Forgan, OK Income

The inflation-adjusted median household income in Forgan was $54,796, based on U.S. Census Bureau ACS estimates.
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Updated Dec 15, 2023
Overview
$54,796
Median household income
0.3792
Gini coefficient
25 to 44 years ($89,851)
Highest median income age group
$179,239
Income of top 5%

All incomes in 2022 inflation-adjusted dollars using R-CPI-U-RS. Sources: U.S. Census Bureau, American Community Survey (ACS) 2017-2021 5-Year Estimates

TABLE OF CONTENTS

Age of householder

Per the latest American Community Survey by the Census Bureau, Forgan sees its highest median household income among householders in the age group of 25 to 44 years old, at $89,851. Here are the key highlights for income distribution by age:

  • In terms of income distribution across age cohorts, in Forgan, the median household income stands at $89,851 for householders within the 25 to 44 years age group, followed by $41,210 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $37,832.
  • Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $13,031(16.96%), escalating from a median of $76,820 in 2011 to $89,851 in 2021.
  • 15(11.11%) households where the householder is under 25 years old.
  • 38(28.15%) households with a householder aged between 25 and 44 years.
  • 48(35.56%) households with a householder aged between 45 and 64 years.
  • 34(25.19%) households where the householder is over 65 years old.
The bar chart shows Forgan, OK median household income by age of householder. All incomes have been adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS).
Forgan, OK median household income by age of householder: It offers a clear illustration of the differences in median household incomes in Forgan, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Read more about Forgan, OK median household income by age ➔

Gender

In Forgan, the population consists of 185 males (47.19%) and 207 females (52.81%). Here are the primary highlights from the gender-based income distribution analysis:

  • In Forgan, the median income for all workers aged 15 years and older, regardless of work hours, was $38,170 for males and $11,630 for females.
  • However, when specifically considering full-time, year-round workers within the same age group, the median income was $50,378 for males and $29,050 for females.
  • In Forgan, the median income for all workers aged 15 years and older, regardless of work hours, was $38,170 for males and $11,630 for females.
  • In Forgan, among full-time, year-round workers aged 15 years and older, males earned a median income of $50,378, while females earned $29,050, leading to a 42% gender pay gap among full-time workers. This illustrates that women earn 58 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.
Line chart showing the annual median income trends in Forgan, OK for males and females across four employment categories: (1) Males in full-time year-round positions, (2) Males in non-full-time roles (part-time and other employment types), (3) Females in full-time year-round positions, and (4) Females in non-full-time roles (part-time and other employment types).
Forgan, OK gender based income disparity: Gain insights into gender-based pay disparity trends and explore the variations in income for male and female individuals, in 2022 inflation adjusted dollars. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

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Year by year

Forgan, OK median household income trends by year, family type and household size (2010-2021):

  • From 2010 to 2021, the median household income for Forgan decreased by $9,857 (15.25%), 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 2019 to 2020, when the median household income increased by 20,987 (from $41,336 to $62,323). Similarly the most substantial year-by-year decline occured from 2014 to 2015, when the median household income decreased by 11,436 (from $63,159 to $51,723).
  • It then further increased to $90,189 for 5-person households, the largest household size for which the bureau reported a median household income.
  • With a Gini coefficient of 0.3792, it is evident that income distribution in Forgan, OK exihibits characterstics of moderate equality .
  • For the family households, the median income (in 2022 inflation-adjusted dollars) was $54,946. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $0.
The line chart shows Forgan, OK median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.
Forgan, OK median household income trends: 2010 to 2021. The chart illustrates income fluctuations over the years, highlighting the impact of inflation on economic trends. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Read more about Forgan, OK median household income ➔

References

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Forgan, OK Demographics

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Median household income of places that contain Forgan (in 2022 dollars)
Median household income of nearby cities (in 2022 dollars)

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Neilsberg Research
Neilsberg Research team are data scientists with expertise in processing, analysis and visualization of big data helping small businesses make right decisions.

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