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What is household income?

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Quick Answer

Investopedia defines household income as the combined total incomes of all those sharing a residence who are over the age of 15. The household income level is generally used for financing decisions.

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According to the United States Census Bureau, the median household income in the United States was $53,046 in the years from 2008 to 2012. The total per capita income per year in 2012 was $53,046, while the total average number of people per household during the 2008 to 2012 period was 2.61. The total number of U.S. households on which the income data was based was 115,226,802 in 2012.

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