Reference: Swanson Note #2

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Assuming that all of the WWU students living off-campus work and that the NCES estimate of $8,500 applies to them, then the medium annual income of these student households (at two per household) is $17,000 and their median monthly income is $17,000/12 = $1,417. 

Using the CPI inflation calculator provided by the U.S. Bureau of Labor Statistics to adjust the $17,000 (in 2015 dollars) to 2021 dollars (making it comparable to the Census Bureau’s “Quickfacts” income data, which are in 2021 dollars), yields $19,953 as the inflation adjusted median annual household income. Adjusting this to a monthly amount yields $1,663. 

We can now find “$X,” the median annual household income in Whatcom County without the 2,226 student households. The formula is:

(87,639/89,865)*$X +(2,226/89,865)*$19,953 = $70,011

which leads one to the conclusion that $X = $71,283. Dividing this estimate of annual household income by 12, yields an estimated median monthly household income of $5,940. 

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