To calculate the FY 2024 median incomes, HUD uses 2022 Census Bureau American Community Survey (ACS) data for most areas of the country. HUD evaluates the ACS estimates of median family income for statistical validity. For an ACS estimate to be considered statistically valid, the estimate must have a margin of error less than half the size of the estimate and the estimate must be based on at least 100 observations. In areas where there is a statistically valid survey estimate using 2022 one-year ACS data, that is used. If not, statistically valid 2022 five-year data is used. Where statistically valid five-year data is not available, HUD will average the minimally statistically valid income estimates from the previous three years of ACS data. Minimal statistical validity is defined as those ACS estimates where the margin of error of the estimate is less than half the size of the estimate. ACS data from 2022, 2021, and 2020 will be evaluated to determine if it is minimally statistically valid. HUD averages the minimally statistically valid 5-year data which is adjusted to 2022 dollars using the national change in CPI between the ACS year of the data and 2022. For all places in the US including Puerto Rico, the estimates (using either one-year data or five-year data) are then inflated from 2022 to Fiscal Year 2024 using the Consumer Price Index forecast from the Congressional Budget Office.