MEDIAN FAMILY INCOME

### The amount of money the average family earns in a year

## Step1: Define Median Family Income### Median family income refers to the amount of money that a typical family earns in a year. It is calculated by taking the total income earned by all families in a given area and dividing it by the number of families.## Step2: Calculate Total Income### To find the median family income, first, sum up the total income earned by all families in the area. This includes wages, salaries, bonuses, and any other income sources.## Step3: Count the Number of Families### Count the total number of families in the area. This figure is crucial for calculating the average income.## Step4: Calculate the Average Income### Divide the total income by the number of families. The result is the median family income, which represents the average amount of money earned by families in the area.