Why this is important
Income is an indicator of the quality of life residents enjoy and the possibility that an area might attract entrepreneurial investments, such as new businesses and development. Income refers to the amount of money individuals and households earn in a year.
What the data show
This chart shows inflation-adjusted (2013 dollars) median household income for the seven Twin Cities metro area counties, comparing data from 2000, 2007 (benchmark of before and after the recession) and 2013. After adjusting for inflation, median household income in Dakota County (at $73,475) ranked in the middle of the seven metropolitan-area counties. Five of the seven metro counties experienced a decline in median household income between 2000 and 2007, with Carver and Dakota counties the exception. Between 2007 and 2013, median household income in Dakota County declined by $6,412 (-7.7%). Ramsey County experienced the smallest decline of $49, while Carver County saw about $7,500 decrease in median household income between 2007 and 2013.
Not adjusting for inflation, most of the counties experienced increases in median household income before and after the recession, except for Dakota County, which saw a 1.4% (-$1.02) decline in median household income between 2007 and 2013.