Age of householder
Per the latest American Community Survey by the Census Bureau, Banks township sees its highest median household income among householders in the age group of 25 to 44 years old, at $89,561. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Banks township, the median household income stands at $89,561 for householders within the 25 to 44 years age group, followed by $70,741 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $26,347.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $11,924(15.36%), escalating from a median of $77,637 in 2011 to $89,561 in 2021.
- 4(1.06%) households where the householder is under 25 years old.
- 96(25.53%) households with a householder aged between 25 and 44 years.
- 141(37.50%) households with a householder aged between 45 and 64 years.
- 135(35.90%) households where the householder is over 65 years old.
Read more about Banks township, Indiana County, Pennsylvania median household income by age ➔
Gender
In Banks township, the population consists of 521 males (45.11%) and 634 females (54.89%). Here are the primary highlights from the gender-based income distribution analysis:
- In Banks township, the median income for all workers aged 15 years and older, regardless of work hours, was $38,620 for males and $15,300 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $58,406 for males and $35,130 for females.
- In Banks township, the median income for all workers aged 15 years and older, regardless of work hours, was $38,620 for males and $15,300 for females.
- In Banks township, among full-time, year-round workers aged 15 years and older, males earned a median income of $58,406, while females earned $35,130, leading to a 40% gender pay gap among full-time workers. This illustrates that women earn 60 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
Read more about Banks township, Indiana County, Pennsylvania income by gender ➔
Race
In Banks township, the population is predominantly White, constituting 99.91% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for White households is $57,592.
- In Banks township, White is both the largest group and the one with the highest median household income, which stands at $57,592.
- In Banks township, the median household income for the households where the householder is White decreased by $4,110(6.66%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $61,702 in 2011 and $57,592 in 2021.
- As per the U.S. Census Bureau population data, in Banks township, there are no households where the householder is Black or African American; hence, the median household income for the Black or African American population is not applicable.
Read more about Banks township, Indiana County, Pennsylvania median household income by race ➔
Year by year
Banks township, Indiana County, Pennsylvania median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Banks township increased by $2,872 (5.26%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 10,909 (from $55,113 to $66,022). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 9,129 (from $66,022 to $56,893).
- It then further increased to $71,610 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5083, it is evident that income distribution in Banks township, Indiana County, Pennsylvania exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $67,257. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $16,075.
Read more about Banks township, Indiana County, Pennsylvania median household income ➔