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Median income is the amount which divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount. Mean income (average) is the amount obtained by dividing the total aggregate income of a group by the number of units in that group.
Median vs. Mean. Median is often confused with another statistic called the mean, or average. The mean of a data set is equal to the sum of all the data values divided by the total number of values in the data set. Consider a data set consisting of the following numbers: 1, 8, 9, 10 and 12.or example, if there are 49 singers in the economy that make $30,000 a year and one superstar singer that makes $10 million a year, the average income of all singers in the economy is $229,400.