Age of householder
Per the latest American Community Survey by the Census Bureau, Lexington town sees its highest median household income among householders in the age group of 45 to 64 years old, at $270,229. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Lexington town, the median household income stands at $270,229 for householders within the 45 to 64 years age group, followed by $259,225 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $132,580.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $67,178(33.08%), escalating from a median of $203,051 in 2011 to $270,229 in 2021.
- 10(0.08%) households where the householder is under 25 years old.
- 2,301(18.71%) households with a householder aged between 25 and 44 years.
- 5,971(48.54%) households with a householder aged between 45 and 64 years.
- 4,019(32.67%) households where the householder is over 65 years old.
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Gender
In Lexington town, the population consists of 16,678 males (48.72%) and 17,557 females (51.28%). Here are the primary highlights from the gender-based income distribution analysis:
- In Lexington town, the median income for all workers aged 15 years and older, regardless of work hours, was $151,914 for males and $58,999 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $201,565 for males and $132,686 for females.
- In Lexington town, the median income for all workers aged 15 years and older, regardless of work hours, was $151,914 for males and $58,999 for females.
- In Lexington town, among full-time, year-round workers aged 15 years and older, males earned a median income of $201,565, while females earned $132,686, leading to a 34% gender pay gap among full-time workers. This illustrates that women earn 66 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 Lexington town, the population is predominantly White, constituting 60.83% 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 $203,505.
- In Lexington town, 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 Lexington town, Two or More Races households experience greater economic prosperity in terms of median household income.
- In Lexington town, the median household income for the households where the householder is White increased by $29,206(16.76%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $174,299 in 2011 and $203,505 in 2021.
- In Lexington town, the median household income for the households where the householder is Black or African American increased by $12,354(8.19%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $150,916 in 2011 and $163,270 in 2021.
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Year by year
Lexington, Massachusetts median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Lexington town increased by $42,999 (24.39%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2014 to 2015, when the median household income increased by 14,386 (from $170,585 to $184,971). Similarly the most substantial year-by-year decline occured from 2013 to 2014, when the median household income decreased by 5,499 (from $176,084 to $170,585).
- It then further increased to $270,229 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4493, it is evident that income distribution in Lexington, Massachusetts exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $254,056. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $83,182.
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