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Re: Whats your median Household income
Posted by Mrs213
Posted by EclecticEsq10810
I answered based on pre tax incomes of both DH and I. For ex: Husband makes $85K and wife makes $60K, 85+60 = $ 145K. Now, $ 145K may sound like a high HHI to some of you but once you factor the high cost of living, crazy property taxes, etc in Long Island, its actually peanuts..
It's not peanuts to people who make a lt less
Very true! Its all relative! HHI can also account for just one person working which penalizes the whole number (ie husband working and claiming $85K income while wife stays at home, then it seems like the HHI is lower although its a temporary situation until kids are in school, etc). Like Suze Orman says, its not so much what you make that matters, but how much of it you KEEP. Living within you means is a big one too - the challenge is that COI in NY metro area makes it challenging to stretch every dollar.
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Posted 1/15/15 11:29 AM  |
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ThreeforTea
Girls just want to have fun..
Member since 5/12 7482 total posts
Name:
Mama
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Re: Whats your median Household income
Posted by chilltocam
Posted by EclecticEsq10810
I answered based on pre tax incomes of both DH and I. For ex: Husband makes $85K and wife makes $60K, 85+60 = $ 145K. Now, $ 145K may sound like a high HHI to some of you but once you factor the high cost of living, crazy property taxes, etc in Long Island, its actually peanuts..
but, the MEDIAN is not $145. The median of the example you gave is $72.5K
correct..that's not the median. The OP stated median HH income.
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| Posted 1/15/15 11:29 AM |
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hopingforbaby
We made a wish & you came true
Member since 2/10 2695 total posts
Name:
Me
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Whats your median Household income
I totally answered the poll wrong.  But I will say our MEDIAN salary is NOT $93k! I wish!
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| Posted 1/15/15 11:34 AM |
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Seawolf
LIF Adult
Member since 3/14 1336 total posts
Name:
Scrumba
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Re: Whats your median Household income
LOL i answered it wrong also, and, sadly, our TOTAL is still less than most of your medians 
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| Posted 1/15/15 11:36 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Whats your median Household income
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
You're not suppose to answer based on your median, you answer based on your total income and that will give you an idea of what YOUR household brings in relative to what the article considers to be an AVERAGE household income.
Message edited 1/15/2015 11:40:37 AM.
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| Posted 1/15/15 11:38 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Whats your median Household income
Posted by Hofstra26
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
I get what you are saying, but the OP did not ask for total HHI, but the median -2 very different things.
OP - were you truly asking for median HHI or asking about total HHI?
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| Posted 1/15/15 11:40 AM |
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Re: Whats your median Household income
Posted by chilltocam
Posted by EclecticEsq10810
I answered based on pre tax incomes of both DH and I. For ex: Husband makes $85K and wife makes $60K, 85+60 = $ 145K. Now, $ 145K may sound like a high HHI to some of you but once you factor the high cost of living, crazy property taxes, etc in Long Island, its actually peanuts..
but, the MEDIAN is not $145. The median of the example you gave is $72.5K
Oops. This is why I suck at math.
OP needs to start a new thread. Our MEDIAN HHI is definitely much lower - slightly under $100K.
Message edited 1/15/2015 11:43:58 AM.
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| Posted 1/15/15 11:41 AM |
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ThreeforTea
Girls just want to have fun..
Member since 5/12 7482 total posts
Name:
Mama
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Re: Whats your median Household income
Posted by chilltocam
Posted by Hofstra26
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
I get what you are saying, but the OP did not ask for total HHI, but the median -2 very different things.
OP - were you truly asking for median HHI or asking about total HHI?
ok now I'm confused.
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| Posted 1/15/15 11:42 AM |
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ThreeforTea
Girls just want to have fun..
Member since 5/12 7482 total posts
Name:
Mama
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Re: Whats your median Household income
Posted by Hofstra26
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
You're not suppose to answer based on your median, you answer based on your total income and that will give you an idea of what YOUR household brings in relative to what the article considers to be an AVERAGE household income.
Ok I just looked it up and Hofstra you are correct.
We do answer based on our total household.
Message edited 1/15/2015 11:43:35 AM.
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| Posted 1/15/15 11:43 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Whats your median Household income
Posted by chilltocam
Posted by Hofstra26
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
I get what you are saying, but the OP did not ask for total HHI, but the median -2 very different things.
OP - were you truly asking for median HHI or asking about total HHI?
She's asking what your household makes relative to what this article says is the median, median is just an average. If the average household brings in $93K........where does YOUR household fall relative to that number. NOT your median, that makes NO sense. If your household brings in $110K you're above the median. So you look at the stats from the poll and you're able to ascertain how many households fall above and below where this article considers the median household income.
It's the median of all people polled, not PER household.
Message edited 1/15/2015 11:43:52 AM.
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| Posted 1/15/15 11:43 AM |
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ThreeforTea
Girls just want to have fun..
Member since 5/12 7482 total posts
Name:
Mama
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Re: Whats your median Household income
Posted by Hofstra26
Posted by chilltocam
Posted by Hofstra26
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
I get what you are saying, but the OP did not ask for total HHI, but the median -2 very different things.
OP - were you truly asking for median HHI or asking about total HHI?
She's asking what your household makes relative to what this article says is the median, median is just an average. If the average household brings in $93K........where does YOUR household fall relative to that number. NOT your median, that makes NO sense. If your household brings in $110K you're above the median. So you look at the stats from the poll and you're able to ascertain how many households fall above and below where this article considers the median household income.
It's the median of all people polled, not PER household.
Ok I now understand - yes, you're correct
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| Posted 1/15/15 11:44 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Whats your median Household income
Posted by ThreeforTea
Posted by Hofstra26
Posted by chilltocam
Posted by Hofstra26
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
I get what you are saying, but the OP did not ask for total HHI, but the median -2 very different things.
OP - were you truly asking for median HHI or asking about total HHI?
She's asking what your household makes relative to what this article says is the median, median is just an average. If the average household brings in $93K........where does YOUR household fall relative to that number. NOT your median, that makes NO sense. If your household brings in $110K you're above the median. So you look at the stats from the poll and you're able to ascertain how many households fall above and below where this article considers the median household income.
It's the median of all people polled, not PER household.
Ok I now understand - yes, you're correct
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| Posted 1/15/15 11:45 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Whats your median Household income
Posted by ThreeforTea
Posted by chilltocam
Posted by Hofstra26
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
I get what you are saying, but the OP did not ask for total HHI, but the median -2 very different things.
OP - were you truly asking for median HHI or asking about total HHI?
ok now I'm confused.
Total HHI is simple addition of all income for the household. To simplify it median income is literally the "middle" number in a sequence of numbers - so if there are 2 sources of income, add them together and divide by 2. If there are 3 numbers, it is literally the middle number in the sequence, so that half the numbers are above and half are below the median (ex. 1,2,3,5,7 - 3 is the median). When there are only 2 numbers in the sequence, the median is the average of the 2
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| Posted 1/15/15 11:48 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Whats your median Household income
Posted by chilltocam
Posted by ThreeforTea
Posted by chilltocam
Posted by Hofstra26
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
I get what you are saying, but the OP did not ask for total HHI, but the median -2 very different things.
OP - were you truly asking for median HHI or asking about total HHI?
ok now I'm confused.
Total HHI is simple addition of all income for the household. To simplify it median income is literally the "middle" number in a sequence of numbers - so if there are 2 sources of income, add them together and divide by 2. If there are 3 numbers, it is literally the middle number in the sequence, so that half the numbers are above and half are below the median (ex. 1,2,3,5,7 - 3 is the median). When there are only 2 numbers in the sequence, the median is the average of the 2
NM.
ETA - Basically, if you answered this poll based on your TOTAL household income, you answered CORRECTLY. 
Message edited 1/15/2015 12:02:05 PM.
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| Posted 1/15/15 11:54 AM |
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Seawolf
LIF Adult
Member since 3/14 1336 total posts
Name:
Scrumba
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Re: Whats your median Household income
I don't remember MUCH about math, but isn't the median the MIDDLE - the "mean" is the average? right?
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| Posted 1/15/15 12:01 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Whats your median Household income
If 93k is before tax I say it's average... Post tax I'm sure for done but definitely not us!!!
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| Posted 1/15/15 12:03 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Whats your median Household income
Posted by KittyShops
I don't remember MUCH about math, but isn't the median the MIDDLE - the "mean" is the average? right?
Yes, it's the middle however, that's still basically an average. If the median income number is $93K (that's the middle number of ALL the salaries if you lined them up) than EXACTLY HALF of all people sampled make more than that number and EXACTLY HALF make less than that.
Whenever you read an article that refers to a median household income or a median home price they are referring to what the average income/price is for whatever area they sampled whether it is local or nationwide.
Message edited 1/15/2015 12:08:11 PM.
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| Posted 1/15/15 12:04 PM |
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Re: Whats your median Household income
Mean v. Median:
The "mean" is the "average" you're used to, where you add up all the numbers and then divide by the number of numbers.
The "median" is the "middle" value in the list of numbers. To find the median, your numbers have to be listed in numerical order, so you may have to rewrite your list first.
http://www.diffen.com/difference/Mean_vs_Median
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| Posted 1/15/15 12:06 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Whats your median Household income
Posted by Jenn79
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too!
Rich is a relative term.
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| Posted 1/15/15 12:15 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: Whats your median Household income
Posted by alli3131
Posted by Jenn79
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too!
Rich is a relative term.
Exactly. We fall on the higher end of the scale but we are FAR FAR from rich. We drive old cars, we barely go on vacations, I have like zero designer bags or shoes. we live comfortably but not like "rich" people. by any stretch.
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| Posted 1/15/15 12:25 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Whats your median Household income
I'm a SAHM with no income so I guess, our mean, median and HHI is all the same
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| Posted 1/15/15 12:37 PM |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: Whats your median Household income
Posted by EclecticEsq10810
Mean v. Median:
The "mean" is the "average" you're used to, where you add up all the numbers and then divide by the number of numbers.
The "median" is the "middle" value in the list of numbers. To find the median, your numbers have to be listed in numerical order, so you may have to rewrite your list first.
http://www.diffen.com/difference/Mean_vs_Median
And if there is no middle number you take the average of the two. So if you only have two incomes in your household, the median is the average of the two.
Eta: this is for even number sets.
Message edited 1/15/2015 12:44:23 PM.
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| Posted 1/15/15 12:43 PM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: Whats your median Household income
Posted by Hofstra26
Posted by ali120206
Posted by JDubs
Posted by KittyShops
Yikes lots of youse is rich.
That's what I was thinking!
Me too - I wonder if people answered for their total household income - instead of median? Just thinking based on the posts of the tax refunds that the number would be skewed lower...
You're suppose to answer based on your TOTAL household income. When the article mentions a median income it means that is what the average household makes however, half the people will fall below and above that number. I'm assuming the OP wants to know where people fall relative to what the article considers to be a median income.
You're not suppose to answer based on your median, you answer based on your total income and that will give you an idea of what YOUR household brings in relative to what the article considers to be an AVERAGE household income.
Exactly.
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| Posted 1/15/15 12:44 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Whats your median Household income
OP just titled the post wrong. She means "HHI". And she wants to compare it to what to the article mentioned as the average.
Message edited 1/15/2015 12:48:00 PM.
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| Posted 1/15/15 12:47 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Whats your median Household income
Posted by Serendipity
OP just titled the post wrong. She means "HHI". And she wants to compare it to what to the article mentioned as the average.
Yes, exactly. Just remove the median from the title.
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| Posted 1/15/15 12:50 PM |
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