All incomes in 2022 inflation-adjusted dollars using R-CPI-U-RS. Sources: U.S. Census Bureau, American Community Survey (ACS) 2017-2021 5-Year Estimates
TABLE OF CONTENTS
Age of householder
Per the latest American Community Survey by the Census Bureau, Byng sees its highest median household income among householders in the age group of 25 to 44 years old, at $93,229. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Byng, the median household income stands at $93,229 for householders within the 25 to 44 years age group, followed by $74,425 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 $50,934.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $44,429(91.04%), escalating from a median of $48,800 in 2011 to $93,229 in 2021.
- 3(0.64%) households where the householder is under 25 years old.
- 178(37.71%) households with a householder aged between 25 and 44 years.
- 175(37.08%) households with a householder aged between 45 and 64 years.
- 116(24.58%) households where the householder is over 65 years old.
![Byng, OK median household income by age of householder The bar chart shows Byng, OK median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).](https://i.neilsberg.com/ch/byng-ok-median-household-income-by-age.jpeg)
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Gender
In Byng, the population consists of 588 males (46.89%) and 666 females (53.11%). Here are the primary highlights from the gender-based income distribution analysis:
- In Byng, the median income for all workers aged 15 years and older, regardless of work hours, was $44,926 for males and $43,482 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $55,847 for males and $50,345 for females.
- In Byng, the median income for all workers aged 15 years and older, regardless of work hours, was $44,926 for males and $43,482 for females.
- In Byng, among full-time, year-round workers aged 15 years and older, males earned a median income of $55,847, while females earned $50,345, resulting in a 10% gender pay gap among full-time workers. This illustrates that women earn 90 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 Byng.
![Byng, OK gender based income disparity Line chart showing the annual median income trends in Byng, OK for males and females across four employment categories: (1) Males in full-time year-round positions, (2) Males in non-full-time roles (part-time and other employment types), (3) Females in full-time year-round positions, and (4) Females in non-full-time roles (part-time and other employment types).](https://i.neilsberg.com/ch/byng-ok-income-by-gender.jpeg)
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Race
In Byng, the population is predominantly White, constituting 73.13% 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 $73,637.
- In Byng, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $94,580. This reveals that, while Whites may be the most numerous in Byng, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Byng, the median household income for the households where the householder is White increased by $14,387(24.28%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $59,250 in 2011 and $73,637 in 2021.
- Even though there is a population where the householder is Black or African American, there was no median household income reported by the U.S. Census Bureau for both 2011 and 2021.
![Byng, OK median household income diversity across racial categories The bar chart shows Byng, OK median household income across all racial categories identified by the U.S. Census Bureau.](https://i.neilsberg.com/ch/byng-ok-median-household-income-by-race.jpeg)
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Year by year
Byng, OK median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Byng increased by $21,022 (36.66%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 9 years and declined for 2 years.
- The most significant year-by-year growth occured from 2017 to 2018, when the median household income increased by 6,693 (from $73,603 to $80,296). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 4,248 (from $78,079 to $73,831).
- It then further increased to $87,824 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3563, it is evident that income distribution in Byng, OK exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $86,924. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $49,472.
![Byng, OK median household income trend (2010-2021, in 2022 inflation-adjusted dollars) The line chart shows Byng, OK 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/byng-ok-median-household-income-trend.jpeg)
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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)