Why Use This Data Source In Your Models?
Real median household income by US state is indicative of wage rates, disposable income, and financial status of the average citizen in each state. This is also indicative of overall economic health.
Real Median Household Income by State
U.S. Census Bureau
The data shows seasonality. The data should be adjusted. While the Arcsin transformation, provides the best normality, the Log variable will also perform well.
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
Data does not show strong auto correlation indicating no need for differencing
The ACF indicates 0 order differencing is appropriate.
Following first order differencing, no further differencing is required based on the differenced ACF at lag one of -0.22
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.22 p-value = 0.01 indicates that the data is not stationary.
The Shapiro-Wilk test returned W = 0.96 with a p-value =0.18 indicating the data follows a normal distribution.
A skewness score of 0.72 indicates the data are moderately skewed.
Hartigan's dip test score of 0.03 with a p-value of 0.99 inidcates the data is unimodal
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
The following states do not report for this feature: District of Columbia, Puerto Rico. Additionally, 2020 data is not currently available.
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