Georgia, known for its vibrant culture and growing economy, presents a diverse landscape when it comes to income. Understanding the Average Family Income In Georgia is crucial for anyone considering moving to the state, making career decisions, or simply wanting to understand the economic well-being of families in the region. This article delves into the latest data on average family income in Georgia, offering a comprehensive overview and insights.
Family income is a vital economic indicator, reflecting the combined financial resources available to households consisting of two or more related individuals. Unlike individual or household income, family income specifically focuses on the economic status of family units.
According to the most recent data from the US Census Bureau, the average family income in Georgia is $120,846. This figure provides a general benchmark, but it’s important to note that it represents the mean income, which can be influenced by extremely high or low values.
While the average family income offers a broad view, the median family income often provides a more accurate representation of what a typical family in Georgia earns. The median income represents the midpoint, where half of families earn more and half earn less. For Georgia, the median family income is $90,337. This figure is generally considered a more robust measure of typical family income as it is less skewed by outliers.
To put these figures into perspective, it’s helpful to consider the distribution of family incomes across Georgia. The income distribution table reveals the percentage of households falling within different income brackets. This provides a nuanced understanding beyond just average and median figures.
| Households | 4,008,013 | 100% |
|---|---|---|
| Less than $10,000 | 213,181 | 5% |
| $10,000 to $14,999 | 143,011 | 4% |
| $15,000 to $19,999 | 133,872 | 3% |
| $20,000 to $24,999 | 146,375 | 4% |
| $25,000 to $29,999 | 144,362 | 4% |
| $30,000 to $34,999 | 144,016 | 4% |
| $35,000 to $39,999 | 147,980 | 4% |
| $40,000 to $44,999 | 148,734 | 4% |
| $45,000 to $49,999 | 142,606 | 4% |
| $50,000 to $59,999 | 267,880 | 7% |
| $60,000 to $74,999 | 380,023 | 9% |
| $75,000 to $99,999 | 526,478 | 13% |
| $100,000 to $124,999 | 395,918 | 10% |
| $125,000 to $149,999 | 283,766 | 7% |
| $150,000 to $199,999 | 349,229 | 9% |
| $200,000 or more | 440,582 | 11% |
This table shows that while a significant portion of households earns less than the median family income, a considerable percentage also earns well above it. Approximately 11% of households in Georgia have incomes of $200,000 or more, highlighting the income diversity within the state.
Understanding the difference between average and median income is crucial for interpreting income data accurately. The average income is calculated by summing up all incomes and dividing by the number of income earners. In contrast, the median income represents the middle value in a dataset, with half of the values falling above and half below.
In the context of family income, the median is often considered a more representative measure of the typical family’s financial situation. This is because the average can be heavily skewed by a small number of very high-income families. Consider a simplified example:
Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000
In this example, the average income is $360,000, which is significantly higher than what most families actually earn. The median income, however, is $50,000, providing a more realistic view of the “typical” income level.
For most purposes, especially when understanding the financial well-being of a typical family in Georgia, the median family income of $90,337 is a more reliable indicator than the average family income. However, the average income can be useful when targeting high-income demographics, such as in marketing luxury goods or services.
It’s also important to note that income levels can vary significantly across different demographics within Georgia. Factors such as age, education, occupation, and location all play a role in shaping family income. For instance, income typically varies by the age of the householder.
| Georgia |
|---|
| Householder under 25 years |
| Householder 25 to 44 years |
| Householder 45 to 64 years |
| Householder 65 years and over |
Families headed by individuals in the prime working ages (25-64) tend to have higher median incomes compared to younger or older householders. This reflects career progression and retirement trends.
In conclusion, the average family income in Georgia provides a valuable snapshot of the state’s economic landscape. While the average family income is $120,846, the median family income of $90,337 offers a more representative view of the typical family’s earnings. Understanding both figures, along with income distribution and demographic variations, provides a comprehensive picture of family income dynamics in Georgia. This information is essential for informed decision-making in various contexts, from personal financial planning to business strategy and economic analysis.
About the Data
All statistics for Georgia are the most current, comparable statistics available from the US Census Bureau and are from the American Community Survey 2023 5-year estimates. The income values are in 2023 inflation-adjusted dollars and were downloaded on 12 December 2024.
The following data tables were used:
- B01001 Sex By Age
- B11003 Family Type by Presence and Age of Own Children Under 18 Years
- B19001 Household Income in the Past 12 Months (in 2023 inflation adjusted dollars)
- B19013 Median Household Income in the Past 12 months (in 2023 inflation-adjusted dollars)
- B19019 Median Household Income in the Past 12 Months (in 2023 Inflation-Adjusted Dollars) by Household Size
- B19049 Median Household Income In The Past 12 Months (in 2023 Inflation-adjusted dollars) By Age Of Householder
- B19055 Social Security Income in the Past 12 Months for Households
- B19059 Retirement Income in the Past 12 Months for Households
- B19065 Aggregate Social Security Income in the Past 12 Months (in 2023 Inflation-Adjusted Dollars) for Households
- B19069 Aggregate Retirement Income in the Past 12 Months (in 2023 Inflation-Adjusted Dollars) for Households
- B19113 Median Family Income in the Past 12 Months (in 2023 Inflation-Adjusted Dollar
- B19127 Aggregate Family Income in the Past 12 Months (in 2023 Inflation-Adjusted Dollars)
- B19301 Per Capita Income in the Past 12 months (in 2023 inflation-adjusted dollars)
- B20003 Aggregate Earnings in the Past 12 Months (in 2023 Inflation-Adjusted Dollars) by Sex by Work Experience for the Population 16 Years and Over With Earnings
- B20005 Sex by Work Experience in the Past 12 Months by Earnings in the Past 12 Months (in 2023 Inflation-Adjusted Dollars) for the Population 16 Years and Over
- B20018 Median Earnings in the Past 12 Months (in 2023 Inflation-Adjusted Dollars) for the Population 16 Years and Over Who Worked Full-Time, Year-Round With Earnings in the Past 12 Months
- S1902 Mean Income in the Past 12 months (in 2023 inflation-adjusted dollars)
Margins of error for the income data for Georgia
- Median Household Income: +/-$431
- Average Household Income: +/-$497
- Per Capita Income: +/-$194
- Median Household Income: Householders under 25: +/-$1,087
- Median Household Income: Householders 25 to 44: +/-$733
- Median Household Income: Householders 45 to 64: +/-$685
- Median Household Income: Householders 65+: +/-$505
Poverty Thresholds for 4 Person Households
U.S. Department of Health and Human Services. (2022). Annual update of the HHS poverty guidelines. Federal Register.
