The most recent data indicates that the median household income in Melrose, MA, is $126,854.
While the term "average household income" can sometimes refer to the statistical mean, official U.S. Census Bureau data most commonly provides the median household income. The median is a widely accepted and robust measure for income distribution, representing the midpoint where half of the households earn more and half earn less. This approach is preferred for income data because it is less affected by a few extremely high or low incomes, offering a more typical representation of economic well-being for the majority of households.
Key Income Statistics for Melrose, MA
To provide a comprehensive understanding of income in Melrose, MA, here are the latest available figures:
| Income Metric | Value (in 2023 dollars) | Period |
|---|---|---|
| Median household income | $126,854 | 2019-2023 |
| Per capita income | $65,038 | 2019-2023 |
These figures reflect the economic standing of residents in Melrose, Massachusetts, based on a recent five-year estimate.
Understanding Income Data in Melrose
- Median Household Income: This figure indicates that half of the households in Melrose earned more than $126,854 annually, and half earned less during the 2019-2023 period. It provides insight into the financial capacity of typical families in the city.
- Per Capita Income: At $65,038, the per capita income reflects the average income per person, including all adults and children. This metric can be useful for understanding the overall economic productivity and wealth distribution on an individual basis within the city.
- Poverty Rate: In addition to income figures, it's notable that the percentage of persons in poverty in Melrose is relatively low, at 3.7%. This suggests a strong economic environment and high standard of living for most residents.
These statistics collectively paint a picture of Melrose as an economically robust community with a high standard of living for its residents.
