Age of householder
Per the latest American Community Survey by the Census Bureau, Farwell sees its highest median household income among householders in the age group of 45 to 64 years old, at $68,571. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Farwell, where there exist only two delineated age groups, the median household income is $68,571 for householders within the 45 to 64 years age group, compared to $55,127 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 $21,171(44.66%), escalating from a median of $47,400 in 2011 to $68,571 in 2021.
- 1(2.17%) households where the householder is under 25 years old.
- 10(21.74%) households with a householder aged between 25 and 44 years.
- 25(54.35%) households with a householder aged between 45 and 64 years.
- 10(21.74%) households where the householder is over 65 years old.
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Gender
In Farwell, the population consists of 49 males (51.04%) and 47 females (48.96%). Here are the primary highlights from the gender-based income distribution analysis:
- In Farwell, the median income for all workers aged 15 years and older, regardless of work hours, was $42,786 for males and $19,456 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $46,518 for males and $28,914 for females.
- In Farwell, the median income for all workers aged 15 years and older, regardless of work hours, was $42,786 for males and $19,456 for females.
- In Farwell, among full-time, year-round workers aged 15 years and older, males earned a median income of $46,518, while females earned $28,914, leading to a 38% gender pay gap among full-time workers. This illustrates that women earn 62 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 Farwell, the population is predominantly White, constituting 97.92% 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 $60,351.
- In Farwell, White is both the largest group and the one with the highest median household income, which stands at $60,351.
- In Farwell, the median household income for the households where the householder is White increased by $9,319(18.26%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $51,032 in 2011 and $60,351 in 2021.
- As per the U.S. Census Bureau population data, in Farwell, 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
Farwell, NE median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Farwell increased by $6,112 (11.46%), 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 2016 to 2017, when the median household income increased by 11,882 (from $40,514 to $52,396). Similarly the most substantial year-by-year decline occured from 2020 to 2021, when the median household income decreased by 8,538 (from $67,988 to $59,450).
- It then further increased to $97,958 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3124, it is evident that income distribution in Farwell, NE exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $31,076.
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