Age of householder
Per the latest American Community Survey by the Census Bureau, Cloverport sees its highest median household income among householders in the age group of 45 to 64 years old, at $33,007. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Cloverport, where there exist only two delineated age groups, the median household income is $33,007 for householders within the 45 to 64 years age group, compared to $32,844 for the 65 years and over age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $2,463(8.06%), escalating from a median of $30,544 in 2011 to $33,007 in 2021.
- 14(3.08%) households where the householder is under 25 years old.
- 100(21.98%) households with a householder aged between 25 and 44 years.
- 153(33.63%) households with a householder aged between 45 and 64 years.
- 188(41.32%) households where the householder is over 65 years old.
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Gender
In Cloverport, the population consists of 589 males (52.22%) and 539 females (47.78%). Here are the primary highlights from the gender-based income distribution analysis:
- In Cloverport, the median income for all workers aged 15 years and older, regardless of work hours, was $25,478 for males and $13,736 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $41,717 for males and $33,238 for females.
- In Cloverport, the median income for all workers aged 15 years and older, regardless of work hours, was $25,478 for males and $13,736 for females.
- In Cloverport, among full-time, year-round workers aged 15 years and older, males earned a median income of $41,717, while females earned $33,238, leading to a 20% gender pay gap among full-time workers. This illustrates that women earn 80 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Cloverport, the population is predominantly White, constituting 97.34% 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 $32,589.
- In Cloverport, 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 $44,588. This reveals that, while Whites may be the most numerous in Cloverport, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Cloverport, the median household income for the households where the householder is White increased by $1,724(5.59%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $30,865 in 2011 and $32,589 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
Cloverport, KY median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Cloverport decreased by $4,614 (12.29%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 4 years and declined for 7 years.
- The most significant year-by-year growth occured from 2019 to 2020, when the median household income increased by 9,981 (from $27,476 to $37,457). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 6,663 (from $37,528 to $30,865).
- It then further increased to $62,828 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4719, it is evident that income distribution in Cloverport, KY exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $41,103. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $15,087.
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