Keating township, Potter County, Pennsylvania Median Household Income: Trends, Analysis, and Key Findings

The median household income in Keating township was $50,443 in 2021, which marked an a decrease of 7,630(13.14%) from $58,073 in 2020. This income is 67.61% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
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Updated Jan 11, 2024

Median Household Income in Keating township, Potter County, Pennsylvania (2010-2021, in 2022 inflation-adjusted dollars)

Below, you will find a table illustrating the median household income in Keating township, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars.

Year Median Household Income YOY Change($) YOY Change(%)
2010 53,971 - -
2011 45,765 -8,206 -15.20%
2012 43,583 -2,182 -4.77%
2013 36,471 -7,112 -16.32%
2014 42,122 5,651 15.49%
2015 43,123 1,001 2.38%
2016 47,394 4,271 9.90%
2017 48,279 885 1.87%
2018 54,069 5,790 11.99%
2019 61,955 7,886 14.59%
2020 58,073 -3,882 -6.27%
2021 50,443 -7,630 -13.14%
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Avg Income Age group Avg Income Diversity Index Population Gender ratio (M:F) Homeownership % Avg commute time Custom Dataset: Keating township Self-employed, multilingual, car-commuting, insured individuals 15 to 24 years $27,865 75 27,354 0.75 0.5% 55 min 25 to 44 years $44,231 90 37,459 0.86 19% 43 min 45 to 64 years $53,865 95 42,167 0.77 35% 15 min 65 to 74 years $51,800 74 32,972 0.91 45% 13 min 75 to 84 years $41,234 66 26,758 0.87 66% 42 min 85 years and over $36,093 56 18,857 0.89 76% 45 min

Keating township, Potter County, Pennsylvania median household income trends: 2010 to 2021

From 2010 to 2021, the median household income for Keating township decreased by $3,528 (6.54%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 5 years.

The line chart shows Keating township, Potter County, Pennsylvania median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.
Keating township, Potter County, Pennsylvania median household income trends: 2010 to 2021. The chart illustrates income fluctuations over the years, highlighting the impact of inflation on economic trends. We observed that the median household income experienced growth year by year for 6 years and declined for 5 years. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 7,886 (from $54,069 to $61,955). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 8,206 (from $53,971 to $45,765).

In Pennsylvania, among cities with populations of fewer than 5,000 residents, Keating township ranks 1279th out of 1515 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of Pennsylvania.

Median household income in Keating township, Potter County, Pennsylvania by household size

To gain deeper insights into the median household income for Keating township, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).

Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Keating township did not include 5, 6, or 7-person households. Across the different household sizes in Keating township the mean income is $62,738, and the standard deviation is $36,953. The coefficient of variation (CV) is 58.90%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.

In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $15,403. It then further increased to $75,664 for 4-person households, the largest household size for which the bureau reported a median household income.

Bar chart showing Keating township, Potter County, Pennsylvania median household income for different household sizes in 2021. The chart illustrates income trends for 1-person to 7-or-more person households, with values adjusted for inflation. It provides insights into income disparities and variations across household sizes, aiding in data analysis and decision-making.
Keating township, Potter County, Pennsylvania median household income, by household size (in 2022 inflation-adjusted dollars). Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Keating township median household income by household size

The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.

Household Size Median Household Income
1-person households 15,403
2-person households 56,523
3-person households 103,362
4-person households 75,664
5-person households 0
6-person households 0
7-or-more-person households 0
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According to the Census Bureau data, the median household income reaches its peak among 3-person households, reaching $103,362 .

Things to know

What is the Gini index for Keating township, Potter County, Pennsylvania?

As per the Census Bureau, the Gini coefficient for Keating township is 0.422. With this value of Gini coefficient, it is evident that income distribution in Keating township exihibits characterstics of moderate inequality .

This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Keating township.

It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Keating township

What is the median household income in Keating township, Potter County, Pennsylvania?

As per the latest data available from American Community Survey, the median household income for Keating township is $50,443 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 67.61% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).

How does Keating township, Potter County, Pennsylvania median household income compare to the rest of the United States?

In Pennsylvania, among cities with populations of fewer than 5,000 residents, Keating township ranks 1279th out of 1515 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of Pennsylvania.

References

Datasets

Explore datasets by year of publication.
2023
Keating township, Potter County, Pennsylvania Median Household Income Trends (2010-2021, in 2022 inflation-adjusted dollars)
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset illustrates the median household income in Keating township, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars. Based on the latest 2017-2021 5-Year Estimates from the American Community Survey, it displays how income varied over the last decade. The dataset can be utilized to gain insights into median household income trends and explore income variations.

Key observations:

From 2010 to 2021, the median household income for Keating township decreased by $3,528 (6.54%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 5 years.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Years for which data is available:

  • 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021

Variables / Data Columns

  • Year: This column presents the data year from 2010 to 2021
  • Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific year
  • YOY Change($): Change in median household income between the current and the previous year, in 2022 inflation-adjusted dollars
  • YOY Change(%): Percent change in median household income between current and the previous year

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Keating township median household income. You can refer the same here

Median Household Income Variation by Family Size in Keating township, Potter County, Pennsylvania: Comparative analysis across 7 household sizes
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents median household incomes for various household sizes in Keating township, Potter County, Pennsylvania, as reported by the U.S. Census Bureau. The dataset highlights the variation in median household income with the size of the family unit, offering valuable insights into economic trends and disparities within different household sizes, aiding in data analysis and decision-making.

Key observations

  • Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Keating township did not include 5, 6, or 7-person households. Across the different household sizes in Keating township the mean income is $62,738, and the standard deviation is $36,953. The coefficient of variation (CV) is 58.90%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
  • In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $15,403. It then further increased to $75,664 for 4-person households, the largest household size for which the bureau reported a median household income.
Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Household Sizes:

  • 1-person households
  • 2-person households
  • 3-person households
  • 4-person households
  • 5-person households
  • 6-person households
  • 7-or-more-person households

Variables / Data Columns

  • Household Size: This column showcases 7 household sizes ranging from 1-person households to 7-or-more-person households (As mentioned above).
  • Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific household size.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Keating township median household income. You can refer the same here

If you're looking for datasets from another year, please feel free to contact us at research@neilsberg.com and we'll be happy to assist you further.

About the author

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Neilsberg Research
Neilsberg Research team are data scientists with expertise in processing, analysis and visualization of big data helping small businesses make right decisions.

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