Age of householder
Per the latest American Community Survey by the Census Bureau, Cove City sees its highest median household income among householders in the age group of 25 to 44 years old, at $60,351. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Cove City, where there exist only two delineated age groups, the median household income is $60,351 for householders within the 25 to 44 years age group, compared to $51,006 for the 45 to 64 years age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated the smallest decline of $25,996(33.76%), declining from a median of $77,002 in 2011 to $51,006 in 2021.
- 0 households where the householder is under 25 years old.
- 30(14.02%) households with a householder aged between 25 and 44 years.
- 108(50.47%) households with a householder aged between 45 and 64 years.
- 76(35.51%) households where the householder is over 65 years old.
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Gender
In Cove City, the population consists of 243 males (43.32%) and 318 females (56.68%). Here are the primary highlights from the gender-based income distribution analysis:
- In Cove City, while the Census reported a median income of $33,103 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $54,848 for males and $44,588 for females.
- In Cove City, while the Census reported a median income of $33,103 for all male workers aged 15 years and older, data for females in the same category was unavailable due to an insufficient number of sample observations.
- In Cove City, among full-time, year-round workers aged 15 years and older, males earned a median income of $54,848, while females earned $44,588, leading to a 19% gender pay gap among full-time workers. This illustrates that women earn 81 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 Cove City, the population is predominantly White, constituting 64.88% 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 $48,641.
- In Cove City, despite the White population being the most populous, it is worth noting that Black or African American households actually reports the highest median household income, with a median income of $54,496. This reveals that, while Whites may be the most numerous in Cove City, Black or African American households experience greater economic prosperity in terms of median household income.
- In Cove City, the median household income for the households where the householder is White decreased by $4,316(8.15%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $52,957 in 2011 and $48,641 in 2021.
- In Cove City, the median household income for the households where the householder is Black or African American decreased by $27,731(33.72%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $82,227 in 2011 and $54,496 in 2021.
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Year by year
Cove City, NC median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Cove City decreased by $9,470 (15.12%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 3 years and declined for 8 years.
- The most significant year-by-year growth occured from 2016 to 2017, when the median household income increased by 12,120 (from $42,234 to $54,354). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 15,124 (from $67,423 to $52,299).
- It then further increased to $89,007 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3394, it is evident that income distribution in Cove City, NC exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $15,163.
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