Age of householder
Per the latest American Community Survey by the Census Bureau, Forest Hills sees its highest median household income among householders in the age group of 45 to 64 years old, at $263,615. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Forest Hills, the median household income stands at $263,615 for householders within the 45 to 64 years age group, followed by $232,637 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $165,440.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $41,907(21.97%), escalating from a median of $190,730 in 2011 to $232,637 in 2021.
- 0 households where the householder is under 25 years old.
- 377(20.20%) households with a householder aged between 25 and 44 years.
- 881(47.21%) households with a householder aged between 45 and 64 years.
- 608(32.58%) households where the householder is over 65 years old.
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Gender
In Forest Hills, the population consists of 2,476 males (49.93%) and 2,483 females (50.07%). Here are the primary highlights from the gender-based income distribution analysis:
- In Forest Hills, the median income for all workers aged 15 years and older, regardless of work hours, was $129,005 for males and $42,537 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $185,407 for males and $115,953 for females.
- In Forest Hills, the median income for all workers aged 15 years and older, regardless of work hours, was $129,005 for males and $42,537 for females.
- In Forest Hills, among full-time, year-round workers aged 15 years and older, males earned a median income of $185,407, while females earned $115,953, leading to a 37% gender pay gap among full-time workers. This illustrates that women earn 63 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 Forest Hills, the population is predominantly White, constituting 94.78% 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 $217,727.
- In Forest Hills, White is both the largest group and the one with the highest median household income, which stands at $217,727.
- In Forest Hills, the median household income for the households where the householder is White decreased by $4,858(2.18%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $222,585 in 2011 and $217,727 in 2021.
- In Forest Hills, the median household income for Black or African American households was $326,895 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
Forest Hills, TN median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Forest Hills increased by $5,528 (2.48%), 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 2014 to 2015, when the median household income increased by 17,665 (from $229,446 to $247,111). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 16,113 (from $247,111 to $230,998).
- It then further increased to $270,229 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.5364, it is evident that income distribution in Forest Hills, TN exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $243,942. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $98,723.
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