Household Income is the combined gross income of all adult (age 15+) members of a household. Individuals do not have to be related in any way to be considered members of the same household. Household income is an important measure of risk used by lenders to underwrite loans and is a useful economic indicator.
The US government publishes updated Poverty Guidelines annually, which are household income amounts considered to be at poverty levels. These figures are used for statistics as well as determining Americans’ eligibility for public assistance programs (welfare).
These amounts are very important for any U.S. citizen or lawful permanent resident who is sponsoring a family member for U.S. lawful permanent residence (a U.S. green card). U.S. petitioners fill out a form called an Affidavit of Support, which proves income such that the immigrating family member will not need to rely on means-based public assistance (welfare) while living in the United States.
Click here to see the current Federal Poverty Guidelines are.
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