Age of householder
Per the latest American Community Survey by the Census Bureau, Genoa town sees its highest median household income among householders in the age group of 65 years and over old, at $84,671. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Genoa town, the median household income stands at $84,671 for householders within the 65 years and over age group, followed by $80,979 for the 25 to 44 years age group. Notably, householders within the 45 to 64 years age group, had the lowest median household income at $79,478.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $35,170(71.05%), escalating from a median of $49,501 in 2011 to $84,671 in 2021.
- 9(1.30%) households where the householder is under 25 years old.
- 191(27.60%) households with a householder aged between 25 and 44 years.
- 340(49.13%) households with a householder aged between 45 and 64 years.
- 152(21.97%) households where the householder is over 65 years old.
Read more about Genoa, New York median household income by age ➔
Gender
In Genoa town, the population consists of 921 males (52.00%) and 850 females (48.00%). Here are the primary highlights from the gender-based income distribution analysis:
- In Genoa town, the median income for all workers aged 15 years and older, regardless of work hours, was $47,590 for males and $36,770 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $51,182 for males and $53,080 for females.
- In Genoa town, the median income for all workers aged 15 years and older, regardless of work hours, was $47,590 for males and $36,770 for females.
- In Genoa town, among full-time, year-round workers aged 15 years and older, males earned a median income of $51,182, while females earned $53,080
Read more about Genoa, New York income by gender ➔
Race
In Genoa town, the population is predominantly White, constituting 94.07% 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 $80,077.
- In Genoa town, 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 $84,041. This reveals that, while Whites may be the most numerous in Genoa town, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Genoa town, the median household income for the households where the householder is White increased by $5,783(7.78%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $74,294 in 2011 and $80,077 in 2021.
- As per the U.S. Census Bureau population data, in Genoa town, 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.
Read more about Genoa, New York median household income by race ➔
Year by year
Genoa, New York median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Genoa town increased by $11,016 (15.92%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 8 years and declined for 3 years.
- The most significant year-by-year growth occured from 2014 to 2015, when the median household income increased by 8,074 (from $69,356 to $77,430). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 4,331 (from $73,687 to $69,356).
- It then further increased to $212,580 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.471, it is evident that income distribution in Genoa, New York exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $96,607. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $47,515.
Read more about Genoa, New York median household income ➔