Age of householder
Per the latest American Community Survey by the Census Bureau, Cove sees its highest median household income among householders in the age group of 45 to 64 years old, at $51,343. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Cove, where there exist only two delineated age groups, the median household income is $51,343 for householders within the 45 to 64 years age group, compared to $26,777 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 $2,012(4.08%), escalating from a median of $49,331 in 2011 to $51,343 in 2021.
- 0 households where the householder is under 25 years old.
- 28(21.88%) households with a householder aged between 25 and 44 years.
- 40(31.25%) households with a householder aged between 45 and 64 years.
- 60(46.88%) households where the householder is over 65 years old.
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Gender
In Cove, the population consists of 175 males (54.18%) and 148 females (45.82%). Here are the primary highlights from the gender-based income distribution analysis:
- In Cove, the median income for all workers aged 15 years and older, regardless of work hours, was $15,508 for males and $19,816 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the Census reported a median income of $31,415 for females, while data for males was unavailable due to an insufficient number of sample observations.
- In Cove, the median income for all workers aged 15 years and older, regardless of work hours, was $15,508 for males and $19,816 for females.
- In Cove, for full-time, year-round workers aged 15 years and older, the Census reported a median income of $31,415 for females, while data for males was unavailable due to an insufficient number of sample observations.
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Race
In Cove, the population is predominantly White, constituting 91.64% 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 $28,374.
- In Cove, 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 $29,274. This reveals that, while Whites may be the most numerous in Cove, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Cove, the median household income for the households where the householder is White decreased by $13,033(31.48%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $41,407 in 2011 and $28,374 in 2021.
- As per the U.S. Census Bureau population data, in Cove, there are no households where the householder is Black or African American; hence, the median household income for the Black or African American population is not applicable.
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Year by year
Cove, AR median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Cove decreased by $12,779 (31.05%), 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 2012 to 2013, when the median household income increased by 7,218 (from $36,022 to $43,240). Similarly the most substantial year-by-year decline occured from 2018 to 2019, when the median household income decreased by 10,498 (from $44,466 to $33,968).
- It then further increased to $45,669 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4817, it is evident that income distribution in Cove, AR exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $43,642. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $15,163.
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