household income

Household income refers to the total amount of money earned by all members of a household over a specific period, typically a year. It includes wages, salaries, bonuses, investment returns, rental income, and other sources of earnings. This figure helps measure the economic well-being of a household, indicating its ability to cover essential expenses such as housing, food, healthcare, and education. Household income is often used to assess economic inequality, determine eligibility for financial assistance, and analyze community or regional economic health. It provides a snapshot of the financial resources available to support the household’s needs and goals.