Age of householder
Per the latest American Community Survey by the Census Bureau, Drakesboro sees its highest median household income among householders in the age group of 45 to 64 years old, at $85,723. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Drakesboro, where there exist only two delineated age groups, the median household income is $85,723 for householders within the 45 to 64 years age group, compared to $51,343 for the 25 to 44 years age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $53,034(162.24%), escalating from a median of $32,689 in 2011 to $85,723 in 2021.
- 0 households where the householder is under 25 years old.
- 18(12.95%) households with a householder aged between 25 and 44 years.
- 81(58.27%) households with a householder aged between 45 and 64 years.
- 40(28.78%) households where the householder is over 65 years old.
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Gender
In Drakesboro, the population consists of 226 males (52.07%) and 208 females (47.93%). Here are the primary highlights from the gender-based income distribution analysis:
- In Drakesboro, the median income for all workers aged 15 years and older, regardless of work hours, was $41,640 for males and $21,551 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $58,742 for males and $31,076 for females.
- In Drakesboro, the median income for all workers aged 15 years and older, regardless of work hours, was $41,640 for males and $21,551 for females.
- In Drakesboro, among full-time, year-round workers aged 15 years and older, males earned a median income of $58,742, while females earned $31,076, leading to a 47% gender pay gap among full-time workers. This illustrates that women earn 53 cents for each dollar earned by men in full-time roles. This level of income gap emphasizes the urgency to address and rectify this ongoing disparity, where women, despite working full-time, face a more significant wage discrepancy compared to men in the same employment roles.
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Race
In Drakesboro, the population is predominantly White, constituting 97.70% 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 $58,678.
- In Drakesboro, White is both the largest group and the one with the highest median household income, which stands at $58,678.
- In Drakesboro, the median household income for the households where the householder is White increased by $21,085(56.09%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $37,593 in 2011 and $58,678 in 2021.
- In Drakesboro, the median household income for Black or African American households was $25,606 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
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Year by year
Drakesboro, KY median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Drakesboro increased by $29,437 (71.81%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2014 to 2015, when the median household income increased by 26,660 (from $30,638 to $57,298). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 9,052 (from $39,690 to $30,638).
- It then further increased to $88,500 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.331, it is evident that income distribution in Drakesboro, KY exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $74,853. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $28,104.
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