Age of householder
Per the latest American Community Survey by the Census Bureau, Herrick sees its highest median household income among householders in the age group of 45 to 64 years old, at $55,397. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Herrick, where there exist only two delineated age groups, the median household income is $55,397 for householders within the 45 to 64 years age group, compared to $20,943 for the 65 years and over age group.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $23,933(76.06%), escalating from a median of $31,464 in 2011 to $55,397 in 2021.
- 1(3.23%) households where the householder is under 25 years old.
- 2(6.45%) households with a householder aged between 25 and 44 years.
- 20(64.52%) households with a householder aged between 45 and 64 years.
- 8(25.81%) households where the householder is over 65 years old.
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Gender
In Herrick, the population consists of 47 males (59.49%) and 32 females (40.51%). Here are the primary highlights from the gender-based income distribution analysis:
- In Herrick, while the Census reported a median income of $15,087 for all female workers aged 15 years and older, data for males in the same category was unavailable due to an insufficient number of sample observations.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $51,614 for males and $43,687 for females.
- In Herrick, while the Census reported a median income of $15,087 for all female workers aged 15 years and older, data for males in the same category was unavailable due to an insufficient number of sample observations.
- In Herrick, among full-time, year-round workers aged 15 years and older, males earned a median income of $51,614, while females earned $43,687, resulting in a 15% gender pay gap among full-time workers. This illustrates that women earn 85 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 Herrick.
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Race
In Herrick, the population is predominantly White, constituting 94.94% 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 $45,939.
- In Herrick, White is both the largest group and the one with the highest median household income, which stands at $45,939.
- In Herrick, the median household income for the households where the householder is White increased by $13,454(41.42%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $32,485 in 2011 and $45,939 in 2021.
- As per the U.S. Census Bureau population data, in Herrick, 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
Herrick, SD median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Herrick increased by $14,496 (46.77%), 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 15,846 (from $29,992 to $45,838). Similarly the most substantial year-by-year decline occured from 2018 to 2019, when the median household income decreased by 17,665 (from $65,029 to $47,364).
- Additionally, the Census Bureau did not report a median household income for larger household sizes.
- With a Gini coefficient of 0.287, it is evident that income distribution in Herrick, SD exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $28,104.
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