The average annual household income in Martha's Vineyard is approximately $172,3151.
Understanding Income in Martha's Vineyard
While the average household income provides one perspective, it's often influenced by a small number of very high earners. To get a more typical sense of earnings on the island, it's also important to look at the median household income.
Average vs. Median Income
- Average Income: This is calculated by adding up all household incomes and dividing by the total number of households. It can be skewed upwards by a few extremely wealthy households.
- Median Income: This represents the middle income level, where half of the households earn more and half earn less. It is generally considered a more accurate reflection of the typical earnings for a region.
In Martha's Vineyard, the median household income is around $83,629 per year. This contrast highlights the significant range of incomes among residents on the island.
Here's a quick comparison:
| Income Metric | Amount | Description |
|---|---|---|
| Average Household Income | $172,3151 | Sum of all incomes divided by the number of households. |
| Median Household Income | $83,629 | The midpoint of all household incomes. |
Key Industries Supporting the Economy
The economy of Martha's Vineyard is supported by several prominent industries that contribute to the household incomes of its residents. Understanding these sectors can provide insight into the types of employment available on the island.
The top industries include:
- Hospitality: Given its status as a popular tourist destination, hospitality services like hotels, restaurants, and vacation rentals are a major employer.
- Retail: Shops, boutiques, and various retail outlets cater to both residents and visitors.
- Construction: With ongoing development and maintenance of properties, the construction sector is a significant industry.
- Real Estate: The buying, selling, and managing of properties are central to the island's economy, driven by its high property values and demand.
These industries collectively shape the economic landscape and income opportunities for households residing in Martha's Vineyard.
