Is median household income a poor measure of actual affluence?

[Smid]

The Australian Bureau of Statistics uses SEIFA - Socio-Economic Indexes for Areas. It ranks areas according according to advantage and disadvantage. Obviously income is one factor used in the calculation, but it factors in other variables. More information, including a Technical Paper which sets out the variables and reasoning, is located here.

The ABS defined advantage as:

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From memory, it includes things such as home access to broadband as well as more obvious measures, such as income.