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Why mean incomes are higher than median incomes

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Reference no: EM132012001

Question - What's the average?

The Census Bureau website gives several choices for "average income" in its historical income data. In 2013, the median income of American households was $51,939. The mean household income was $72,641. The median income of families was $63,815, and the mean family income was $84,687. The Census Bureau says, "Households consist of all people who occupy a homing to The term 'family' refers to a group of two or more people related by birth, marriage, or adoption who reside together." Explain carefully why mean incomes are higher than median incomes and why family incomes are higher than household incomes.

Reference no: EM132012001

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