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This question is about average american income.
What is the difference between average and median income?
The main difference between the average income and the mean income is how the data is extrapolated. The average (mean) income is the sum of all incomes divided by the count of incomes in the data set.
By contrast, the median income is simply the income in the middle of the data set, which can be determined by placing all the numbers in value order and working toward the center.
What this means is that the average income can easily be skewed by those who make the highest and lowest incomes. For example, if five people make between $40,000-$50,000 and one person makes $500,000, the average income will be skewed to just over $120,000.
On the other hand, the median income would still be between $40,000-$50,000, due to one of those incomes being the middle number.
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