Median Household Income in Philip, SD (2010-2023, in 2023 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Philip, spanning the years from 2010 to 2023, with all figures adjusted to 2023 inflation-adjusted dollars.
| Year | Median Household Income | YOY Change($) | YOY Change(%) |
|---|---|---|---|
| 2010 | 60,588 | - | - |
| 2011 | 63,566 | 2,978 | 4.92% |
| 2012 | 59,847 | -3,719 | -5.85% |
| 2013 | 54,911 | -4,936 | -8.25% |
| 2014 | 44,420 | -10,491 | -19.11% |
| 2015 | 40,730 | -3,690 | -8.31% |
| 2016 | 42,491 | 1,761 | 4.32% |
| 2017 | 43,016 | 525 | 1.24% |
| 2018 | 43,383 | 367 | 0.85% |
| 2019 | 46,261 | 2,878 | 6.63% |
| 2020 | 40,495 | -5,766 | -12.46% |
| 2021 | 39,299 | -1,196 | -2.95% |
| 2022 | 40,674 | 1,375 | 3.50% |
| 2023 | 43,750 | 3,076 | 7.56% |
TABLE OF CONTENTS
Philip, SD median household income trends: 2010 to 2023
From 2010 to 2023, the median household income for Philip decreased by $16,838 (27.79%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $5,602 (7.68%) between 2010 and 2023.
Analyzing the trend in median household income between the years 2010 and 2023, spanning 13 annual cycles, we observed that median household income, when adjusted for 2023 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 7 years and declined for 6 years.
The most significant year-by-year growth occured from 2022 to 2023, when the median household income increased by 3,076 (from $40,674 to $43,750). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 10,491 (from $54,911 to $44,420).
In South Dakota, among cities with populations of fewer than 5,000 residents, Philip ranks 212th out of 243 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of South Dakota.
Median household income in Philip, SD by household size
To gain deeper insights into the median household income for Philip, 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, only 2-person households were found in Philip. The coefficient of variation (CV) is 39.75%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
In the most recent year, 2023, The smallest household size for which the bureau reported a median household income was 2-person households, with an income of $55,147. Additionally, the Census Bureau did not report a median household income for larger household sizes.
Philip 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 | 0 |
| 2-person households | 55,147 |
| 3-person households | 0 |
| 4-person households | 0 |
| 5-person households | 0 |
| 6-person households | 0 |
| 7-or-more-person households | 0 |
According to the Census Bureau data, the median household income reaches its peak among 2-person households, reaching $55,147 .
Philip, SD income distribution and inequality
To gain a comprehensive understanding of income distribution in Philip, we conducted an analysis of quintiles data from the U.S. Census Bureau. While the bureau does not categorize income into subjective classes like lower-income, middle-class, or upper-class, they instead divide the population into five quintiles, ensuring that each quintile represents nearly the same number of households. This classification allows us to analyze income levels across a spectrum from the lowest to the highest income groups.
Key findings:
- Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is NA, while the mean income for the highest quintile (20% of households with the highest income) is NA. This indicates that the top earners earn NA times compared to the lowest earners.
- Top 5%: The mean household income for the wealthiest population (top 5%) is NA, which is NA higher compared to the highest quintile, and 2331.49% higher compared to the NA quintile.
Furthermore, as per the Census Bureau, the Gini coefficient for Philip is 0.4961. Gini coefficient is a numeric measure ranging from 0 to 1, where lower numbers indicate greater income equality (with 0 representing complete equality, where all households earn the same income) and higher values signify greater income inequality (with 1 being complete inequality where one household receives all income).
Sources: U.S. Census Bureau, American Community Survey (ACS)
With a Gini coefficient of 0.4961, it is evident that income distribution in Philip, SD 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 Philip.It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Philip
Median household income in Philip, SD by family type, 2023
The Census Bureau classifies households into different categories, including total households, family households, and non-family households. Our analysis of U.S. Census Bureau American Community Survey data for Philip reveals how household income distribution varies among these categories.
Interestingly, we found that the median household income NA vary between family households and non-family households. In 2023, for Philip, NA.
NA. For the non-family households, the median income (in 2023 inflation-adjusted dollars) was $34,659.
Philip, SD households by income brackets: family, non-family, and total, 2023, in 2022 inflation-adjusted dollars
The table below presents a breakdown of households across various income brackets in Philip. The data in the table offers insights into the distribution of Philip households based on income levels.
| Income Level | All Households | % All Households | Family Households | % Family Households | Non-Family Households | % Non-Family Households |
|---|---|---|---|---|---|---|
| Total: | 212 | 100.00% | 119 | 100.00% | 93 | 100.00% |
| Less than $10,000 | 53 | 25.00% | 19 | 15.97% | 34 | 36.56% |
| $10,000 to $14,999 | - | - | - | - | - | - |
| $15,000 to $19,999 | 13 | 6.13% | - | - | 13 | 13.98% |
| $20,000 to $24,999 | - | - | - | - | - | - |
| $25,000 to $29,999 | - | - | - | - | - | - |
| $30,000 to $34,999 | 18 | 8.49% | 18 | 15.13% | - | - |
| $35,000 to $39,999 | 8 | 3.77% | 8 | 6.72% | - | - |
| $40,000 to $44,999 | 19 | 8.96% | 19 | 15.97% | - | - |
| $45,000 to $49,999 | - | - | - | - | - | - |
| $50,000 to $59,999 | 56 | 26.42% | 10 | 8.40% | 46 | 49.46% |
| $60,000 to $74,999 | - | - | - | - | - | - |
| $75,000 to $99,999 | 14 | 6.60% | 14 | 11.76% | - | - |
| $100,000 to $124,999 | 10 | 4.72% | 10 | 8.40% | - | - |
| $125,000 to $149,999 | 15 | 7.08% | 15 | 12.61% | - | - |
| $150,000 to $199,999 | - | - | - | - | - | - |
| $200,000 or more | 6 | 2.83% | 6 | 5.04% | - | - |
Key findings:
- For Family Households: In Philip, the majority of family households, representing NA%, earn NA, showcasing a substantial share of the community families falling within this income bracket. Conversely, the minority of family households, comprising NA%, have incomes falling NA, representing a smaller but still significant segment of the community.
- For Non-Family Households: In Philip, the majority of non-family households, accounting for NA%, have income NA, indicating that a substantial portion of non-family households falls within this income bracket. On the other hand, the minority of non-family households, comprising NA%, earn NA, representing a smaller, yet notable, portion of non-family households in the community.
- For Total Households (Combining Family and Non-Family): When considering total households in Philip, the majority, constituting NA%, earn NA, demonstrating that a significant portion of community households falls within this income bracket. Simultaneously, the minority of total households, representing NA%, have incomes NA, signifying a smaller segment of households in the community.
Things to know
What is the Gini index for Philip, SD?
As per the Census Bureau, the Gini coefficient for Philip is 0.4961. With this value of Gini coefficient, it is evident that income distribution in Philip 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 Philip.It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in PhilipWhat is the median household income in Philip, SD?
As per the latest data available from American Community Survey, the median household income for Philip is $43,750 (in 2023 inflation-adjusted dollars). This income is 55.71% of the U.S. median household income of $78,538 (all incomes in 2023 inflation-adjusted dollars).
How does Philip, SD median household income compare to the rest of the United States?
In South Dakota, among cities with populations of fewer than 5,000 residents, Philip ranks 212th out of 243 for median household income. This rank indicates that it falls within the lower-income range of small cities within the state of South Dakota.
References
- U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)