Age of householder
Per the latest American Community Survey by the Census Bureau, Lake Providence sees its highest median household income among householders in the age group of 45 to 64 years old, at $58,138. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Lake Providence, the median household income stands at $58,138 for householders within the 45 to 64 years age group, followed by $29,928 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $9,529.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $31,441(117.77%), escalating from a median of $26,697 in 2011 to $58,138 in 2021.
- 100(7.78%) households where the householder is under 25 years old.
- 308(23.97%) households with a householder aged between 25 and 44 years.
- 500(38.91%) households with a householder aged between 45 and 64 years.
- 377(29.34%) households where the householder is over 65 years old.
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Gender
In Lake Providence, the population consists of 1,159 males (35.25%) and 2,129 females (64.75%). Here are the primary highlights from the gender-based income distribution analysis:
- In Lake Providence, the median income for all workers aged 15 years and older, regardless of work hours, was $27,225 for males and $13,792 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $30,368 for males and $29,288 for females.
- In Lake Providence, the median income for all workers aged 15 years and older, regardless of work hours, was $27,225 for males and $13,792 for females.
- In Lake Providence, among full-time, year-round workers aged 15 years and older, males earned a median income of $30,368, while females earned $29,288, resulting in a 4% gender pay gap among full-time workers. This illustrates that women earn 96 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 Lake Providence.
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Race
In Lake Providence, the population is predominantly Black or African American, constituting 82.06% 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 $20,390.
- In Lake Providence, despite the Black or African American population being the most populous, it is worth noting that White households actually reports the highest median household income, with a median income of $58,690. This reveals that, while Black or African Americans may be the most numerous in Lake Providence, White households experience greater economic prosperity in terms of median household income.
- In Lake Providence, the median household income for the households where the householder is White decreased by $31,789(35.13%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $90,479 in 2011 and $58,690 in 2021.
- In Lake Providence, the median household income for the households where the householder is Black or African American decreased by $525(2.51%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $20,915 in 2011 and $20,390 in 2021.
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Year by year
Lake Providence, LA median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Lake Providence increased by $1,805 (8.11%), 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 2010 to 2011, when the median household income increased by 4,878 (from $22,263 to $27,141). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 2,060 (from $26,469 to $24,409).
- It then further decreased to 2,701 for 6-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.7055, it is evident that income distribution in Lake Providence, LA exihibits characterstics of high inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $30,660. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $18,189.
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