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Average Income: Computed by dividing the total income of all
households in the study area by the total number of households. |
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Median Income: Unlike the average income, the median income
divides the households of the study area into two equal sized groups: those who earn more
than the indicated amount, and those who earn less. The median is often a better
description of the typical household in the study area because it is less likely to be
distorted by a small number of households with unusually high or extremely low income. |
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Per Capita Income: A calculation which indicates the
hypothetical average income for each individual within the designated area. It is computed
by dividing the total income for the study area by the total number of persons living in
the study area. |
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