Age of householder
Per the latest American Community Survey by the Census Bureau, Beaver Dam sees its highest median household income among householders in the age group of 65 years and over old, at $53,201. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Beaver Dam, where there exist only two delineated age groups, the median household income is $53,201 for householders within the 65 years and over age group, compared to $51,115 for the 45 to 64 years age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $18,215(52.06%), escalating from a median of $34,986 in 2011 to $53,201 in 2021.
- 0 households where the householder is under 25 years old.
- 556(38.72%) households with a householder aged between 25 and 44 years.
- 437(30.43%) households with a householder aged between 45 and 64 years.
- 443(30.85%) households where the householder is over 65 years old.
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Gender
In Beaver Dam, the population consists of 2,045 males (57.67%) and 1,501 females (42.33%). Here are the primary highlights from the gender-based income distribution analysis:
- In Beaver Dam, the median income for all workers aged 15 years and older, regardless of work hours, was $38,660 for males and $24,468 for females.
- However, when specifically considering full-time, year-round workers within the same age group, while the Census reported a median income of $52,638 for males, while data for females was unavailable due to an insufficient number of sample observations.
- In Beaver Dam, the median income for all workers aged 15 years and older, regardless of work hours, was $38,660 for males and $24,468 for females.
- In Beaver Dam, for full-time, year-round workers aged 15 years and older, while the Census reported a median income of $52,638 for males, while data for females was unavailable due to an insufficient number of sample observations.
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Race
In Beaver Dam, the population is predominantly White, constituting 86.94% 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 $52,941.
- In Beaver Dam, White is both the largest group and the one with the highest median household income, which stands at $52,941.
- In Beaver Dam, the median household income for the households where the householder is White increased by $7,088(15.46%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $45,853 in 2011 and $52,941 in 2021.
- In Beaver Dam, the median household income for Black or African American households was $15,291 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
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Year by year
Beaver Dam, KY median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Beaver Dam increased by $6,122 (13.83%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2012 to 2013, when the median household income increased by 5,246 (from $37,547 to $42,793). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 4,796 (from $45,573 to $40,777).
- It then further increased to $106,515 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5532, it is evident that income distribution in Beaver Dam, KY exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $75,951. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $0.
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