median and mean?
A: Median is the middle value when sorted, while mean is the arithmetic average. Median is more robust to outliers.

Q3: When should I use median income?
A: Use median income when you want to understand the typical income level, especially when dealing with skewed income distributions.

Q4: Can median income be decimal?
A: Yes, when calculating the average of two middle values for even counts, the median can be a decimal value.

Q5: What if I have duplicate income values?
A: Duplicate values are handled normally in the sorting process and included in the median calculation.