Age of householder
Per the latest American Community Survey by the Census Bureau, New Franklin sees its highest median household income among householders in the age group of 25 to 44 years old, at $63,654. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in New Franklin, the median household income stands at $63,654 for householders within the 25 to 44 years age group, followed by $57,987 for the 45 to 64 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $26,307.
- Notably, household income for individuals within the 25 to 44 years age group demonstrated a remarkable increase of $19,360(43.71%), escalating from a median of $44,294 in 2011 to $63,654 in 2021.
- 4(1.13%) households where the householder is under 25 years old.
- 108(30.51%) households with a householder aged between 25 and 44 years.
- 99(27.97%) households with a householder aged between 45 and 64 years.
- 143(40.40%) households where the householder is over 65 years old.
Read more about New Franklin, MO median household income by age ➔
Gender
In New Franklin, the population consists of 533 males (50.00%) and 533 females (50.00%). Here are the primary highlights from the gender-based income distribution analysis:
- In New Franklin, the median income for all workers aged 15 years and older, regardless of work hours, was $24,005 for males and $21,425 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $43,575 for males and $35,468 for females.
- In New Franklin, the median income for all workers aged 15 years and older, regardless of work hours, was $24,005 for males and $21,425 for females.
- In New Franklin, among full-time, year-round workers aged 15 years and older, males earned a median income of $43,575, while females earned $35,468, leading to a 19% gender pay gap among full-time workers. This illustrates that women earn 81 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.
Read more about New Franklin, MO income by gender ➔
Race
In New Franklin, the population is predominantly White, constituting 88.93% 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 $46,738.
- In New Franklin, despite the White population being the most populous, it is worth noting that Black or African American households actually reports the highest median household income, with a median income of $68,908. This reveals that, while Whites may be the most numerous in New Franklin, Black or African American households experience greater economic prosperity in terms of median household income.
- In New Franklin, the median household income for the households where the householder is White increased by $4,367(10.31%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $42,371 in 2011 and $46,738 in 2021.
- In New Franklin, the median household income for the households where the householder is Black or African American increased by $47,660(224.30%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $21,248 in 2011 and $68,908 in 2021.
Read more about New Franklin, MO median household income by race ➔
Year by year
New Franklin, MO median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for New Franklin increased by $4,961 (11.79%), 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 2019 to 2020, when the median household income increased by 8,115 (from $39,194 to $47,309). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 5,911 (from $39,365 to $33,454).
- It then further increased to $63,053 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4074, it is evident that income distribution in New Franklin, MO exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $60,200. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $24,929.
Read more about New Franklin, MO median household income ➔