Age of householder
Per the latest American Community Survey by the Census Bureau, Goodwater sees its highest median household income among householders in the age group of 65 years and over old, at $45,843. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Goodwater, where there exist only two delineated age groups, the median household income is $45,843 for householders within the 65 years and over age group, compared to $29,645 for the 45 to 64 years age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $11,247(32.51%), escalating from a median of $34,596 in 2011 to $45,843 in 2021.
- 14(2.92%) households where the householder is under 25 years old.
- 68(14.17%) households with a householder aged between 25 and 44 years.
- 195(40.62%) households with a householder aged between 45 and 64 years.
- 203(42.29%) households where the householder is over 65 years old.
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Gender
In Goodwater, the population consists of 602 males (51.37%) and 570 females (48.63%). Here are the primary highlights from the gender-based income distribution analysis:
- In Goodwater, the median income for all workers aged 15 years and older, regardless of work hours, was $20,824 for males and $21,377 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $23,667 for males and $29,635 for females.
- In Goodwater, the median income for all workers aged 15 years and older, regardless of work hours, was $20,824 for males and $21,377 for females.
- In Goodwater, among full-time, year-round workers aged 15 years and older, males earned a median income of $23,667, while females earned $29,635
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Race
In Goodwater, the population is predominantly Black or African American, constituting 76.28% of the total residents. Here are the key highlights from the analysis of income distribution by race:
- The median household income for Black or African American households is $33,383.
- In Goodwater, despite the Black or African American 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 $76,115. This reveals that, while Black or African Americans may be the most numerous in Goodwater, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Goodwater, the median household income for White households was $59,658 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
- In Goodwater, the median household income for the households where the householder is Black or African American increased by $4,959(17.45%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $28,424 in 2011 and $33,383 in 2021.
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Year by year
Goodwater, AL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Goodwater increased by $1,257 (3.74%), 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 2017 to 2018, when the median household income increased by 7,388 (from $26,688 to $34,076). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 6,350 (from $37,147 to $30,797).
- It then further increased to $23,645 for 3-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3936, it is evident that income distribution in Goodwater, AL exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $43,800. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $21,039.
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