Age of householder
Per the latest American Community Survey by the Census Bureau, Newark Valley sees its highest median household income among householders in the age group of 45 to 64 years old, at $111,694. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Newark Valley, the median household income stands at $111,694 for householders within the 45 to 64 years age group, followed by $67,141 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $63,279.
- Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $22,417(54.86%), escalating from a median of $40,862 in 2011 to $63,279 in 2021.
- 9(2.47%) households where the householder is under 25 years old.
- 122(33.52%) households with a householder aged between 25 and 44 years.
- 120(32.97%) households with a householder aged between 45 and 64 years.
- 113(31.04%) households where the householder is over 65 years old.
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Gender
In Newark Valley, the population consists of 493 males (49.01%) and 513 females (50.99%). Here are the primary highlights from the gender-based income distribution analysis:
- In Newark Valley, the median income for all workers aged 15 years and older, regardless of work hours, was $40,197 for males and $32,507 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $59,450 for males and $48,371 for females.
- In Newark Valley, the median income for all workers aged 15 years and older, regardless of work hours, was $40,197 for males and $32,507 for females.
- In Newark Valley, among full-time, year-round workers aged 15 years and older, males earned a median income of $59,450, while females earned $48,371, 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.
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Race
In Newark Valley, the population is predominantly White, constituting 94.73% 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 $69,313.
- In Newark Valley, White is both the largest group and the one with the highest median household income, which stands at $69,313.
- In Newark Valley, the median household income for the households where the householder is White increased by $2,198(3.27%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $67,115 in 2011 and $69,313 in 2021.
- As per the U.S. Census Bureau population data, in Newark Valley, 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
Newark Valley, NY median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Newark Valley increased by $1,166 (1.67%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 7 years and declined for 4 years.
- The most significant year-by-year growth occured from 2016 to 2017, when the median household income increased by 5,456 (from $55,548 to $61,004). Similarly the most substantial year-by-year decline occured from 2012 to 2013, when the median household income decreased by 5,987 (from $64,656 to $58,669).
- It then further increased to $76,339 for 5-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.3328, it is evident that income distribution in Newark Valley, NY exihibits characterstics of moderate equality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $76,115. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $43,912.
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