“The median income is the average.”
Usage Entry 1455 / 1605 60-second read
Median vs. Mean
The middle value of a sorted list versus the arithmetic average.
The comparisoni
“The median income is the middle value when incomes are sorted. The MEAN income is the average. They differ — and that gap matters when income is skewed.”
The ruleii
¶
MEDIAN = middle. MEAN = average.
For data with outliers (income, house prices), MEDIAN is more representative — it isn't pulled by extreme values. MEAN is the arithmetic average. Bill Gates walking into a bar massively raises the mean income, barely changes the median.
Memory aidiii
Remember it like this
Median resists outliers.