Age of householder
Per the latest American Community Survey by the Census Bureau, Garrett Park sees its highest median household income among householders in the age group of 25 to 44 years old, at $270,229. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Garrett Park, the median household income stands at $270,229 for householders within the 25 to 44 years age group, followed by $230,369 for the 65 years and over age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $229,694.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $144,810(115.46%), escalating from a median of $125,419 in 2011 to $270,229 in 2021.
- 0 households where the householder is under 25 years old.
- 51(15.18%) households with a householder aged between 25 and 44 years.
- 160(47.62%) households with a householder aged between 45 and 64 years.
- 125(37.20%) households where the householder is over 65 years old.
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Gender
In Garrett Park, the population consists of 464 males (53.70%) and 400 females (46.30%). Here are the primary highlights from the gender-based income distribution analysis:
- In Garrett Park, the median income for all workers aged 15 years and older, regardless of work hours, was $147,049 for males and $71,881 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $190,173 for males and $120,251 for females.
- In Garrett Park, the median income for all workers aged 15 years and older, regardless of work hours, was $147,049 for males and $71,881 for females.
- In Garrett Park, among full-time, year-round workers aged 15 years and older, males earned a median income of $190,173, while females earned $120,251, 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 Garrett Park, the population is predominantly White, constituting 90.05% 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 $265,274.
- In Garrett Park, despite the White population being the most populous, it is worth noting that Two or More Races households actually reports the highest median household income, with a median income of $270,229. This reveals that, while Whites may be the most numerous in Garrett Park, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Garrett Park, the median household income for the households where the householder is White increased by $107,094(67.70%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $158,180 in 2011 and $265,274 in 2021.
- As per the U.S. Census Bureau population data, in Garrett Park, 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
Garrett Park, MD median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Garrett Park increased by $103,842 (65.89%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, consistently increased year by year for all 12 years.
- The median household income has been consistently increasing over the last 12 years, and Garrett Park did not experience a single year with a decrease in median household income.
- 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 0.387, it is evident that income distribution in Garrett Park, MD exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $270,229. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $178,736.
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