Age of householder
Per the latest American Community Survey by the Census Bureau, Otsego County sees its highest median household income among householders in the age group of 45 to 64 years old, at $77,243. Here are the key highlights for income distribution by age:
- In terms of income distribution across age cohorts, in Otsego County, householders within the 45 to 64 years age group have the highest median household income at $77,243, followed by those in the 25 to 44 years age group with an income of $73,579. Meanwhile householders within the 65 years and over age group report the second lowest median household income of $52,884. Notably, householders within the under 25 years age group, had the lowest median household income at $34,392.
- Notably, household income for individuals within the Under 25 years age group demonstrated a remarkable increase of $11,496(50.21%), escalating from a median of $22,896 in 2011 to $34,392 in 2021.
- 798(3.55%) households where the householder is under 25 years old.
- 5,124(22.83%) households with a householder aged between 25 and 44 years.
- 8,791(39.16%) households with a householder aged between 45 and 64 years.
- 7,735(34.46%) households where the householder is over 65 years old.
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Gender
In Otsego County, the population consists of 28,786 males (48.83%) and 30,166 females (51.17%). Here are the primary highlights from the gender-based income distribution analysis:
- In Otsego County, the median income for all workers aged 15 years and older, regardless of work hours, was $36,412 for males and $24,953 for females.
- However, when specifically considering full-time, year-round workers within the same age group, the median income was $54,820 for males and $49,127 for females.
- In Otsego County, the median income for all workers aged 15 years and older, regardless of work hours, was $36,412 for males and $24,953 for females.
- In Otsego County, among full-time, year-round workers aged 15 years and older, males earned a median income of $54,820, while females earned $49,127, resulting in a 10% gender pay gap among full-time workers. This illustrates that women earn 90 cents for each dollar earned by men in full-time positions. While this gap shows a trend where women are inching closer to wage parity with men, it also exhibits a noticeable income difference for women working full-time in the county of Otsego County.
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Race
In Otsego County, the population is predominantly White, constituting 92.17% 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 $65,602.
- In Otsego County, despite the White population being the most populous, it is worth noting that American Indian and Alaska Native households actually reports the highest median household income, with a median income of $124,906. This reveals that, while Whites may be the most numerous in Otsego County, American Indian and Alaska Native households experience greater economic prosperity in terms of median household income.
- In Otsego County, the median household income for the households where the householder is White increased by $6,384(10.78%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $59,218 in 2011 and $65,602 in 2021.
- In Otsego County, the median household income for the households where the householder is Black or African American increased by $18,100(33.16%), between 2011 and 2021. The median household income, in 2022 inflation-adjusted dollars, was $54,591 in 2011 and $72,691 in 2021.
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Year by year
Otsego County, NY median household income trends by year, family type and household size (2010-2021):
- From 2010 to 2021, the median household income for Otsego County increased by $4,341 (7.11%), as per the American Community Survey estimates.
- Between 2010 and 2021, median household income, adjusted for 2022 inflation, experienced growth year by year for 8 years and declined for 3 years.
- The most significant year-by-year growth occured from 2020 to 2021, when the median household income increased by 1,770 (from $63,650 to $65,420). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 1,801 (from $61,079 to $59,278).
- It then further increased to $71,729 for 7-person households, the largest household size for which the bureau reported a median household income.
- With a Gini coefficient of 0.4462, it is evident that income distribution in Otsego County, NY exihibits characterstics of moderate inequality .
- For the family households, the median income (in 2022 inflation-adjusted dollars) was $83,263. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $41,572.
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