Age of householder
Per the latest American Community Survey by the Census Bureau, Canaan town sees its highest median household income among householders in the age group of 45 to 64 years old, at $143,395. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Canaan town, the median household income stands at $143,395 for householders within the 45 to 64 years age group, followed by $98,846 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $61,702.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $50,412(54.22%), escalating from a median of $92,983 in 2011 to $143,395 in 2021.
- 8(1.01%) households where the householder is under 25 years old.
- 123(15.51%) households with a householder aged between 25 and 44 years.
- 284(35.81%) households with a householder aged between 45 and 64 years.
- 378(47.67%) households where the householder is over 65 years old.
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Gender
In Canaan town, the population consists of 921 males (52.27%) and 841 females (47.73%). Here are the primary highlights from the gender-based income distribution analysis:
- In Canaan town, the median income for all workers aged 15 years and older, regardless of work hours, was $54,046 for males and $38,797 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $83,842 for males and $75,664 for females.
- In Canaan town, the median income for all workers aged 15 years and older, regardless of work hours, was $54,046 for males and $38,797 for females.
- In Canaan town, among full-time, year-round workers aged 15 years and older, males earned a median income of $83,842, while females earned $75,664, 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 Canaan town.
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Race
In Canaan town, the population is predominantly White, constituting 90.69% 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 $106,890.
- In Canaan town, White is both the largest group and the one with the highest median household income, which stands at $106,890.
- In Canaan town, the median household income for the households where the householder is White increased by $14,399(15.57%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $92,491 in 2011 and $106,890 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.
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Year by year
Canaan, New York median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Canaan town increased by $6,180 (6.16%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 8 years and declined for 3 years.
- The most significant year-by-year growth occured from 2020 to 2021, when the median household income increased by 5,118 (from $101,322 to $106,440). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 7,869 (from $100,260 to $92,391).
- It then further increased to $207,400 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4442, it is evident that income distribution in Canaan, New York exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $135,176. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $41,345.
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