For your product or service, you should know what
income that customer must have to buy from you. Upper middle income, middle
income, or lower income. Each “use” has a targeted profile of their customer.
INCOME DEFINITIONS
Average or Mean Household Income: Add up all the incomes reported in that defined trade area and divide by the number of people reporting.
Median Household Income: The dollar amount figure where half the people make more and half the people make less.
Per Capita Income: Total income earned by the entire population of a trade area divided by the number of people in that trade area.
