Age of householder
Per the latest American Community Survey by the Census Bureau, Great Neck Estates sees its highest median household income among householders in the age group of 45 to 64 years old, at $244,170. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Great Neck Estates, where there exist only two delineated age groups, the median household income is $244,170 for householders within the 45 to 64 years age group, compared to $144,510 for the 65 years and over age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $9,083(6.71%), escalating from a median of $135,427 in 2011 to $144,510 in 2021.
- 0 households where the householder is under 25 years old.
- 178(18.90%) households with a householder aged between 25 and 44 years.
- 399(42.36%) households with a householder aged between 45 and 64 years.
- 365(38.75%) households where the householder is over 65 years old.
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Gender
In Great Neck Estates, the population consists of 1,429 males (48.69%) and 1,506 females (51.31%). Here are the primary highlights from the gender-based income distribution analysis:
- In Great Neck Estates, the median income for all workers aged 15 years and older, regardless of work hours, was $113,097 for males and $45,993 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $234,648 for males and $82,926 for females.
- In Great Neck Estates, the median income for all workers aged 15 years and older, regardless of work hours, was $113,097 for males and $45,993 for females.
- In Great Neck Estates, among full-time, year-round workers aged 15 years and older, males earned a median income of $234,648, while females earned $82,926, leading to a 65% gender pay gap among full-time workers. This illustrates that women earn 35 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 Great Neck Estates, the population is predominantly White, constituting 80.55% 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 $177,540.
- In Great Neck Estates, 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 Great Neck Estates, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Great Neck Estates, the median household income for the households where the householder is White decreased by $14,196(7.40%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $191,736 in 2011 and $177,540 in 2021.
- As per the U.S. Census Bureau population data, in Great Neck Estates, 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
Great Neck Estates, NY median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Great Neck Estates decreased by $7,685 (4.22%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 5 years and declined for 6 years.
- The most significant year-by-year growth occured from 2014 to 2015, when the median household income increased by 33,493 (from $184,859 to $218,352). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 31,694 (from $218,352 to $186,658).
- It then further increased to $158,368 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.579, it is evident that income distribution in Great Neck Estates, NY exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $218,053. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $67,233.
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