Prospect, KY median household income diversity
Based on our analysis of the distribution of Prospect population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 89.68% of the total residents in Prospect. Notably, the median household income for White households is $171,763.
Interestingly, despite the White population being the most populous, it is worth noting that Asian households actually reports the highest median household income, with a median income of $270,229. This reveals that, while Whites may be the most numerous in Prospect, Asian households experience greater economic prosperity in terms of median household income.
For a better visual representation of these income disparities, take a look at the bar chart below. It illustrates the varying median household incomes across races, providing a clear comparison for each of the racial categories defined by the U.S. Census Bureau. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).
As we explore median household incomes in Prospect, we observe that Asian households report a median income of about $270,229, while White households earn around $171,763. These differences shed light on the income distribution within the city of Prospect.
Prospect, KY median household income trends across races
A decade typically encompasses substantial economic changes. To conduct a comprehensive analysis of these changes in Prospect, we have analysed how these changes have unfolded among the racial categories identified by the U.S. Census Bureau for the city of Prospect.
Key stats for each racial category as per our analysis of U.S. Census Bureau American Community Survey:
- White: In Prospect, the median household income for the households where the householder is White increased by $17,255(11.17%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $154,508 in 2011 and $171,763 in 2021.
- Black or African American: In Prospect, the median household income for Black or African American households was $108,602 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
- American Indian and Alaska Native: The U.S. Census Bureau population data for Prospect, indicates a lack of households led by American Indian and Alaska Native individuals. As a result, the median household income for the American Indian and Alaska Native population is not available.
- Asian: In Prospect, the median household income for the households where the householder is Asian decreased by $56,666(17.33%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $326,895 in 2011 and $270,229 in 2021.
- Native Hawaiian and Other Pacific Islander: According to the U.S. Census Bureau population data for Prospect, there are no households with Native Hawaiian and Other Pacific Islander householders. Consequently, the median household income for the Native Hawaiian and Other Pacific Islander population is not available.
- Some other race: According to U.S. Census Bureau population data for Prospect, Some other race-led households are absent, rendering the median household income for the Some other race population inconclusive.
- Two or more races (multiracial): Even though there is a population where the householder is multiracial, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
- Above analysis reconfirms that there are 2 race households in Prospect. Households are categorized based on the self-identified race of the head of household.
Prospect median household income by race betwen 2011 and 2021
Explore the evolution of median household incomes over the past decade across various racial categories identified by the U.S. Census Bureau. This table showcases the annual income trends, from 2011 to 2021, providing insights into the economic shifts within diverse racial communities.
| Race Of The Head Of Household | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| White | $153,060 | $154,508 | $152,657 | $150,215 | $143,923 | $153,884 | $136,759 | $137,257 | $154,041 | $166,851 | $171,388 | $171,763 | N/A |
| Black or African American | $133,774 | $108,602 | $100,486 | $315,425 | $141,320 | N/A | $52,579 | $53,358 | $54,251 | $54,182 | $53,574 | N/A | N/A |
| Asian | $337,322 | $326,895 | $320,200 | N/A | N/A | N/A | N/A | $299,404 | $292,266 | $287,055 | $283,286 | $270,229 | N/A |
| Two or More Races | N/A | N/A | $320,200 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Key observations: Households with White householders witnessed significant growth in median household income, marking an impressive increase of $17,255. On the other hand, households where householder is Black or African American experienced a notable decline, with a decrease of $108,602 in median income.