Age of householder
Per the latest American Community Survey by the Census Bureau, Monterey sees its highest median household income among householders in the age group of 65 years and over old, at $57,676. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, Monterey only reports a median household income of $57,676 among householders in the 65 years and over age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated the smallest decline of $11,381(16.48%), declining from a median of $69,057 in 2011 to $57,676 in 2021.
- 2(1.55%) households where the householder is under 25 years old.
- 5(3.88%) households with a householder aged between 25 and 44 years.
- 21(16.28%) households with a householder aged between 45 and 64 years.
- 101(78.29%) households where the householder is over 65 years old.
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Race
In Monterey, the population is predominantly White, constituting 96.36% 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 $57,704.
- In Monterey, White is both the largest group and the one with the highest median household income, which stands at $57,704.
- In Monterey, the median household income for the households where the householder is White decreased by $3,998(6.48%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $61,702 in 2011 and $57,704 in 2021.
- As per the U.S. Census Bureau population data, in Monterey, 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
Monterey, VA median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Monterey increased by $23,438 (68.34%), 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 27,407 (from $34,295 to $61,702). Similarly the most substantial year-by-year decline occured from 2014 to 2015, when the median household income decreased by 14,048 (from $64,377 to $50,329).
- It then further increased to $82,420 for 2-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.2915, it is evident that income distribution in Monterey, VA exihibits characterstics of moderate equality .
- NA. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $58,585.
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