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 45 to 64 years old, at $69,584. 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 $69,584 for householders within the 45 to 64 years age group, followed by $47,290 for the 65 years and over age group. Notably, householders within the 25 to 44 years age group, had the lowest median household income at $27,191.
- Notably, household income for individuals within the 45 to 64 years age group demonstrated a remarkable increase of $13,685(24.48%), escalating from a median of $55,899 in 2011 to $69,584 in 2021.
- 3(1.03%) households where the householder is under 25 years old.
- 99(34.14%) households with a householder aged between 25 and 44 years.
- 111(38.28%) households with a householder aged between 45 and 64 years.
- 77(26.55%) households where the householder is over 65 years old.
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Gender
In New Milford, the population consists of 308 males (44.19%) and 389 females (55.81%). 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 $34,117 for males and $22,720 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $48,641 for males and $36,095 for females.
- In New Milford, the median income for all workers aged 15 years and older, regardless of work hours, was $34,117 for males and $22,720 for females.
- In New Milford, among full-time, year-round workers aged 15 years and older, males earned a median income of $48,641, while females earned $36,095, leading to a 26% gender pay gap among full-time workers. This illustrates that women earn 74 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 100% 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 $45,939.
- In New Milford, White is both the largest group and the one with the highest median household income, which stands at $45,939.
- In New Milford, the median household income for the households where the householder is White decreased by $9,633(17.33%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $55,572 in 2011 and $45,939 in 2021.
- As per the U.S. Census Bureau population data, in New Milford, 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
New Milford, PA 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 $6,158 (11.82%), 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 5,519 (from $52,097 to $57,616). Similarly the most substantial year-by-year decline occured from 2015 to 2016, when the median household income decreased by 5,742 (from $56,413 to $50,671).
- It then further increased to $100,660 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4523, it is evident that income distribution in New Milford, PA exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $69,719. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $24,706.
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