Age of householder
Per the latest American Community Survey by the Census Bureau, Caspian sees its highest median household income among householders in the age group of 45 to 64 years old, at $49,317. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Caspian, the median household income stands at $49,317 for householders within the 45 to 64 years age group, followed by $40,985 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 $37,156.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $8,202(28.33%), escalating from a median of $28,954 in 2011 to $37,156 in 2021.
- 0 households where the householder is under 25 years old.
- 75(29.88%) households with a householder aged between 25 and 44 years.
- 70(27.89%) households with a householder aged between 45 and 64 years.
- 106(42.23%) households where the householder is over 65 years old.
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Gender
In Caspian, the population consists of 261 males (51.18%) and 249 females (48.82%). Here are the primary highlights from the gender-based income distribution analysis:
- In Caspian, the median income for all workers aged 15 years and older, regardless of work hours, was $37,291 for males and $16,978 for females.
- However, when specifically considering full-time, year-round workers within the same age group, while the Census reported a median income of $49,992 for males, while data for females was unavailable due to an insufficient number of sample observations.
- In Caspian, the median income for all workers aged 15 years and older, regardless of work hours, was $37,291 for males and $16,978 for females.
- In Caspian, for full-time, year-round workers aged 15 years and older, while the Census reported a median income of $49,992 for males, while data for females was unavailable due to an insufficient number of sample observations.
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Race
In Caspian, the population is predominantly White, constituting 89.61% 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 $45,263.
- In Caspian, White is both the largest group and the one with the highest median household income, which stands at $45,263.
- In Caspian, the median household income for the households where the householder is White increased by $12,699(39%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $32,564 in 2011 and $45,263 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
Caspian, MI median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Caspian increased by $8,965 (26.51%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 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 5,604 (from $37,182 to $42,786). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 2,497 (from $33,855 to $31,358).
- It then further increased to $83,996 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4454, it is evident that income distribution in Caspian, MI exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $51,220. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $19,517.
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