Median Household Income

The Census Bureau recently released data that the median income in the US remained “flat” in 2012 at $51,017.  Interestingly, in 1999 the median income was $56,080.  With the average funeral (without cash advances or cemetery charges) at $7045 (NFDA 2013), that means the cost of a funeral is almost 14% of a family’s annual income.

So if this report is correct, take a look at your 1999 GPL prices and compare to the prices that are current in your funeral home.  What is the difference between those prices then and now?  If you are serving “median” families in your community, how are you addressing their needs to honor their loved one, their financial position, and balancing the revenue necessary to keep your funeral home financially stable?

Just more questions for conversations that we should be having in our industry…please share what you are doing at your funeral home.

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