Household income:
Household income is the measure of the combined incomes of all the people sharing a particular household. It includes every form of income such as salaries and wages, retirement income, near cash government transfers like food stamps and investment gains.
Family income:
Family income is the total compensation received by all members age 15 or older living in the same household. Compensation may include wages, social security, child support, pensions, capital gains, and dividends. It is a primary measure of the financial prosperity. It is the combined income of people in a household.
Differences:
| 0Basis | Household income | Family income |
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| Definition (www.oxforddictionaries.com) |
Total income from all people living in a particular household. Income refers not only to the salaries and benefits received but also to receipts from any personal business, investments, dividends and other income. Furthermore, household members do not need to be related to be part of a household. Household income is often used as an economic indicator. | Total compensation received by all family members age 15 or older living in the same household. Compensation may include wages, social security, child support, pensions capital gains, and dividends. |
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