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Household income


Household income is a measure of the combined incomes of all people sharing a particular household or place of residence. It includes every form of income, e.g., salaries and wages, retirement income, near cash government transfers like food stamps, and investment gains.

Average household income can be used as an indicator for the monetary well-being of a country's citizens. Mean or median net household income, after taxes and mandatory contributions, are good indicators of standard of living, because they include only disposable income and acknowledge people sharing accommodation benefit from pooling at least some of their living costs.

Average household incomes need not map directly to measures of an individual's earnings such as per capita income as numbers of people sharing households and numbers of income earners per household can vary significantly between regions and over time.

The list below represents a national accounts derived indicator based on adjusted gross income, which is defined as "the balance of primary incomes of an institutional unit or sector by adding all current transfers, except social transfers in kind, receivable by that unit or sector and subtracting all current transfers, except social transfers in kind, payable by that unit or sector; it is the balancing item in the Secondary Distribution of Income Account" "plus transfers in kind" received mainly from government, such as healthcare and education. It is based on the national accounts, which follows a standardized accounting (System of National Accounts) so to allow for comparability. It is also not survey based, which avoids survey errors and underreporting. The following is published by the OECD and is presented in PPPs so to adjust for costs of living.

Luxembourg Income Study (LIS) has a publicly available database with comparable statistics on household incomes for several countries, as has the OECD. These are the sources used.


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Wikipedia

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