Age of householder
Per the latest American Community Survey by the Census Bureau, New London sees its highest median household income among householders in the age group of 45 to 64 years old, at $83,095. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in New London, where there exist only two delineated age groups, the median household income is $83,095 for householders within the 45 to 64 years age group, compared to $58,485 for the 65 years and over age group.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $30,427(108.44%), escalating from a median of $28,058 in 2011 to $58,485 in 2021.
- 13(5.39%) households where the householder is under 25 years old.
- 67(27.80%) households with a householder aged between 25 and 44 years.
- 95(39.42%) households with a householder aged between 45 and 64 years.
- 66(27.39%) households where the householder is over 65 years old.
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Gender
In New London, the population consists of 295 males (44.70%) and 365 females (55.30%). Here are the primary highlights from the gender-based income distribution analysis:
- In New London, the median income for all workers aged 15 years and older, regardless of work hours, was $36,191 for males and $32,259 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $37,967 for males and $46,184 for females.
- In New London, the median income for all workers aged 15 years and older, regardless of work hours, was $36,191 for males and $32,259 for females.
- In New London, among full-time, year-round workers aged 15 years and older, males earned a median income of $37,967, while females earned $46,184
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Race
In New London, the population is predominantly White, constituting 96.97% 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 $69,133.
- In New London, White is both the largest group and the one with the highest median household income, which stands at $69,133.
- In New London, the median household income for the households where the householder is White decreased by $33,839(32.86%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $102,972 in 2011 and $69,133 in 2021.
- In New London, the median household income for Black or African American households was $59,250 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
New London, NC median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for New London decreased by $7,094 (9.36%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 6 years and declined for 5 years.
- The most significant year-by-year growth occured from 2010 to 2011, when the median household income increased by 23,108 (from $75,777 to $98,885). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 43,603 (from $98,885 to $55,282).
- It then further increased to $120,044 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3967, it is evident that income distribution in New London, NC exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $85,315. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $36,542.
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