Real Median Household Income by State

Source:
U.S. Census Bureau

Release:
Household Finances

Units:
Current Dollars

Frequency:
Annual

Available Through:
12/31/2020

Why Use:

Real median household income by US state is indicative of wage rates, disposable income, and financial status of the average citizen in each state. This is also indicative of overall economic health.

Suggested Treatment:

The data shows seasonality. The data should be adjusted. While the Arcsin transformation, provides the best normality, the Log variable will also perform well.

Grain Transformation:

Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.

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Real Median Household Income by State

Auto Correction Function

Auto Correlation Function After Differencing

Partial Auto Correlation Function

Autocorrectation Analysis:

Data does not show strong autocorrectation indicating no need for differencing

The ACF indicates 0 order differencing is appropriate.

Following first order differencing, no further differencing is required based on the differenced ACF at lag one of -0.22

Trend Analysis:

The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.22 p-value = 0.01 indicates that the data is not stationary.

Distribution Analysis:

The Shapiro-Wilk test returned W = 0.96 with a p-value =0.18 indicating the data follows a normal distribution.

A skewness score of 0.72 indicates the data are moderately skewed.

Hartigan's dip test score of 0.03 with a p-value of 0.99 inidcates the data is unimodal

Statistics (Pearson P/ df, lower => more normal)

No transform
1.58
Box-cox
NA
Log_b(x-a)
1.54
sqrt(x+a)
1.54
exp(x)
NA
arcsinh(x)
1.54
Yeo-Johnson
1.63
OrderNorm
1.78

Data Notes:

The following states do not report for this feature: District of Columbia, Puerto Rico. Additionally, 2020 data is not currently available.

Citation:

Varies

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