Age of householder
Per the latest American Community Survey by the Census Bureau, New Milford sees its highest median household income among householders in the age group of under 25 years old, at $97,012. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in New Milford, the median household income stands at $97,012 for householders within the under 25 years age group, followed by $67,232 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 $60,801.
- Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $52,472(117.81%), escalating from a median of $44,540 in 2011 to $97,012 in 2021.
- 42(9.25%) households where the householder is under 25 years old.
- 85(18.72%) households with a householder aged between 25 and 44 years.
- 239(52.64%) households with a householder aged between 45 and 64 years.
- 88(19.38%) households where the householder is over 65 years old.
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Gender
In New Milford, the population consists of 593 males (47.75%) and 649 females (52.25%). Here are the primary highlights from the gender-based income distribution analysis:
- In New Milford, the median income for all workers aged 15 years and older, regardless of work hours, was $42,851 for males and $38,077 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $63,135 for males and $45,425 for females.
- In New Milford, the median income for all workers aged 15 years and older, regardless of work hours, was $42,851 for males and $38,077 for females.
- In New Milford, among full-time, year-round workers aged 15 years and older, males earned a median income of $63,135, while females earned $45,425, leading to a 28% gender pay gap among full-time workers. This illustrates that women earn 72 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 New Milford, the population is predominantly White, constituting 81% 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 $67,059.
- In New Milford, 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 $189,996. This reveals that, while Whites may be the most numerous in New Milford, Black or African American households experience greater economic prosperity in terms of median household income.
- In New Milford, the median household income for the households where the householder is White decreased by $27,332(28.96%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $94,391 in 2011 and $67,059 in 2021.
- In New Milford, the median household income for the households where the householder is Black or African American increased by $124,617(190.61%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $65,379 in 2011 and $189,996 in 2021.
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Year by year
New Milford, IL median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for New Milford decreased by $10,822 (13.68%), 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 2014 to 2015, when the median household income increased by 11,128 (from $57,010 to $68,138). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 16,497 (from $68,138 to $51,641).
- It then further increased to $96,607 for 4-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3507, it is evident that income distribution in New Milford, IL exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $78,197. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $43,068.
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