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The median household income in NYC 2019 was $69,407. The mean household income in NYC 2019...

The median household income in NYC 2019 was $69,407.

The mean household income in NYC 2019 was $110,101.

1. Why is the average (mean) so much higher?

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Answer #1

The mean is greater than the median.

The mean is so much higher because of the presence of outliers. Some of the outlier value in the household income in NYC 2019 would be higher and for this reason, the mean value is so much higher compared to the median. The median value is the middle value. Some of the households in NYC earns the majority of the income and these households are outliers and these are the main reason for the mean value to be higher than the median.

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