Median Household Income in Tiro, OH (2010-2021, in 2022 inflation-adjusted dollars)
Below, you will find a table illustrating the median household income in Tiro, 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 | 53,297 | - | - |
2011 | 57,441 | 4,144 | 7.78% |
2012 | 57,956 | 515 | 0.90% |
2013 | 51,730 | -6,226 | -10.74% |
2014 | 51,774 | 44 | 0.09% |
2015 | 52,652 | 878 | 1.70% |
2016 | 45,865 | -6,787 | -12.89% |
2017 | 38,922 | -6,943 | -15.14% |
2018 | 37,994 | -928 | -2.38% |
2019 | 49,517 | 11,523 | 30.33% |
2020 | 51,346 | 1,829 | 3.69% |
2021 | 57,095 | 5,749 | 11.20% |
TABLE OF CONTENTS
Tiro, OH median household income trends: 2010 to 2021
From 2010 to 2021, the median household income for Tiro increased by $3,798 (7.13%), 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 7 years and declined for 4 years.
![Tiro, OH median household income trend (2010-2021, in 2022 inflation-adjusted dollars) The line chart shows Tiro, OH 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.](https://i.neilsberg.com/ch/tiro-oh-median-household-income-trend.jpeg)
The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 11,523 (from $37,994 to $49,517). Similarly the most substantial year-by-year decline occured from 2016 to 2017, when the median household income decreased by 6,943 (from $45,865 to $38,922).
In Ohio, among cities with populations of fewer than 5,000 residents, Tiro ranks 309th out of 568 for median household income. This rank indicates that it falls within the middle-income range of small cities within the state of Ohio.
Median household income in Tiro, OH by household size
To gain deeper insights into the median household income for Tiro, 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, Tiro did not include 3, 5, 6, or 7-person households. Across the different household sizes in Tiro the mean income is $118,957, and the standard deviation is $131,305. The coefficient of variation (CV) is 110.38%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households. Please note that the U.S. Census Bureau uses $250,001 as a JAM value to report incomes of $250,000 or more. In the case of Tiro, there were 1 household sizes where the JAM values were used. Thus, the numbers for the mean and standard deviation may not be entirely accurate and have a higher possibility of errors. However, to obtain an approximate estimate, we have used a value of $250,001 as the income for calculations, as reported in the datasets by the U.S. Census Bureau.
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 $34,454. It then further increased to $270,229 for 4-person households, the largest household size for which the bureau reported a median household income.
![Tiro, OH median household income, by household size (in 2022 inflation-adjusted dollars) Bar chart showing Tiro, OH 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.](https://i.neilsberg.com/ch/tiro-oh-median-household-income-by-household-size.jpeg)
Tiro 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 | 34,454 |
2-person households | 52,188 |
3-person households | 0 |
4-person households | 270,229 |
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 4-person households, reaching $270,229 Please note that this income is a JAM value, as reported by the U.S. Census Bureau, and may not be entirely accurate. For your analysis, you can consider that the highest income in Tiro falls within the range of $250,000 or more, rather than being a specific, precise number.
Things to know
What is the Gini index for Tiro, OH?
As per the Census Bureau, the Gini coefficient for Tiro is 0.7072. With this value of Gini coefficient, it is evident that income distribution in Tiro exihibits characterstics of high inequality .
This level of Gini coefficient suggests significant variations in income distribution across households, with certain segments of the population holding a notably larger share of income compared to others in Tiro.
It also implies that efforts may be needed to enhance economic fairness and address the considerable gap between income groups in Tiro
What is the median household income in Tiro, OH?
As per the latest data available from American Community Survey, the median household income for Tiro is $57,095 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 76.53% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
How does Tiro, OH median household income compare to the rest of the United States?
In Ohio, among cities with populations of fewer than 5,000 residents, Tiro ranks 309th out of 568 for median household income. This rank indicates that it falls within the middle-income range of small cities within the state of Ohio.
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)