Age of householder
Per the latest American Community Survey by the Census Bureau, Fort Covington town sees its highest median household income among householders in the age group of 25 to 44 years old, at $55,892. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Fort Covington town, the median household income stands at $55,892 for householders within the 25 to 44 years age group, followed by $54,946 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 $38,057.
- Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $5,256(12.13%), declining from a median of $43,313 in 2011 to $38,057 in 2021.
- 18(2.67%) households where the householder is under 25 years old.
- 287(42.58%) households with a householder aged between 25 and 44 years.
- 200(29.67%) households with a householder aged between 45 and 64 years.
- 169(25.07%) households where the householder is over 65 years old.
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Gender
In Fort Covington town, the population consists of 894 males (51.53%) and 841 females (48.47%). Here are the primary highlights from the gender-based income distribution analysis:
- In Fort Covington town, the median income for all workers aged 15 years and older, regardless of work hours, was $27,403 for males and $26,834 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $41,016 for males and $36,640 for females.
- In Fort Covington town, the median income for all workers aged 15 years and older, regardless of work hours, was $27,403 for males and $26,834 for females.
- In Fort Covington town, among full-time, year-round workers aged 15 years and older, males earned a median income of $41,016, while females earned $36,640, resulting in a 11% gender pay gap among full-time workers. This illustrates that women earn 89 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the town of Fort Covington town.
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Race
In Fort Covington town, the population is predominantly White, constituting 77.35% 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 $50,893.
- In Fort Covington town, despite the White population being the most populous, it is worth noting that American Indian and Alaska Native households actually reports the highest median household income, with a median income of $55,293. This reveals that, while Whites may be the most numerous in Fort Covington town, American Indian and Alaska Native households experience greater economic prosperity in terms of median household income.
- In Fort Covington town, the median household income for the households where the householder is White increased by $224(0.44%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $50,669 in 2011 and $50,893 in 2021.
- In Fort Covington town, the median household income for Black or African American households was $60,067 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
Fort Covington, New York median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Fort Covington town decreased by $4,856 (8.68%), 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 2,629 (from $46,926 to $49,555). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 8,021 (from $58,536 to $50,515).
- It then further increased to $61,072 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3855, it is evident that income distribution in Fort Covington, New York exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $58,943. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $32,611.
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