Age of householder
Per the latest American Community Survey by the Census Bureau, Big Stone Gap sees its highest median household income among householders in the age group of 25 to 44 years old, at $100,624. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Big Stone Gap, the median household income stands at $100,624 for householders within the 25 to 44 years age group, followed by $46,051 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 $45,488.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $65,319(185.01%), escalating from a median of $35,305 in 2011 to $100,624 in 2021.
- 156(9.10%) households where the householder is under 25 years old.
- 419(24.43%) households with a householder aged between 25 and 44 years.
- 697(40.64%) households with a householder aged between 45 and 64 years.
- 443(25.83%) households where the householder is over 65 years old.
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Gender
In Big Stone Gap, the population consists of 3,227 males (61.12%) and 2,053 females (38.88%). Here are the primary highlights from the gender-based income distribution analysis:
- In Big Stone Gap, the median income for all workers aged 15 years and older, regardless of work hours, was $33,266 for males and $21,263 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $45,284 for males and $41,785 for females.
- In Big Stone Gap, the median income for all workers aged 15 years and older, regardless of work hours, was $33,266 for males and $21,263 for females.
- In Big Stone Gap, among full-time, year-round workers aged 15 years and older, males earned a median income of $45,284, while females earned $41,785, resulting in a 8% gender pay gap among full-time workers. This illustrates that women earn 92 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the town of Big Stone Gap.
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Race
In Big Stone Gap, the population is predominantly White, constituting 77.29% 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 $52,364.
- In Big Stone Gap, White is both the largest group and the one with the highest median household income, which stands at $52,364.
- In Big Stone Gap, the median household income for the households where the householder is White increased by $15,449(41.85%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $36,915 in 2011 and $52,364 in 2021.
- In Big Stone Gap, the median household income for Black or African American households was $35,005 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
Big Stone Gap, VA median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Big Stone Gap increased by $23,270 (59.96%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2020 to 2021, when the median household income increased by 16,844 (from $45,234 to $62,078). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 8,708 (from $53,942 to $45,234).
- It then further increased to $108,992 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3924, it is evident that income distribution in Big Stone Gap, VA exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $71,610. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $44,538.
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