Age of householder
Per the latest American Community Survey by the Census Bureau, Hallwood sees its highest median household income among householders in the age group of 25 to 44 years old, at $87,824. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Hallwood, the median household income stands at $87,824 for householders within the 25 to 44 years age group, followed by $60,801 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 $24,771.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $31,381(106.67%), escalating from a median of $29,420 in 2011 to $60,801 in 2021.
- 0 households where the householder is under 25 years old.
- 28(31.82%) households with a householder aged between 25 and 44 years.
- 27(30.68%) households with a householder aged between 45 and 64 years.
- 33(37.50%) households where the householder is over 65 years old.
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Gender
In Hallwood, the population consists of 86 males (39.27%) and 133 females (60.73%). Here are the primary highlights from the gender-based income distribution analysis:
- In Hallwood, the median income for all workers aged 15 years and older, regardless of work hours, was $35,940 for males and $18,409 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $49,992 for males and $49,452 for females.
- In Hallwood, the median income for all workers aged 15 years and older, regardless of work hours, was $35,940 for males and $18,409 for females.
- In Hallwood, among full-time, year-round workers aged 15 years and older, males earned a median income of $49,992, while females earned $49,452, resulting in a 1% gender pay gap among full-time workers. This illustrates that women earn 99 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 Hallwood.
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Year by year
Hallwood, VA median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Hallwood increased by $10,511 (36.66%), 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 16,085 (from $34,132 to $50,217). Similarly the most substantial year-by-year decline occured from 2019 to 2020, when the median household income decreased by 11,953 (from $47,364 to $35,411).
- It then further increased to $37,156 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3896, it is evident that income distribution in Hallwood, VA exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $57,018.
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