Simplify the following text for a Grade 8 native English-speaking person.
Original: The median income for a household in the city as of the last census was $ 62,550 , while the median income for a family was $ 67,500 ( these figures had risen to $ 96,786 and $ 107,375 respectively as of a 2007 estimate ) .
Simplified: The median income for a household in the city is $ 62,550 , and the median income for a family is $ 67,500 .