Age of householder
Per the latest American Community Survey by the Census Bureau, Milford sees its highest median household income among householders in the age group of 45 to 64 years old, at $130,655. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Milford, the median household income stands at $130,655 for householders within the 45 to 64 years age group, followed by $98,141 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 $65,806.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $22,125(50.65%), escalating from a median of $43,681 in 2011 to $65,806 in 2021.
- 66(2.55%) households where the householder is under 25 years old.
- 678(26.16%) households with a householder aged between 25 and 44 years.
- 1,147(44.25%) households with a householder aged between 45 and 64 years.
- 701(27.04%) households where the householder is over 65 years old.
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Gender
In Milford, the population consists of 3,021 males (46.40%) and 3,490 females (53.60%). Here are the primary highlights from the gender-based income distribution analysis:
- In Milford, the median income for all workers aged 15 years and older, regardless of work hours, was $75,580 for males and $30,748 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $120,716 for males and $87,757 for females.
- In Milford, the median income for all workers aged 15 years and older, regardless of work hours, was $75,580 for males and $30,748 for females.
- In Milford, among full-time, year-round workers aged 15 years and older, males earned a median income of $120,716, while females earned $87,757, leading to a 27% gender pay gap among full-time workers. This illustrates that women earn 73 cents for each dollar earned by men in full-time roles. This analysis indicates a widening gender pay gap, showing a substantial income disparity where women, despite working full-time, face a more significant wage discrepancy compared to men in the same roles.
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Race
In Milford, the population is predominantly White, constituting 90.97% 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 $98,140.
- In Milford, White is both the largest group and the one with the highest median household income, which stands at $98,140.
- In Milford, the median household income for the households where the householder is White increased by $9,711(10.98%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $88,429 in 2011 and $98,140 in 2021.
- In Milford, the median household income for Black or African American households was $7,083 in 2011(2022 inflation-adjusted dollars). However there is no reported data for 2021, indicating a lack of information for this specific year.
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Year by year
Milford, MI median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Milford increased by $13,630 (16.17%), 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 9,611 (from $86,216 to $95,827). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 8,683 (from $95,827 to $87,144).
- It then further increased to $173,438 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4378, it is evident that income distribution in Milford, MI exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $126,660. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $58,261.
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