Median Household Income in Newfane, VT (2010-2021, in 2022 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Newfane, 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 | 91,920 | - | - |
2011 | 96,434 | 4,514 | 4.91% |
2012 | 90,057 | -6,377 | -6.61% |
2013 | 89,107 | -950 | -1.05% |
2014 | 31,690 | -57,417 | -64.44% |
2015 | 32,263 | 573 | 1.81% |
2016 | 64,594 | 32,331 | 100.21% |
2017 | 59,881 | -4,713 | -7.30% |
2018 | 65,760 | 5,879 | 9.82% |
2019 | 95,087 | 29,327 | 44.60% |
2020 | 102,927 | 7,840 | 8.25% |
2021 | 62,828 | -40,099 | -38.96% |
TABLE OF CONTENTS
Newfane, VT median household income trends: 2010 to 2021
From 2010 to 2021, the median household income for Newfane decreased by $29,092 (31.65%), 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 most significant year-by-year growth occured from 2015 to 2016, when the median household income increased by 32,331 (from $32,263 to $64,594). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 57,417 (from $89,107 to $31,690).
In Vermont, among cities with populations of fewer than 5,000 residents, Newfane ranks 174th out of 231 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of Vermont.
Things to know
What is the Gini index for Newfane, VT?
As per the Census Bureau, the Gini coefficient for Newfane is 0.4024. With this value of Gini coefficient, it is evident that income distribution in Newfane 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 Newfane.
It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Newfane
What is the median household income in Newfane, VT?
As per the latest data available from American Community Survey, the median household income for Newfane is $62,828 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 84.21% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
How does Newfane, VT median household income compare to the rest of the United States?
In Vermont, among cities with populations of fewer than 5,000 residents, Newfane ranks 174th out of 231 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of Vermont.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)