Age of householder
Per the latest American Community Survey by the Census Bureau, Bingham Farms sees its highest median household income among householders in the age group of 45 to 64 years old, at $255,172. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Bingham Farms, the median household income stands at $255,172 for householders within the 45 to 64 years age group, followed by $182,704 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $170,019.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $54,404(27.10%), escalating from a median of $200,768 in 2011 to $255,172 in 2021.
- 0 households where the householder is under 25 years old.
- 29(6.39%) households with a householder aged between 25 and 44 years.
- 144(31.72%) households with a householder aged between 45 and 64 years.
- 281(61.89%) households where the householder is over 65 years old.
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Gender
In Bingham Farms, the population consists of 571 males (37.54%) and 950 females (62.46%). Here are the primary highlights from the gender-based income distribution analysis:
- In Bingham Farms, while the Census reported a median income of $114,306 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $219,155 for males and $101,560 for females.
- In Bingham Farms, while the Census reported a median income of $114,306 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- In Bingham Farms, among full-time, year-round workers aged 15 years and older, males earned a median income of $219,155, while females earned $101,560, leading to a 54% gender pay gap among full-time workers. This illustrates that women earn 46 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.
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Race
In Bingham Farms, the population is predominantly White, constituting 85.01% 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 $197,163.
- In Bingham Farms, White is both the largest group and the one with the highest median household income, which stands at $197,163.
- In Bingham Farms, the median household income for the households where the householder is White increased by $36,576(22.78%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $160,587 in 2011 and $197,163 in 2021.
- In Bingham Farms, the median household income for the households where the householder is Black or African American decreased by $111,277(42.93%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $259,227 in 2011 and $147,950 in 2021.
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Year by year
Bingham Farms, MI median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Bingham Farms increased by $18,522 (10.51%), 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 2019 to 2020, when the median household income increased by 41,106 (from $150,498 to $191,604). Similarly the most substantial year-by-year decline occured from 2014 to 2015, when the median household income decreased by 33,977 (from $160,445 to $126,468).
- It then further increased to $270,229 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4763, it is evident that income distribution in Bingham Farms, MI exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $239,320. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $77,915.
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